PROBLEM
Laundromat users often find it worrisome to leave their clothes in washing machines and dryers unattended because they are not secured and can be opened by anybody. This leads to clothes being misplaced, stolen, and destroyed. Users end up watching their clothes for the entire duration to avoid these incidents. It takes approximately 30 minutes to wash a standard load and another 30 minutes to dry. This is at least an hour that the user could be maximizing their time by attending to other errands but cannot because there is no way to affordably secure their clothes.
SOLUTION
A universal magnetic timed lock will alleviate all of these problems. The lock will be able to attach to any washer or dryer. The lock will be connected to an app where the customer can rent the machine for a set amount of time using a credit or debit card. However long it takes for a standard wash and dry will be free. The customer is allotted a 5 minute grace period. Any additional time will cost the user $0.50. After 15 minutes, the rate is increased and the app will charge $1 for each additional minute. After 30 minutes, the machine will unlock and the next customer/laundromat owner has the right to remove the clothes from the machine.
BUSINESS MODEL
This venture will provide the option of a subscription-based business model or a pay-as-you-go model. The app will be free to download on the App Store and Google Play. The customer can purchase the lock on the app for a one-time fee of $20. If the customer is a frequent user of laundromats, they can opt for the option to subscribe to the lock’s security services for $15 a month. If the customer does not regularly use the laundromat, they can opt for the option to pay $3 for each visit.
TARGET MARKET
The target market is people who do not have access to personal washers and dryers. This lock would mostly cater to people who live in apartments/dorms such as college students.
KEY COMPETITORS
New Tech Industries Incorporated, Maglocks.