The economy has affected major corporations, and it all flows downward, impacting everyone beneath them, including coin laundries. Now, with the presidential campaign on the move and everyone uncertain about the future, the question I have been asked by several owners is “How do we stay in the black and what do we do to protect the future of the coin laundry industry?”
Well here is my answer.
First: Raise your prices! It’s long overdue.
Second: Subletting your coin laundry, given the space, will add steady additional cash flow. And yes, the traffic from the new business within your business will definitely bring in many new customers who are likely not currently doing laundry with you. This makes it a win/win scenario for everyone by turning these new folks into customers. The catch is partnering with the type of business that is fast and easy-in/easy-out, so it doesn’t tie up your available parking. Of course, if they come in and decide to wash, then hey, welcome aboard.
Conventional wisdom is a term of the past. The new era and breed of laundry owners are open to this type of thinking — cashing in by capitalizing on the opportunity and generating a tremendous amount of new business and market share. Combining your coin laundry with another business will prove to be the future trend, so don’t sit back and wait while the parade — as well as the profits — pass you by.
Be proactive and open your eyes to all of the possibilities that subletting allows in further developing your financial bottom line. Don’t be a skeptic, what do you have to lose? Rather than complain about all of your fixed costs rising and the profits shrinking, stand up and make the choice to do something about it! Strategies have to change in any business. It comes down to one thing: Do you really have what it takes? The opportunity is there if you want it.
Subletting is an excellent opportunity, so take a close look at your existing business and let’s try to carve out some space so that you can be part of the elite group of owners who aren’t afraid to pave the way. If you are developing a new coin laundry, then plan this into your layout. Think about it as a one-stop shop — if the most valuable commodity we have is time, then create a business within a business that allows customers the convenience of getting done what they need to get done at your location.
You have to adapt and be willing to change. If we’re not changing, we’re not growing. Change is good, so change your outlook about your coin laundry and step out of the box, and your comfort zone, and line yourself up to be the leader of your own destiny.
Robert Renteria is celebrating the publication of his life story in From the Barrio to the Board Room, published by Writers of the Round Table Press, Buffalo Grove, Ill., by hosting an event to benefit Hesed House, a non-profit organization in Aurora, Ill., which provides a variety of programs to help end homelessness. The Barrio Book Launch and Food Drive will take place at Long Island Sound in Aurora April 25. Renteria is asking the community to support Hesed House’s efforts through donations of nonperishable food items. For more information, visit www.fromthebarrio.com or contact Sue Publicover at email@example.com.