Buying A Laundromat - Starting A Laundromat Business

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Buying a Laundromat - Starting a Laundromat Business

Income Predictions:

Coin Laundromats can generate incomes from $14,000 to $205,000 per year depending on
area. Income consists of mainly wash & dry revenue. Additional income could consist of dry
cleaning, wash/dry/fold & vending machines.

Laundromat Start Up Costs:

Coin Laundromats can cost anywhere from $35,000 to over $1,000,000 in market value.

The cost of a Laundromat will vary depending on the state or province that you are in. If you
decided to start a Laundromat business in the state of Florida the start up costs may be a lot
lower than in the state of New York. Keep in mind that the cost of living & profits you will make
will also reflect that area. If the location is expensive then you should expect your expenses to
be higher.

Retail Space:

The Coin laundromat can generally take 1,000 to 5,000 square feet of retail space. The
median being 2,500 square feet.

Location:

This is a very important factor because in order for you to get enough business you need a
good area accessible to people with or without cars. If you pick a high traffic area with a lot of
apartments & transit nearby then business will be better for you. Apartment people are not
the only people that choose to use Laundromats to wash their clothes. Many residents who
live in houses use Laundromats because they save on energy costs & enjoy doing multiple
loads at the same time.

Make sure that the entrance to the business is very visible from the street.

Existing Business:

Existing coin laundries are appraised primarily on existing incomes.

If you find an existing business then make sure to find out why they are selling the business
in the first place. If it is due to retirement or illness then that is okay. If they are selling due to
lack of success then that may be a red flag right there. It does not necessarily mean that you
will have the same luck especially if they are located in a high traffic area. Their reason for
failure may be due to poor management skills or lack of experience in entrepreneurialism.
That is the main reason why most businesses fail.

Brand New Business:

New coin laundries are measured based on actual building and equipment costs.

If you are starting a business from scratch then make sure to get an affordable location
compared to your income projection. Do some research & find out how much other
Laundromats in the city or town make. Make sure to find good machines especially if you are
purchasing used ones. Also make sure that you have someone that can come in & do
maintenance on them periodically. If you are handy then you can save a lot of money on
repairs.

Retail Space:

The Coin laundromat can generally take 1,000 to 5,000 square feet of retail space. The
median being 2,500 square feet.

Equipment Life:

Topload Washers (12 lbs. to 14 lbs.): 5-8 years

Frontload Washers (18 lbs. to 50 lbs.): 10-15 years

Dryers (30 lbs. to 60 lbs.): 15-20 years

Heating Systems: 10-15 years

Coin Changers: 10-15 years

Benefits:

Owning your own laundromat business can be very rewarding. It will allow you to
become your own boss if you aren't currently one already. It can be a very prosperous
business decision providing that you cover all of your bases (do your due-diligence)
before starting your business. It can also provide you with a Passive Income Stream
given the fact that you won't always have to be there to earn income.

You can make a lot of money in the Laundromat
business. Laundromat businesses are virtually
recession proof. They can thrive during periods
of economic growth & during periods of
recession.

The Laundromat business is a good business
idea because there has always been a need for
this type of business & there will always be a
need. There is a demand for this type of
business in almost every neighbourhood.

Please keep in mind that the benefits of owning
your own laundromat business definitely can be
rewarding but at the same time it does involve
risk just like in any business venture. Take
some time to get educated about the
laundromat business before you even start your
search.