7 Strategies for Building an Industrial Laundry Business

StrategyDriven Starting Your Business Article |Industrial Laundry|7 Strategies for Building an Industrial Laundry BusinessThinking of starting an industrial laundry business? While it is promising in terms of success, nothing can be certain. If you want to increase the chances that you will make it big in such a sector, keep on reading and we’ll talk about some of the best strategies to pursue.

Find the Right Equipment

One of the most important is to pick the best equipment possible. Even if it means spending more, this should not be an issue if this means being able to enjoy superior performance. If you are looking for the best industrial laundry equipment, make sure to check out what Continental Girbau has to offer.

Take Your Marketing Online

We are living in a digital era, and hence, online marketing strategies are promising. Do not rely on traditional mediums to promote your laundry services, especially if you are looking for cheap alternatives. Utilize a variety of online tools available, including social media and email marketing. If you need help executing successful digital marketing strategies for industrial and commercial laundry businesses, Continental Girbau has the best solutions.

Build Your Network

An industrial laundry is different from a traditional laundromat in terms of its customer base. You are not serving individual customers. Rather, you will be serving business clients, including hospitals, hotels, salons, and restaurants, among others. To get closer to your target market, find ways to build a strong network. By knowing the right people, you can forge strong relationships that can benefit the business in the long run.

Provide Innovative Service

One of the biggest challenges for an industrial laundry business is to set itself apart from the competition. To do this, you need to embrace innovation. This is possible by developing a mobile application to improve customer reach. You can also provide free pick-up and delivery services. Offering specialty cleaning services depending on the needs of the industrial clients will also help.

Go Green

Industrial laundry businesses need to operate their business while minimizing impacts on the environment. One of the best ways to do this is to choose energy-efficient equipment. Using solar panels and alternative sources of energy will also help. Recycling water is also a good solution to make the business more sustainable.

Find the Right People

While it is important to have tech-advanced equipment in an industrial laundry facility, this will not be enough. You also need to have the right people to maximize the benefits of the equipment. Invest in your human resources to deliver exceptional service to your customers.

Set the Right Price

To succeed in your industrial laundry business, keep your pricing competitive and timely. Pricing decisions require careful thought. Start by researching your customers to learn about the prices they find reasonable. It is also a must to consider the pricing strategies of your competitors. You can learn from their success or failure.

From using the right equipment to intelligent pricing decisions, consider our suggestions above to build a profitable industrial laundry business.

What to Consider When Buying a New Commercial Property

StrategyDriven Starting Your Business Article | Entrepreneurship | What to Consider When Buying a New Commercial PropertyLeasing a commercial property isn’t the best option for a lot of businesses. Therefore, if you have made the choice to buy your next business property, you are opening yourself up to more flexibility and more freedom to allow your business to grow.

That said, there are a lot of important areas to take into account when searching for the ideal commercial property.

The Maintenance Costs

Alongside your fixed monthly outgoings, you’re going to have to prepare for maintenance costs over time, and any unexpected issues that may arise. This means you should consider any commercial property that you view with the expected maintenance costs in mind.

For example, are there any structural features of the building which you see as having a high maintenance bill? Does the sheer size mean more maintenance should be expected?

Maintenance is always a must, no matter the building, so budgeting for it is essential. You should also seek out a dependable maintenance service such as urban-propertymaintenance.com.

The Need for a Survey

Having any new potential business property professionally surveyed is a must. You shouldn’t elect for the cheapest and quickest option, either. Although it’s preferable to save money, you will lose money in the long run if you fail to have a property survey in the first instance, resulting in your property running into problems further down the line. Ensure that you have a thorough survey carried out, which is specifically tailored for commercial properties.

The Location

Your location needs will vary depending on what your business entails, so you’ll need to think carefully about yours. Location can be a crucial factor in the successful running of your business.

Consider the following:

  • Do you have clients regularly visiting your business premises? If so, the property will need to be in an easily accessible location, and close to your main clients.
  • Do you have a large team of staff who will work on site? If so, the property will need to be easily accessible for them, and not difficult to travel to.

Also think about the impression that you want to give of your business; you need the property and location to reflect this in a positive light if you are going to have external individuals and clients visiting the commercial property on a regular basis.

Transport Links

This is an imperative consideration if you have people traveling to the premises on a daily basis, whether they are staff or clients. If your new commercial property is near plenty of public transport links, such as train stations and bus stops, then this is a huge positive.

If you can’t find a property which is close to public transport links, or if your commercial premises is in a very remote location, then you need to ensure that there is at least a car park for staff and visitors.

A commercial property in a remote location, without a car park, and far away from any public transport links, will be very problematic and may be seen as unprofessional if you are failing to provide these needs.

Things you have to know before you start your coworking marketplace

StrategyDriven Starting Your Business Article | Coworking Marketplace | Entrepreneurship | Things you have to know before you start your coworking marketplaceCoworking is a new concept of an open working environment that allows several unrelated companies to share office space and work together. According to Statista, there were around 22,4000 coworking spaces worldwide by the end of 2019. With the rising popularity of shared workspaces, more and more businesses are launching coworking marketplaces. In other words, they are just like Airbnb.

When Airbnb offers vacation rentals with homely amenities, a coworking space marketplace offers office spaces with unique amenities for individuals and businesses. The coworking marketplace efficiently connects coworking space owners looking to rent out their unused office space with individuals and businesses looking for vacant shared work spaces.

In the coming years, we will be seeing tremendous innovation in the field of building and running coworking rental marketplaces. There is no better time to launch your coworking space business. Before we start, let me establish this- There are no easy ways to launch a coworking marketplace and make it successful. Following a sound business strategy and understanding, best practices are important.

