Laundromats are all-cash, absentee-owner friendly and recession-resistant. There are no payments to collect, no inventory to manage and little to no labor costs.
When the economy gets shaky and Americans tighten their wallets, they may eat out less, but clean laundry is a necessity.
Folks interested in laundromat ownership come from all walks of life, with goals that are just as varied. Some of you are interested in being your own boss, some are just looking for some side
income, while others are looking to diversify their investing into businesses.
Owning a self-service laundry can be all of those things...
MythBusters: The Realities of Laundromat Ownership
There are a few common misconceptions about owning a laundromat, and before you get much farther, let's take a moment to dispel some of them...
Myth #1: Laundromats virtually run themselves. All I need to do is collect money.
Self-service laundries can be a great semi-passive or part-time business. However, "semi-passive" and "part-time" do not mean "effort-free".
You can decide what level of involvement you're comfortable with. In fact, you can outsource nearly everything if you like, but your net profit will reflect that.
Myth #2: Laundromats are cash cows; they're a guaranteed winner.
First of all, nothing is "guaranteed".
But an established well-run store in a good location, that is managed adequately, should have no difficulty being profitable.
Myth #3: Laundromats are expensive. I need a lot of money to purchase one.
While a laundromat can be expensive, it doesn't need to be. There are often many small to mid-size existing laundries for sale that can be purchased for under $200,000.
Typical cash requirements for a purchase are 25-30% down. However, if you build new, the purchase price skyrockets quickly.
Next...What Stage Are You In?
Whether you're researching self-service laundries, or you're an owner that is ready to take your business to the next level, there is something here for every part of the process.
Maybe you're an owner that's been okay with a mediocre store making mediocre cash flow. But it's time to take control, make some changes and get profits up, up, up...
Laundromats 101 Resources
Don't miss the Laundromats101 Resources page, where you can find the books, tools, services and websites that we personally recommend for buying and optimizing your laundry business.
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