If you want to buy a coin laundromat, you need to plot out a strategy so that you give your business investment every chance of being successful.
Believe it or not, it's actually difficult to run a successful laundromat service. Despite what most people say, a coin laundry is not a sure fire "get rich easy" business. Yes, they are relatively low maintenance and don't require much in the way of operating costs. However, if you buy a coin laundry that is not in a good location, you won't make any money. In fact, it's likely that you will lose your entire investment.
Why is location so important? Laundromats appeal to a certain segment of the population, mainly lower income households and students. So it's important that you look around to see what an area has to offer in terms of clientele.
One thing I notice people forget to do time and again is to actually ASK the seller why they are selling. To buy a laundromat with asking this questions may cost you the business. Now, there are some perfectly legitimate reasons for why someone may be selling a laundromat, such as medical reasons. But if they are selling because a newer laundromat was installed in the neighborhood, you do not want to inherit such problems.
It's also quite important to see what the reputation of the laundromat you are considering buying. If the place has a bad reputation, you are going to find it difficult to attract customers. One of the biggest perks to buying a laundromat is the almost instant profitability it promises. In an ideal situation, you buy a laundromat one day and open it the next day. Clientele will continue to come. But if a laundromat has no business because of a bad reputation, then you are left in the unenviable position of having to try to market your new business. While this is possible, it's better to just put yourself into a situation where you can purchase a coin laundry and make money right away.
Before you go through with the laundromat purchase, you should hire a professional to take a look at the machines in the building. Try to avoid buying a laundromat with machines more than 5 years old â you will spend a fortune making repairs and replacing faulty machines. And industrial washing machines are very expensive. You don't want to have to deal with machine repairs for at least several years down the road.
You can buy a coin laundry as a first time business â they are well suited to this, but you want to make sure you know exactly what you are getting before you throw down the money.