A coin laundry has proven to be a recession- and pandemic-proof business. This makes it an attractive option for first-time entrepreneurs. If you’re considering setting up your first coin laundry, these 10 steps will help you get started:
- Market research
Analyse the laundry market in your targeted neighbourhood. Check out the competition, customer preferences, and potential customer base. Your best bet is a place with high number of students, working professionals, and young families. It should have high foot traffic and easy accessibility to residential areas, universities, or busy commercial zones. - Business plan
Choose whether you want to start an independent laundry or buy into a franchise. This will affect the total cost, including rent, equipment, utilities, and other expenses, such as franchise fees. You also need to estimate how much you can earn based on your location to gauge the business feasibility and sustainability. - Legal requirements
You will need to register your business with the Companies Commission of Malaysia (SSM). It is also necessary to obtain relevant permits from local authorities, such as business licenses and health department approvals. - Financing
Consider how you want to fund your coin laundry operation – personal savings, bank loans, or investors. You will need enough capital to cover at least 6-12 months of operating costs. - Store set-up
Once you have secured your ideal location, you will need to renovate and design the space to make it suitable for a coin laundry business. You may want to consult industry experts for advice on the optimal layout, plumbing, and electrical needs for the best customer experience. - Equipment
Invest in high-quality, energy-efficient commercial washers and dryers based on your budget and space. This will help optimise your energy usage while delivering great laundry experience for your customers. Additional equipment could include detergent dispensers, folding tables, and customer seating. - Technology and software
You want to install a Point of Sale (POS) System to manage transactions. Choose a payment system that maximises customer convenience. Consider installing CCTV for security and remote monitoring of the business. - Staffing
It is possible to run your coin laundry on your own. You can also choose to hire an attendant to assist customers and maintain the machines. Training on customer service, machine operation, and maintenance will be required. - Marketing and promotion
It is essential to create a strong brand identity with a memorable name, logo, and signage. Use various channels to promote your business, such as social media, local newspapers, flyers, and partnerships with nearby businesses. Offer discounts or loyalty programmes to attract and retain customers. - Operations management
Regular machine maintenance and store upkeep will ensure excellent customer experience. Take time to get to know your customers to build rapport, trust and loyalty. Keep accurate records of income and expenses, and continuously evaluate financial performance.
By following these steps and continuously adapting to market trends and customer needs, you can establish a successful coin laundry business in Malaysia. PLE Laundry Equipment Sdn. Bhd., Asia’s no. 1 coin laundry distributor, is committed to help laundry business owners succeed. Contact us at 016–262 2965 or 603–5633 6405 for more industry insights and to check out our cutting-edge commercial laundry equipment collection today.
