Cost-cutting strategies for laundromat business owners

A laundromat can be a lucrative business. But as costs generally rise and we all face increased inflation, business owners are looking for ways to cut expenses.

At Coronet Equipment, we provide quality commercial equipment that works as hard as you do. That means you’ll be able to rely on efficient and cost-effective machinery that will continuously meet the demands of your business.

If you’re looking to reduce your expenses and improve your profitability as a laundromat owner, consider implementing the following strategies:

Energy efficiency

Implementing energy-saving measures can significantly reduce your utility costs. This means investing in energy-efficient washers and dryers and reevaluating other energy uses like your lighting system. You can also install programmable thermostats that optimize your heating and cooling and reduce energy costs. We provide laundromats with durable Continental Girbau commercial equipment with ample setting options and energy-efficient features that can help you manage your business’ costs more effectively.

Water conservation 

This is a big one for businesses that are so dependent on water use! Installing water-efficient machines can minimize water consumption, and encouraging your customers to use cold water wash cycles whenever possible will reduce your costs for water heating. Make sure you repair any leaks promptly—you certainly don’t want to be paying for inefficient water use, so routine maintenance can actually be an effective way to save money. You may also be able to employ water-saving practices like reusing rinse water or installing water-saving devices on any faucets in your facility.

Maintenance and repairs

We’ve already mentioned that things like unattended leaks can be unnecessarily costly. However, breakdowns and unreliable machinery also affects your bottom line and can harm your reputation. Implement a preventive maintenance schedule to address potential issues before they escalate. Swiftly attending to maintenance issues minimizes your downtime, optimizes performance, and ultimately saves you money. 

Inventory management 

All businesses should implement inventory management practices to reduce waste and minimize expenses, and this includes laundromats. If you’re regularly assessing your inventory of laundry supplies, detergents, and other consumables, you’ll be able to manage them more efficiently. This can help to prevent overstocking while also ensuring consistent and reliable supplies that keep your customers happy.  Work to establish relationships with reliable suppliers to negotiate better pricing and discounts.

Staffing optimization

When was the last time you evaluated your staffing requirements? Often, businesses fall into comfortable patterns, but adjusting your staffing levels according to customer demand can make your business more economically efficient. You’ll want to ensure you have adequate employee coverage during peak times, but reduced coverage during slower periods that don’t require such high labour costs. Cross-train employees to handle multiple tasks, which further reduces your need for additional staff.

Efficient operations 

Look for opportunities to streamline your operations. This can both improve your efficiency and reduce your costs. Offer your customers tips to maximize machine capacity and minimize cycle time, and sell them on the advantages of using cold water cycles. If you offer additional services like wash & fold, look for ways to optimize your processes. 

Technology integration 

Technological advancements can be a business owner’s best friend, offering ways to increase your efficiency and reduce your workload. Whenever you can, embrace opportunities to automate and streamline your operations, like using laundry management software to monitor machine usage, track inventory, and analyze business performance. Automated payment systems can also reduce the need for time-consuming manual cash transactions.

Waste management

Recycling programs reduce waste and the associated disposal costs. By providing clearly labeled recycling bins, your customers will be able to sort their paper, plastic, and other recyclable materials. Instead of discarding lost and found items, consider donating them to a community organization after a reasonable amount of time.

Capital investments

Although these represent some of the bigger upfront investments you’ll make as a business owner, investing in your machinery is an effective way to save money in the long run. Reliable and energy-efficient machines cost less to run and require fewer repairs. They’ll also be a unique selling feature to attract new clients, by offering updated wash cycles, enhanced cleaning standards, and a level of reliability that isn’t possible with older equipment.

Coronet Equipment is your source for vended washer-extractors, vended ozone systems, and vended dryers that will keep your laundromat running smoothly and cost-effectively. Find out how we can help you manage your costs and improve the financial performance of your laundromat business. We’re committed to helping you maintain quality laundry service for your customers and will help you find ways to continuously improve your profitability.