Buying a laundromat can be a profitable venture if you go about getting one the right way. Most people, however, don't understand that you need to do some serious ground work before the purchase.
Owning a laundromat can bring a lot of benefits. First there is the almost instant profitability of a coin laundromat. As soon as you open the doors, you get a steady stream of business. Then there are the low operational costs. Buying commercial laundromat equipment can be a costly investment indeed, but once you actually have all the equipment, there is little day to day expenses other than utility bills. Laundromats usually don't require any sort of employee services, other than daily maintenance tasks by the owner. And finally, laundromats are pretty much self sustaining. You open the doors in the morning (even this can be automated) and you close up at night, you clean the business and empty the coins.
Essentially, you want a very hand off and completely self sufficient business, a coin laundry is your best bet. The advantages of a coin laundry have not gone unnoticed by the general public. Owning a laundromat is one of the most popular first time businesses people buy.
However, you have to be careful when purchasing a laundromat. If you don't do the proper research before your purchase, you can find yourself in a lot of trouble indeed.
Some things you can do to ensure you run a profitable and successful coin laundry business is to ask some basic questions before making the purchase. Why is the seller selling his or her laundromat? What other laundromat competition is in the area? Are there any large facilities that would boost the user base of the laundry (tenant housing or schools). What is the average income in the area?
These are all essential questions to ask, but surprisingly,
most new laundromat owners never bother to ask before buying. To buy a laundromat and have any chance of making money with it, you need to ask these type of questions.
The most important thing to consider when buying a laundry business is the actual location. A coin laundry must be in an area that is neither too rich nor too poor. If the population falls into either one of these extremes, you won't be able to keep your business running. Scoping out the competition is also important too. If you are buying an older laundromat, you will have some serious problems if some completion has moved into town with new commercial washing machines.
You can avoid these problems by doing the right research. If a laundromat looks to be too risky, then move on and look for another opportunity. You can make a lot of money by buying a laundromat, but you can also lose a lot of money too.