1. Make sure there are numerous apartment complexes and small single-family dwellings within a one to two-mile radius of the location. Many of these may offer inadequate laundry facilities or none at all.
2. Consider servicing the growing needs of lower income and ethnic communities. These areas typically feature larger families that depend on coin laundries. For example, according to US 2000 Census figures, 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. Flags, roof signage and the colors blue and red always attract attention.
4. If you’re considering a store in a strip center, make sure other stores in the center are the type that will attract customers to your laundry.
5. If you’re considering a freestanding store of 4,000 square feet or larger, consider choosing one large enough to accommodate additional retail services in the future. Today, many storeowners enjoy additional revenue streams from add-on services and facilities, such as fluff and fold, a tanning salon, dry cleaning, a snack shop or convenience store, just to name a few.
Keep in mind that however important, and it is of critical importance, “location” is just one key element in your overall success. In addition to choosing the right location, you’ll need to address costs, lease negotiation, the equipment mix, layout, décor and pricing, which are all based on the marketplace and the competition in the area you are considering.