Did you know that Civil War laundresses earned more money than soldiers? The job was very labor-intensive, but the government compensated these ladies well for their hard work.
If you want to make out just as well with your laundromat, you need to consider many important business decisions. One of the most essential? Whether to lease or buy your appliances.
There are benefits to both methods, but we think that leasing equipment is the way to go. Read on to discover 4 of the most compelling benefits of this route.
1. More Affordable Payments
If you just launched your laundromat, it’s normal to be tight on cash. Wash notes that you’ll need lots of capital for water bills, employee wages, rent, supplies, and other expenses.
With restricted cash flow, you may not be able to buy new appliances. And if you don’t want to apply for a loan, why not lease equipment? Lease payments are generally much cheaper, as you don’t build up equity in the appliances.
2. Worry-Free Maintenance
Contrary to popular belief, laundromats are far from a dying business. Your operation may see hundreds of people day come through.
When your appliances see this much use, they’re bound to run into issues. Jammed coin slots, whirring machines, leaks — it’s all part of running a laundromat. These issues can cause downtime and inconvenience your customers, meaning you need to address them ASAP.
Fortunately, when you lease a washer or dryer, you don’t have to whip out your toolbox and try to do a DIY fix. Simply call the leasing company and let them know about the problem. They’ll send someone to take care of the problem and get the machine back in working order.
3. Chance to Upgrade Your Equipment Frequently
When you want to be the best laundromat business in town, you recognize the need to upgrade. The last thing your customers want is old, moldy machines.
To get new equipment every so often while keeping your budget in check, lease a dryer or washer! The end of your contract means that you can replace outdated appliances with newer models. And by working with your provider, you may only have to pay a slightly higher rate.
4. Flexible Lease Agreements
Last but not least, leasing appliances come with flexible agreements. Most providers are willing to negotiate with you to settle on the perfect contract.
When you enter talks, be transparent about your budget. You should also determine how long you want to be leased equipment for.
Additional information you could ask your provider to put in the contract includes:
- The option to purchase the equipment at the end of the lease
- A clause that prevents your rates from astronomically increasing in the future
- No or minimal down payment
If a provider isn’t willing to be flexible with the agreement terms, they might not be right for you. Look elsewhere, as it’s easy to find a company that will work with you.
Start Leasing Equipment Today
As you can see, leasing equipment for your laundromat has its fair share of benefits. It’s the more affordable option that will better serve customers and result in fewer headaches.
Want more tips on running your business? Check out our other articles for expert advice!