Steps to Opening a Store
Like any other investment, getting into the coin laundry industry requires careful due diligence and advance planning. It is important to do some basic research first to determine if this is a good investment for your particular situation. Start by analyzing your own financial situation. What is your net worth? What free cash do you have available? What free time do you have available?
Next is selecting the right distributor. This step is crucial. Over the years, we have been able to attract the first and/or second strongest distributor in over 80% of all markets in the United States. We can help you identify them. The distributor will assist you with all of the following steps:
Step 1
Do you want to buy an existing store or build a new one? There are pros and cons to either option.
Step 2
Select the potential location and run an extensive demographic analysis. Once you know who your potential customers are, find out where they are going currently to do their laundry and check out those competitors. Develop a SWOT analysis of them (Strengths,Weaknesses, Opportunities, Threats).
Step 3
With demographics in mind, develop the mix of models and capacities that your customers will appreciate. Lay out the store with a CAD drawing.
Step 4
Finalize your model mix and layout and have your distributor take you through the zoning, permit and construction process. Submit paperwork for financing (if applicable).
Step 5
Start looking for a qualified attendant, planning your advertising, and continuing to analyze your competition.
Once again, it’s very important to work with your distributor throughout the process. As more questions arise, you want the best distributor by your side as your consultant. They know the local market, they have built stores in the past, and they know where you can cut corners and where you should not. And they have the local support available to help make your venture a success.
|
