Starting a laundry business is exciting! And financially rewarding when done correctly. As you're figuring out a bunch of decisions that'll make or break your business, don't forget to think about how you'll set your prices. Why? Because getting your pricing right isn't just about profit; it's about positioning your business for long-term growth while keeping your customers happy along the way. It influences your profitability and market competitiveness, helping set you apart in a crowded market.
In this blog, we’ve highlighted the key points to consider to help you build a pricing strategy taken from our recent e-book. Discover where to start with market research, uncover the different pricing models that align with your business objectives, and more. For a full exploration of the topics in this blog, grab a free copy of our e-book by downloading it here!
What's Inside Our E-Book on Laundromat Pricing Strategies
To guide you through the process of building your own pricing plan, we've created an e-book, "The Laundromat Pricing Strategy Guide." It's tailored for you, the new laundromat owner, packed with insights and useful tips to give you a clear understanding of the steps to consider when you think of how to price your services. Discover where to start with market research, uncover the different pricing models that align with your business objectives, and more. We’ll cover each section throughout this blog. First, let's look into understanding your cost structure.
Cost Structure
Before setting your prices, the first step is to have a clear understanding of your cost structure. This includes the initial investment in equipment, ongoing maintenance costs, utilities, staff salaries, and your location. Are you looking to buy, rent or even build your own laundromat? Our guide walks you through analyzing these expenses, helping you build the knowledge you need towards putting together the pricing that covers your costs while paving the way for profit.
Market Research
Ever wondered how your prices stack up against the laundromat down the street? Our e-book focuses on the importance of market research, urging you to explore what competitors offer. Understand their strengths, weaknesses, pricing strategies and use this knowledge to identify any gaps in the market. For example, if you notice that many competitors don't offer a pickup and delivery service, this could be a unique niche for you to target. What's their main focus? Do they cater mainly to commercial clients, emphasize eco-friendly practices, or offer round-the-clock service? Identifying these areas can help you find your edge in the market.
We also explain how it's useful to tap into local business networks, and attend industry events as extra forms of research. These avenues offer valuable insights and opportunities to learn from peers in the field.
Set Clear Pricing Objectives
Setting goals is one thing; achieving them is another. We guide you in defining clear, attainable pricing objectives and the strategies to reach them. Whether you aim to attract a specific type of customer, boost profit, or increase your footfall, your objectives will guide your pricing decisions. Think about your goals in two frames: short-term and long-term. Short-term goals aim for quick wins, and long-term goals to help set the stage for your business's future, like opening additional locations over the next few years. Whether it's maximizing profit, boosting your market share, or improving customer loyalty, your pricing objectives should reflect your business's overarching ambitions.
Offer Discounts and Promotions
Learn how to set up promotions that not only attract customers but also encourage them to return. The right promotional strategy can be the best move for your laundromat. We cover the four tools that CleanCloud offers to entrepreneurs aiming to entice their customers. From promo codes and loyalty programs to referral schemes and subscriptions, we explore how each tool is designed to significantly increase your customer base over time.
Build Your Pricing Model
Our e-book provides two editable templates to assist you in developing your pricing model. These templates are interactive, so you can type in the different costs for the services your business provides. You also have the option to print these out and display them in your store window or keep them handy at the front desk—whichever suits your preference!
CleanCloud POS
Starting a laundry business is made a whole lot easier when you invest in some specialized technology for your laundromat operations. A Point of Sale (POS) system is key for streamlining your business, and you should factor in this investment when you're figuring out your pricing. Our guide introduces you to CleanCloud POS, a cloud-based platform that simplifies operations, including the intricacies of pricing and promotions. With plans starting at just $99 a month, you can discover how CleanCloud can be the ultimate partner for your laundromats success at an affordable price.
Time to Take the Next Step
Getting your pricing right is really important especially when you are starting a laundry business. Understand what you're spending, take note of what your competitors are charging, and set your prices to be fair but also profitable. Our e-book is the next step to take for this journey, equipped with the knowledge and tools to help you stand out in the competitive laundry industry.
Download our e-book, "The Laundromat Pricing Strategy Guide," for free! And turn your business goals into a reality.
Interested in trying out CleanCloud for your laundromat? You can sign up for a 14-day free trial or visit our website to learn more.