Starting a Laundromat business is a unique entrepreneurial opportunity for anyone interested in offering a valuable service to the public. However, as explained below, the unappealing Laundromats of the past are being replaced by modern, user-friendly businesses.
The Laundromat Revolution
Laundromats have a notorious reputation for being unclean and unpleasant places with sketchy customers. However, according to Entrepreneur magazine, modern Laundromats are now multi-service businesses with plenty to offer their customers. For example, newer Laundromats offer everything from snack bars to video game consoles to kid-friendly play areas. Even better, coin-operated washer and dryers are being replaced with machines that use convenient swipe cards. Laundromats also offer value added services, such as dry-cleaning and drop-off services. This means that the customer can save time through simply dropping off and picking up their clothing at their convenience. Some Laundromats are taking this to the next level through offering a complete pick up and drop off service, which means they will pick up the clothes at the clients’ home and drop them off after the service is finished.
Buying vs. Building a Laundromat Business
Purchasing an existing Laundromat will come with a detailed sales history. Therefore, the potential investor will be able to assess the Laundromat’s performance and observe the current customer base. However, most people won’t sell a profitable Laundromat unless they are retiring. If the investor is serious about buying an existing Laundromat, they must carefully assess whether they will have to upgrade their machines to a digital smart card laundry system. On the other hand, building your own Laundromat will most likely involved financed equipment, which means there will be lower start-up costs and thus more resources for other important things. New equipment will also come with warranties, so the operating and maintenance costs of the first few years will be low. Fortunately, there are proven ways to calculate the potential costs of starting a Laundromat business.
Laundromats don’t just laundry clothes; they are a customer-service based enterprise that requires the entrepreneur to have excellent interpersonal and communication skills. Entrepreneurs who are organized and enthusiastic will excel in the Laundromat business. Laundromat owners must perform basic business tasks, such as promptly opening, cleaning and closing the store. They must collect money, change machines and stock vending items. They will also have to increase their basic maintenance skills and knowledge in order to keep their machines operating. Therefore, they must be familiar with preventative maintenance management. They may also be required to supervise other employees and even assist customers wash and fold their clothing.
In summary, starting a Laundromat business is an excellent business opportunity for anyone who wants to invest their money into a proven money making enterprise.