1. Make sure there are numerous apartment complexes and small single-family homes within a one to two mile radius of the location. Many of these may offer inadequate laundry facilities or none at all.
2. Consider addressing the growing needs of low-income and ethnic communities. These areas often feature larger families who rely on coin-operated laundromats. For example, according to figures from the 2000 US Census, the Hispanic community is the fastest growing population segment in the country.
3. Make sure there is good visibility from the street and ample parking. The flags, the signage on the roof and the colors blue and red always attract attention.
4. If you are considering a store in a mall, make sure that other stores in the center are the type that will attract customers to your laundromat.
5. If you’re considering a stand-alone store of 4,000 square feet or more, consider choosing one large enough to accommodate additional retail services in the future. Today, many store owners enjoy additional revenue streams from additional services and facilities, such as fluff and fold, a tanning salon, dry cleaner, a snack shop, or a convenience store, just to name a few.
Keep in mind that as important as it is, and it is vitally important, “location” is only one key element in your overall success. In addition to choosing the right location, you’ll need to address costs, lease negotiation, equipment mix, design, décor, and pricing, which is based on the market and competition in the area you’re considering.