You may aspire to expand your laundry business beyond just one outlet. One way is through franchising. Here are 5 tips on how to franchise your laundry business successfully:
How to Run a Successful Coin Laundry Franchise (Part 1)
You may aspire to expand your laundry business beyond just one outlet. One way is through franchising. Here are 5 tips on how to franchise your laundry business successfully:
- A Tested Concept
A successful franchise is built on a tried and tested concept which works in any market. All systems must work smoothly before you can embark on the franchising process. Always run a pilot to smoothen out all the chinks in the model.
- Viable and Duplicable
Your business model should lend itself to being duplicated. There must also be an existing demand for your products or services. A recognisable brand would add strength to the franchise. In the case of a coin laundry, the market demand for the service is there. You just need to work on your business model and find a reputable laundry equipment partner.
- Franchise Experts
Working closely with your legal advisor, financial advisor and franchise consultant will ensure that you have all the necessary legal and financial grounds covered to turn your business into a successful franchise.
- Comprehensive Manuals
You need to produce a set of comprehensive step-by-step operational manuals for your business. Use the manuals to do a test run to ensure that the instructions are easy to follow. It is important to include every aspect of the operations in the manuals.
- Cash Reserve
Like all businesses, you need to have enough cash to sustain your franchise business for at least the first 3 years or until you see profit. It is a long term commitment.
More tips on how to franchise your coin laundry business successfully are presented in Part 2 of this article.