Things to consider before starting an Airbnb for coworking

The whole world has been taken aback by the potential of coworking space marketplaces and you are on the right track with launching a coworking rental platform. But running a successful Airbnb for coworking requires a lot of planning and effort. Here are some of the core things to consider before starting your own coworking marketplace that helps you to take your business to new heights.

Research your target market

Whether you are creating a coworking space platform from scratch or using a white label solution, there is no way around doing thorough market research. According to studies, lack of market research is one of the major reasons why startups fail.

To build a viable coworking space rental marketplace, you need to have a clear understanding of the market, how the industry looks like, your target users, their requirement, and the solution they are looking for. Pay attention to market trends as well to spot any big changes like technology breakthroughs so that you can use it for your business advantage.

Choose the right business model

It is a great idea to design a viable business model even before starting your coworking marketplace. Now, the exact way your coworking space rental platform makes money will depend on a lot of factors. However, there are some common business models to consider.

Service fee

It’s a great monetization strategy of any peer-peer marketplaces to charge service providers a service fee each time they receive and process a new booking on your platform. The more transactions your marketplace makes-the more revenue you get. The host service fee can be 3% or more and can vary with different countries. You can also incur service free from guests which can range up to 20% of the booking subtotal. For example, Airbnb takes a 20% service fee from guests and a 3$ from the hosts.

Listing fee

Your coworking marketplace can collect listing fees from coworking space owners when they list their space on your platform. It can be a flat fee or vary based on the total reservation made or any other parameters. To reduce friction, you can consider collecting the fee once the transaction is completed instead of doing it at the time of listing. Airbnb charges a 14% host-fee from property owners according to its new policies.

While these are the common business models- You can add more than that including the following.

  • Adding premium subscriptions
  • Collect payment processing fee
  • Promote sponsored listings
  • Setting your own ad system

Carefully plan your operations

Creating a coworking space management tool is one thing and successfully running is something completely different. As you have to manage two user types, bookings and scheduling, payment processing, and a lot of other functions together, the operations can get a bit complex. Hence, it is important for your rental marketplace to have all essential features that support the operations carried out on your platform.

You will need specialized marketplace payment gateways that allow users to book coworking spaces and pay effortlessly. Implementing an in-app communication system is also essential to set a channel for all your users to communicate regarding scheduling, booking, and cancellation.

Optimize your platform’s search to deliver high performance

Search is one of the most critical interfaces of your coworking office space rental marketplace users leverage these features to interact with your platform. Significant engineering goes behind a smart and intuitive search that performs well. If you take the example of Airbnb, the smart search is one of the most powerful features of this peer-peer vacation rental marketplace.

A typical search for any coworking marketplace should support the following search features.

  • Location
  • Coworking space type
  • Price range
  • Availability
  • Amenities
  • Capacity
  • Meeting rooms
  • And more

Improve the booking flow and experience

To deliver a great user experience to all user groups, your coworking space platform must have a seamless booking feature. When a coworking space owner registers in your platform and activates his listings, the people who are looking for rental office spaces must be able to view and book the space.

Consider instant booking as opposed to normal booking feature as it is the preferred way for hosts to rent out their properties. With proper identification verification services, you can allow service providers to reliably list their coworking space for instant booking option so that users can make instant bookings.

Dealing with Last minute cancellations

Building and running a successful peer-peer coworking management software requires you to think from a user perspective. For example, Airbnb allows hosts to cancel the booking at the 11th hour. When thinking from a host’s perspective, this is an absolutely great feature, but if you think from a guest perspective, this might not be a pleasing feature. Hence, your marketplace must have smart ways to deal with last-minute cancellations considering the interests of both user groups. To reduce last-minute cancellations, you can add a cancelation fee and block booking dates. Another great alternative would be to reallocate another similar coworking space to the user in case a service provider cancels the last minute.

Conclusion

Building an Airbnb for coworking is a different thing and scaling it to millions of users like the real Airbnb does is another thing. Implementing the above-discussed things will help you to run your peer-peer coworking marketplace successfully and gain a competitive advantage in the industry. Happy Coworking!


About the Author

StrategyDriven Expert Contributor | Shirley C. StewartShirley C. Stewart is Business Consultant and Marketing Head at RentCubo. She helps brands to build their web products that people love using. Shirley has a passion for growth hacking and startups.

How to Raise Revenue for an Entrepreneurial Start-Up

StrategyDriven Entrepreneurship ArticleThe first step in raising revenue for an entrepreneurial start-up is to outline a detailed marketing strategy. It is important for start-up entrepreneurs to test their assumptions as soon as they can. A big reason for the success of established companies is that they never invest large capital or significant time on any project unless they have determined that it has an overwhelming probability of success. The corporate world taught me that most ideas fail in the marketplace. When this happens, it should fail quickly and cheaply. You just want to make sure that you are not overwhelmingly hurt when you experience this inevitable fact.

Complete the following exercise carefully before you launch your marketing campaign. Accuracy in this exercise will be crucial to your future business success:

1. Decide who is your ideal customer – Most entrepreneurs start with a great product or service idea, but fail in correctly identifying their ideal customer and instead will sell to anyone who buys from them. This is probably one of the biggest mistakes I still see today, especially in the online world.

There are two main reasons you want to determine who these ideal or dream customers are: first, your ideal customers will appreciate your offers and will pay for it based on your value, not price; and second, they are more likely to refer more business your way.


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About the Author

Ajay PrasadAjay Prasad owns GMR Web Team, a digital marketing agency dedicated to helping businesses maximize revenue from internet. He also invests in web-based start-ups. Ajay also operates a seven-figure web based business, GMR Transcription, which he built from scratch and grew it by using strategies that he uses for his digital marketing clients.