If you’re looking for a fairly solid business venture that’s almost certain to deliver an easy paycheck, you might want to consider the benefits to be gained by purchasing an established coin laundry facility. Of course, like any professional undertaking, you want to invest wisely. And although owning and operating a laundromat may be easier than, say, running a restaurant or manufacturing company, you still need to be careful. This means doing appropriate research and finding a business that is most likely to be successful in the future. Here are a few factors to consider before you take out a business loan and take ownership.
- Location. This is immensely important in any business undertaking. But what makes for a good location for a laundromat? Like most businesses, you want to make sure the location offers easy access, plenty of parking, and a safe neighborhood that people feel comfortable visiting. You don’t necessarily need to be at a busy intersection since it’s unlikely that you’ll rely on foot traffic for business, but you should look for a location that is near a college campus, apartment buildings, or other structures where it is unlikely that residents will have personal washing machines and dryers in their units. This is where most of your customers will come from, especially if the buildings don’t offer dedicated laundry services on-site.
- Existing equipment. The washers and dryers used in your laundromat are your earners, and if they are subpar, outdated, and in need of constant repair you’re going to lose money. So before you buy an existing facility, you need to see records concerning the models in use, the age of the equipment, and maintenance records. And you should check them to make sure they’re all in good working order. You also need to find out if they’re traditional, coin-operated machines or if the current owners have upgraded to modern machinery that allows users to swipe payment cards rather than using coins.
- Monthly bills. Knowing how much it’s going to cost to operate a laundromat is an important part of determining how much you should pay for the business. Unfortunately, owners may not be keen to share their books with you. Or they might not keep very good records. But if they allow you to take a look at their water and electricity bills, at the very least, you should be able to crunch some numbers. Don’t forget to estimate costs for labor (i.e. attendants) and machine maintenance, repair, and replacement.
- Earnings. As with expenses, you might have a hard time figuring out what a laundromat is bringing in annually. You can certainly ask to see tax returns from past years, but coin laundromats are a cash business, so there’s no real way to know for sure. Luckily, most owners are likely honest or they’re underestimating earnings, which bodes well for your ability to earn. It may just make it difficult to secure a loan for the business if they’ve been shorting their income on tax returns.
- Upgrades. The laundry business hasn’t changed much since electric machines entered the picture, but when you start looking at laundromats for sale you’ll likely find facilities that offer extras like card readers on machines (and refillable cards), pick-up and delivery, fluff and fold service, comfortable seating areas, a snack or coffee bar, WiFi, and entertainment (TV, video games, etc.). The idea is to create a welcoming environment and additional services that make your laundromat a more desirable option than old-school competitors.
Can I Open A Robinhood Account For My Child?
Your children are the topmost priority for you. What best you can do for your kid is to provide them...
Elevating Your Writing Skills With These Simple Steps
Writing skills are an essential part of communication and is not something that naturally comes from within. You have to...
When to Replace Your Car’s Tires and How to See The Warning Signs
Trying to get by with tires that may be long past their prime can lead to many problems. Worn tires...
4 Reasons Why Your Small Business Should Hire An SEO Company
Starting a small business is a very noble endeavor. It takes a lot of courage to step away from the...
What Effects Would Artificial Intelligence Have on the Future of Digital Marketing?
In the past few years, the wave of technology has drastically transformed digital marketing. From connecting with people to working...
Best Affiliate Marketing Software Of 2021
The best affiliate marketing software makes earning advertising revenue from your website quick and convenient. The next challenge is to...
When Is It Time For You to Declare Bankruptcy?
If you’ve reached a point where you can no longer pay your debts, you need to file for bankruptcy protection....
Paying More For The Same Flawed Healthcare Insurance
Chances are, you are paying more for your health insurance this year than last year. You may well wonder, why...
Conveyor Belt Systems: 6 Ways to Improve Efficiency
You might think that conveyor belt systems cannot be improved because of the simplicity of their design. After all, how...
3D Rendering Terminology: Guide For Architects to Communicate With CG Artists
When chipping away at a building representation project, a modeler and a 3D delivering worker for hire need to see...
Learn and Become A Professional DevOps Engineer!
Have you been having a tough time deciding what you want to do when you grow up? Once your school...
Debunking The Common Myths About Cosmetic Surgery
Just a few years back, plastic surgery was thought to be some kind of sorcery or something that existed in...
How to Choose The Right Type Of Flooring For Your New Home
Building a house from scratch can be a tedious and stressful process even though you know you are doing something...
3 Ways To Style An Oversized White Shirt This Summer
If there is one staple item you need ready for your summer wardrobe, it’s an oversized white shirt. They are...
5 Tips For Picking The Perfect Wedding Ring
Your big day is coming up for your wedding day and you set the standards too high with your engagement...
Tech6 years ago
Creating An e-Commerce Website
Tech6 years ago
Design Template Guidelines For Mobile Apps
Business5 years ago
The Key Types Of Brochure Printing Services
Travel9 years ago
Who Else Wants Also Nfl Hat
General6 years ago
Kobe Bryant With His Unique Nba Jerseys
Tech7 years ago
Why Small Businesses Can't Ignore Mobile Technology
Tech6 years ago
Climb Google Using These Checklists
Health7 years ago
Health Supplements For Sports Activities Nutrition