Starting a Laundromat
Well that it is depending on your definition of promising.
Unfortunately most of us don’t live in major metropolitan areas or within a stones throw from a college campus so this article will focus on those looking into starting a laundromat in a “typical” area.
Laundromats are by far some of those most recession-proof businesses out there and they do have a much lower cost of entry compared to other businesses. To top it off they are fairly easy to operate, low maintenance and low overhead. Sounds pretty good doesn’t it?
First of all when looking into the coin laundry business you should consider purchasing an existing location versus starting one from scratch. The reason being is that you may be able to purchase one at a far lower price than it would cost to build one out.
This is mainly because like all things prices have risen for equipment, the cost of labor for installing it has gone sky high and you’d easily find yourself buried in 80k to 200k in debt before someone even pops in a quarter. So if at all possible purchase one instead of building one; you’ll thank us later.
Buying a Laundromat vs Starting a Laundromat
Now some of you might be saying well that’s not big deal I’ll be making 100k a year and I’ll just pay it off in no time but that’s totally unrealistic for 95 percent of all laundromats.
The odds you’d make six figures from a single location is slim to none; we’d go with none.
On average a typically laundromat that runs successfully could look forward to earning anywhere from 5k to 40k at a single location which may come as a surprise but you have to think with the average wash or dry cycle costing $1.25 it would take you 100 cycles just to earn over $125 per day gross; that’s a lot of laundry. Large areas that would be no problem but their costs would equal it out in the long run.
Starting a laundromat business is better for those looking for something on the side or a part-time venture for retirees. That’s not to say it can’t be someone’s full-time business because for many it is but you’ll also find that they tend to own several locations rather than the one.
Now we are not trying to discourage anyone from getting into the industry we just like to be totally realistic when it comes to the reality of a business rather than try to sell it as many others do.
So plan accordingly, do your research and you’ll have no problems getting your foot in the door on this business. Who knows maybe you’ll be the next serial laundromat entrepreneur. Get out there and get started! If you have experience with this business please leave your suggestions in the comments section below.