If you are looking to buy a laundromat, it's important to inform yourself with as much information as possible.
Coin operated laundromats are one of the best small businesses you can open by yourself. They are relatively inexpensive to buy or build, require little in the way of maintenance, and are practically self operating. In short, they are a perfect first time business to buy.
But buying a laundromat is not exactly a simple thing. Yes you can buy a coin laundry quite easy, but if you don't do the right research, you could find yourself quickly closing down the doors. You see, there are a few important facts you need to know about laundromats.
If buying a laundry, you need to ask the seller why he or she is actually selling the business. If it's because of illness, then it might be a good buy. But if the sellers' answers sound phony, reconsider your purchase. The seller could be selling because new competition has moved into the neighborhood, or maybe the commercial washing machines are simple getting too old and are breaking down regularly.
Whatever the reason, the owner is not selling the business because of medical issues, and then you may be facing problems if you purchase the laundromat.
Now, before going out and buying a coin operated laundromat, you need to do some market research on the area. What type of people lives there? What are their average income brackets? Is there a college or school nearby? What type of competition do you have in the area?
Finding out answers to these questions if very important. You cannot operate a successful laundromat business in an area where people are either too rich or too poor. If they are too rich, the customers will simply use their own washing machines. If the area is too poor, they won't be able to afford your laundromat services.
Knowing the competition is important as well. If you have a lot of competition in the area, you could be facing a steep uphill batter to make money. You want to buy a laundromat that will start to generate money right away. This is very important. The whole reason behind buying a laundromat business is to start getting money from the get go. You don't want to have to spend six months to a year to get to the point where you business is profitable.
So, before you buy a laundromat, make sure you do your research and ask all the relevant questions.