Before doing anything else, it is best to decide what type of coin laundry business you would like and that will fit into your budget and financial abilities.
Sole Ownership: This is perhaps the hardest way to start out in the business. As a sole owner you will need to find a building to lease, rent or even purchase which can become very expensive. You will also need to purchase all of the equipment (washers, dryers and so forth) to fill your building.
Take Over Ownership: If you cannot afford to purchase or lease your own business and start from scratch, you can look for other coin laundry businesses that are selling. This way you will already have the equipment and an established business. It is important to make sure that the business (es) you are looking at purchasing are in an area that is convenient for customers. You will also want to make sure that the equipment and building are in good repair so that you will not be spending a lot of money on fixing existing problems.
Franchise: Many beginning entrepreneurs look into franchising to help them get started. By joining a franchise you will already have a customer base to help get your business going. The franchise will also help to market and promote your business to help gain new customers. Be sure that the franchise you pick has a solid reputation that will enhance your business.
Plan to Start and Run Coin Laundry Business
Develop a business plan that details your financial credibility as well as your long term goals. This information is very important if you will be seeking financial backing from investors.
Provide financial statements for at least the last five years. Include tax return records, bank statements, previous and past loans (paid off and existing) and any other assets and liabilities you may have or had during that time period. Provide current contact information for all of the financial institutions that have held or currently hold any of your accounts mentioned in the business plan.
Investors will want to see a projected profits and costs for your business before they agree to help finance it. Put together a detailed estimation for at least the first five years of business. It would be wise to prolong the time frame for ten or even fifteen years. This shows the investors your commitment and stability for the business.
Develop a detailed marketing strategy. List and explain the different ways you intend to advertise your business to draw in more customers to keep your business going.