Recently I was looking to purchase a passive business and did so through a business broker. I bought a dry cleaning business (pick up & delivery store) from a motivated seller. The advantage the store has is that it is located in a busy area with plenty residential communities surrounding it.
The cleaners does a quick 1-2 day turn-around (going well for customers), on site seamstress that does alterations, wedding gowns, shoes/hat cleaning and repair, leather and zipper services etc. Is has a full offering.
Part of the reason to sell by the seller was declining business trends over the years. The cleaners is located in a kitty corner area (like most gas stations are located) and one would think it would inherently generate heavy traffic.
I have had the cleaners since September and have not seen traffic increase at all. The same customers come and go. I tried calling/approaching many small businesses etc for pick up and delivery services to add extra income to the business but everyone in the industry is doing the same and most places are already doing business with someone (difficult for a newcomer to break in the industry)
What are some of the ways this dry cleaning business can be given a boost? What is the best and most economic form of advertising/PR to get the traffic needed to increase sales? What strategies are best for this type of business? In my opinion foot traffic is the main thing. It is the bread and butter of a business like this and therefore it becomes crucial to capture all dry cleaning customers around your location. Any tips/suggestions on how to capture all this market share nearby?