Before we get into the practical how-to, I want to briefly talk about why this is so important. Clearly, when you make more money with your business, it puts more money in your pocket. That’s the point of a business. And along with that money should come the freedom for you to do what you want to do with it.
However, I also wanted to highlight the other value that increased income in your laundromat creates. Because laundromats are valued based on their net income, when you increase that net income number, you also increase the value of your business, and, therefore, you increase the equity you have in your business and your net worth.
So, increasing the income of your laundromat creates value in more than one place at a time. It accelerates your wealth gain!
Now that you’re excited about increasing your income AND wealth, let’s talk about 3 ways you can increase your laundromat’s net income. I made a video outlining some practical ways that you can make more money with your laundromat. You can watch that video below, but I want to highlight 3 principles to think through to help you make more money with your laundromat.
1. Create More Value for Customers and Raise Your Prices Accordingly
The number one way to make more money with your laundromat is, ironically, to not focus on making more money. I’ve seen it time and again. The most successful people that I have interviewed on the Laundromat Resource Podcast come from the perspective of building a business that serves its customers and community well. Their focus is on creating value, not on making money. Once they are confident in the value they are providing, they are able to charge appropriately, which usually means being towards the top of market prices.
So, if you’re looking to make more money with your laundromat, look for ways to add more value to customers. Here are a few ideas to add value in your laundromat to get you started.
- Keep your laundromat clean, well-lit, fully operational, and safe for your customers. These are the basics to running the business, but if you neglect these, you run the risk of losing customers, and, as a result, losing money.
- Put yourself in the customers’ shoes. Is the flow of your laundromat convenient. Are there places to fold clothes? Do you have enough seating? Do you have the amenities (ie- wifi, vending, etc.) that people want? Can you make it easier for a mom with small kids to do her laundry?
- Use a business management system like Cents to help you run a tight ship. This business-in-a-box gives you systems and automations that take tasks off of your plate so you can focus on the things that only you and your staff can do: serve your customers.
