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So I let the phone ring and just as I’d hoped, it went to voicemail.I left a brief message explaining who I was and that I was interested in getting more information about a local laundry that was for sale.Before heading into a new venture, an entrepreneur must consider the profitability and risk. Many entrepreneurs are attracted to laundromats because they seem to run on their own.
Of course, as we just mentioned, being too near other laundromats could affect your ability to attract customers.
In addition, being near a major road, having visible signage, and offering lots of parking will help you gain attention. A neighborhood of wealthy families is less likely to need a laundromat than an area with many apartments and young people.
” Before you purchase your store, consider these factors: COMPETITION Who will you be up against?
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.
If you use energy-efficient machines, you might have a high initial cost but lower bills thereafter.
Will you need to hire part-time workers to keep the store clean and handle other basic duties? You may need to consult a bookkeeper, accountant, and/or marketing professional as well.If either of these sound like you, then you need to download a copy of our Laundromat Business Planner. Just enter your name and email below, and it’ll be on its way to your inbox in a matter of seconds. And lastly, if you’re the curious type, and want to see some before/after pictures of our first laundry, and some gnarly before photos of our second laundry, check out THIS post.We created it for anyone who is interested in pursuing laundromat ownership, and we feel it’s so critical to getting the start, that we give it away. We’ll send you a couple more freebies to keep up your momentum. Or, just start digging around the site, there’s plenty more to see! For example, perhaps your laundromat will be cleaner, safer, offer a wash-and-fold service, or have a TV and vending machines.LOCATION Your location can make or break your laundromat.We reviewed tax returns and profit/loss statements, ran an income verification using water bills, attended collections for 30 days, etc.We also convinced the seller to carry the financing, which was a bonus.So if you’re ready to pursue that for yourself, Ok, so you’ve read about our ownership journey, but let’s pause for a second.For some of you, this may be your first stop after googling information about laundromats and you’re still trying to figure out if a laundromat is the right business for you, or if you even want to own a business at . Or maybe you know you want to own a laundromat, but are struggling with where to begin.This meant we would make a down payment of ,750 and finance the remaining ,250.We had a rough idea that a lender would give us terms in the range of 8.25% for 5 years, based on information from the broker.