Laundry Owners Warehouse, is a “One Stop Shop” with over 74,000 replacement parts, a full line of soap and supplies, and a wide variety of used commercial laundry equipment, all in stock and available at LOWlaundry.com.
Laundry Owners Warehouse also sells new commercial laundry equipment and is a proud member of the Dexter Laundry family, “Made in the USA” since 1894.
There is plenty of talk on the internet about laundromats being a recession-proof business.
I’m not sure I completely agree with that. Just read this previous LinkedIn post.
It’s not just me, either. Tim Simons, a money market economist at Jefferies, thinks that 2023 will see a “classic recession”:
He predicts that the downturn will begin at the corporate level in the first half of 2023, leading to reduced headcounts. By mid-2023, he predicts that economic growth will slow and inflation will begin to dissipate.
While this may be true, I do feel we are more insulated from some of the effects of a recession than other businesses, being that people need clean clothes (well, until they invent self-cleaning clothes or people start walking around completely naked…lol).
This got me thinking: how can we not just be insulted, but grow our revenue during a recession?
The staple revenue streams for our industry have been pretty much the same for decades:
- Self-service
- Product sales (detergents, softeners, bags, etc)
- Wash-n-fold service
We can be more innovative and creative than that!
Here are a few revenue streams we’ve tried and also do:
Wash-n-Fold Pickup and Delivery
This has gotten a lot of attention lately and more and more people are getting into it. The barrier of entry has been lowered due to more forms of technology entering our industry.
Dry Cleaning
Partner with a dry cleaner to offer dry cleaning services at your store.
Vending Machines
You could purchase your own and stock it regularly OR partner with a vending company and share the revenue.
Game Machines
Think video games, grabbers, gambling, and more. Similar to vending machines, you could buy your own or partner with a gaming company.
ATM
We placed one in our laundromat and it generated a good income with little to no maintenance. You can purchase a new or used one for a couple of thousand and fill it with bills and set your fees. I recommend connecting with Alexander Webster. He is incredibly knowledgeable about the business.
