David Shulick on Ways to Maximize Profits and Strategies to Grow a Vended Laundry Business
David Shulick is a vended laundry entrepreneur. In the following article, David Shulick discusses ways laundromat owners can maximize profit margins and strategies to increase organizational growth.
Any business owner wants to maximize their profits. But it’s perhaps one of the most prevalent matters for vended laundry establishment owners and managers. Luckily, there are plenty of ways for them to do just that, according to well-versed industry participants.
From controlling utility costs to utilizing state-of-the-art equipment to streamlining services to strategic promotion and pricing, laundromat owners can follow a variety of strategies to boost profitability to all-new heights.
Controlling Utility Costs Proves Beneficial for Maximizing Profit Margins
David Shulick says that utility costs for vended laundry systems are higher than other small businesses. So, effectively managing them is essential to increasing profit margins and ensuring a healthy bottom line.
According to David Shulick almost 69% of laundromat owners cite managing utility costs as their greatest modern-day challenge. The same group state that roughly 22% of their gross revenue, on average, goes toward such expenses.
With that in mind, those entering the field should ensure a strategic plan is in place to prevent utility costs from becoming overwhelming. Despite the somewhat high capital required to purchase high-efficiency laundry equipment, they’ll pay for themselves in the long run, thanks to reduced expenses.
Upgrading Old Machinery Boosts Income for Vended Laundry Owners
Outdated washers and dryers can cost laundromat owners more money than they release. After all, any downtime interrupts the service, creates terrible customer experiences, and heightens repair costs. Not to mention older machines take longer to wash clothes, reducing customer capacity.
David Shulick says that many industry expert recommend that entrepreneurs invest in state-of-the-art commercial laundry machines from well-known brands to increase profits.
The recommended brands include the following:
Electrolux
These machines boast a myriad of new technology to boost customer satisfaction, such as:
- 450-G force extraction — It shortens dryer time, lowering gas usage and increasing the number of loads it can wash in one day.
- EcoPower — This determines when clothes are dry, giving entrepreneurs opportunities to save around 15% on gas.
- Automatic weighing — Coupled with the water savings feature, laundromats can save 30% of the water on small loads. Electrolux models weigh automatically weigh the load, ensuring they add the perfect amount of water to get the job done.
Wascomat
With customized wash programs, David Shulick says that Wascomat machines adjust the wash time, rinses, and water level according to the customer’s cycle requirements. Dubbed Compass Controls, the feature has the potential to save laundromat owners a boatload of money.
Additionally, the machines use a frequency-controlled motor which reduces the peak power demand by 50% without comprising power. As such, these washers lower energy and water usage.
Speed Queen
Quantum Controls are perhaps the best feature of Speed Queen machines. It lets vended laundry system owners program, audit, track, and diagnose machines from their internet-connected devices.
David Shulick says that the Wash Alert System is perfect for laundromats within universities or large apartment complexes. It makes laundry easier for residents by notifying them via smartphone when their load is finished.
Streamlining Repairs and Maintenance for Increased Rewards
David Shulick explains that guaranteeing machines function optimally is critical to long-lived success of the business. It doesn’t just improve customer satisfaction; it also enhances efficiency and decreases utility costs.
On top of that, regular servicing ensures machine longevity and prevents high-cost failures requiring emergency assistance and parts.
Newbies often neglect developing relationships with laundromat suppliers. However, such experts understand the business, making streamlining repairs and maintenance simple.
Strategizing Pricing and Promotions Becomes an Essential Tool for Profit Growth
Every owner needs to understand their business to set the best prices and run promotions at optimal times. Vended laundry facility owners should identify slow periods and produce time-sensitive promotions to boost usage during those times.
These days, David Shulick explains that technological solutions exist to help companies weed out their slowest periods and manage time-based special offers or promotions accordingly. Most of these monitoring systems include real-time reporting, customer loyalty programs, and off-site management, streamlining entire operations.
Adding Extra Revenue Streams for Maximum Profits
Customers often wait at the laundromat for their load to finish. And sometimes, this takes hours. So, owners should take advantage of the time to make additional sales.
Delivery, dry cleaning, washing and folding, and ironing are perhaps the most common ways to make extra money. However, the addition of vending machines for snacks and beverages are also a good invest for those who choose to wait at the facility for the finished load.
In Conclusion
In conclusion, there are a variety of efficient ways that a laundromat business owner can increase revenues and drive traffic without excessive overhead. By following these strategies, a vended laundry owner can add to, and manage their success wisely. Maybe even with the ability to open an additional location!