How to Open a Coin Laundry Business

As cities in Australia become concrete jungles, more and more apartment buildings are being built. This creates the necessity for coin laundry businesses, as people can no longer accommodate washing machines and dryers in their homes. Coin laundry business are a saving grace for those in apartment-living and is a great side hustle idea. With the right planning and determination, you can become a part of this increasingly lucrative industry.

Space

You will need to evaluate what kind of space you need for your laundry business. The space needs to be big enough to fit several washing machines and dryers as well as space for people to comfortably walk around with their baskets. The area also needs to be able to accomodate wires and cords, vents for the dryers, and other electrical necessities.

Location

Something you should consider is how to access and appeal to your client base. Basing a coin-operated laundromat in a suburban or residential area won’t be profitable because the demographic won’t require your services. Find spaces in highly-populated areas with many apartment buildings, especially if there is a university nearby. University students living on or near campus are your best friends! You may want to go the extra step and ensure there are coffee shops and parking nearby; so coming to your business will be convenient for your clients.

Machines

Make sure you do your research on which kinds of machines you are going to buy. This will depend on your financial assets, space available, and other considerations. You should ensure your machines are easy to use, economically and energy efficient, and are well maintained.

Employing staff

Generally, in these types of self-sufficient businesses, multiple staff members are not required. You will probably need one or two members of staff to supervise and look after the machines and your space. The main aspect of employment you should consider is to do with machine repair and electrical maintenance. You will likely require a contractor or subcontractor to handle these types of issues. If a machine breaks down, this will affect your income greatly, if the issue is not fixed immediately. To hire a contractor you will need to draft a Contractor Agreement and make the terms of their employment clear.

Registering Your Coin Laundry Business

When registering a company, you will need to think of a company name. If the name is different from your personal name, you need to register it. You will also need to decide whether to register as a sole trader. If so, then you will require an Australian Business Number; if it is a partnership you want to register as, you will need a Tax File Number as well. You are also obligated to comply with the tax requirements that are attached to each business type.

Buying a Franchise

You may even want to consider buying an established franchise. Running a franchise business can be a lot easier than starting a business from scratch, and it can give you great experience for your potential future businesses. However, there are tighter restraints on you as a franchise owner, and you will have to make sure that you comply with all of the relevant rules.

Have more questions? Contact a LawPath consultant on 1800 529 728 to learn more about customising legal documents and obtaining a fixed-fee quote from Australia’s largest legal marketplace.

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