If there are already multiple laundromats in the area, opening another would be very risky unless those laundromats are in very bad shape or have a poor reputation.
However, it is entirely possible for two laundries to be successful in the same neighborhood, especially if they offer different services.
If the sale doesn't include the land, you'll need to factor that cost in as well, which is dependent upon your specific location.
If you choose to build your own laundromat, a 2,000 square-foot space will typically cost between $200,000 and $500,000.
Laundry carts for customers generally run between $50 and $75 each, while cleaning equipment, soap, signs, trash cans and clocks may add another $750 to $1,000.
Optional items you might want to include in your start-up laundromat include a soda vending machine for between ,000 and ,000, a security system typically running between ,000 and ,000, a television set for between 0 and 0, or a wi-fi connection for about to start.Profitability depends on a variety of features and can vary dramatically from laundromat to laundromat.Plus, as with any small business, what you put into your enterprise will have a great impact on what you get out of it.Although you may be in the position to pay your start-up costs in cash, most likely you will have to finance your new venture.As a start-up business, a bank or other finance company will probably ask for a sizeable down payment before extending you a loan.LOCATION Your location can make or break your laundromat.Of course, as we just mentioned, being too near other laundromats could affect your ability to attract customers.This can be a huge convenience and may help retain customers.A card reader system also tracks usage, which can help you focus your budget, and allows you to get paid in advance. If you intend to offer hot-water washers, a water heating system cost of ,000 to ,000 is likely.Although the owner must purchase and maintain the facility and equipment, the customers typically complete the labor and the machines handle the financial transaction.However, that doesn’t mean that you can sit back, put your feet up, and expect to make a fortune from a laundromat.