How to start your online laundry business?
“The most relieving moment is when you get to see an empty laundry basket!” Well, it is not deniable that doing laundry is one of the most crucial household chores and also the one from which people run away the most. With changing lifestyle and changing dynamics of work, the quality time left to do laundry has even shortened more. This is what went inside the inception of the laundry business and also what that goes inside the continued existence of this business.
The laundry business basically deals with enabling customers to clean fabrics. The two-star elements that the laundry business provide are cleanliness and comfort. Any business that meets a genuine need is bound to be successful. And that’s why the laundry business is a rock-solid venture to explore.
The laundry business has found its place in India in a very primitive form since ancient times. Hectic schedules, changing lifestyle & consumer preferences, increasing standards of living, and flow of the stream of ideas from the west have paved the way for a more sophisticated and professional laundry business. The global online laundry service market size was ascertained to be around USD 118 bn for FY18 and was expected to grow at a CAGR of 10.9% by 2022. Increasing demand and minimal investment are what has driven the growth in demand for this particular industry.
Attractive features of online laundry business
- Laundry business do well in any market conditions because clean clothes is an all-time essential need
- There’s no need for a gigantic staff size
- There’s always an opportunity to up sell other services along with the main one
- The nature of business doesn’t warrant money tied up in inventories
Steps to starting your online laundry business
As much lucrative as it looks, it cannot be denied the competition is intense. But so is the potential. Thus, it becomes quite imperative to have your baby steps in the right direction so that you can build upon them to turn your business into a successful affair. Following are the steps that can aid you in initiating your laundry business online:
Understanding the online laundry business
The first and foremost step is to do your homework right. In essence, to gather information about and understand the fundamental dynamics of this business. Do the market research, figure out if the demand is feasible enough to be tapped. Understand what all stakeholders will have to be dealt with. Also, make sure that you comprehend the purposes of such services well so that you’re able to make the right offerings.
Choose your business model
If you don’t have a format already in your mind, then you might like to explore the available pool of business format options for this business. You might like to let customers book appointments and come and do their laundry at your place, or maybe you might be attracted to the idea of a pickup-wash-fold-deliver business model. Instead of building your own business, you might like to take up the franchise model leverage on someone else’s name. The laundry segment is a huge one. You might like to choose a combination of services you would like to provide. If you’re not able to make up your mind, then conduct a market survey and figure out the untapped needs. This will aid you in making a wise choice.
Workout the financial forecasting
Sound budget planning is one of the essential keys to success. Planning in advance for the investment required is imperative. Prelim licenses, registrations, etc if required, should also be focused on. Apart from all this, it would be a smart move to forecast sales, expenses, and profits. This sort of financial planning is essential so that you have estimates ready and also back up plans if you spot deviations. Make sure you also keep the list of the items and equipment you will need so that they can be factored into your budget.
Hiring the right team
The right mix of people gets the success brewing. Even if you’re starting your laundry business online, chances are there that you might need extra hands to help you. The two important aspects to be handled are: chores related to the business and strategies to be formed. It would solely be your call that which of these would you like to handle yourself and which you would like to get done by experts.
Choose the right business name
“What’s in the name?” The answer to this question is “A lot”. Clever and catchy names are essential to leave an indelible imprint on the minds of your customers. The name should reflect your values and offerings and should be able to strike the right chords with the hearts of your customers
When you will get into this business, you will have a lot to manage. For starters, list of clients, transaction details, dues, etc. As per your experience and needs, you will have to decide if you would want to use expensive accounting software or economic yet efficient spreadsheets.
How will you be paid?
Since you’re going for an online business, this particular point becomes even more essential. Get sorted with your payment policies already, and make smart choices for modes of payment. Don’t choose something that’s not used by people and becomes the reason why they don’t want to avail your services
Choosing online space
Even when you’re online, you need to tactfully decide where you would like to be placed. Should it be your own website or app, or if you would simply like to get your services listed on local directories. If you are planning to go for online marketing: choose between free marketing or paid marketing, or a combo of both.
Lay down a business plan
A comprehensive plan is where your homework ends and real work starts. This B-Plan would be your bible. Your B-Plan would include the A-Zs of your business and will guide you through everything.
Some handy tips
- Look for innovative ways to enhance the service offerings in your portfolio of services
- Remember that the laundry business is not a seasonal business, so make sure if fluctuations in customers occur, it occurs in a positive direction that too because of your efforts
- Flexible financing options are there, but a large upfront cost is also involved. So do your research well
- Utility expenses can be the real big challenges sometimes. So, make wise choices with that regard.
If you are planning to initiate your laundry business online, then Yelo can be your ultimate friend! With Yelo you can create an online marketplace without the hassles of coding and setup fees. This industry-leading product is loaded with enticing features and will get you covered for various segments in your business plan, and will also expose you to elements you won’t have thought of before.
Build your own laundry business online and let the world see your magic!