Asked by: Larisa Furic
home and garden home appliances

Is a laundromat a good investment?

14
The high rate of success, excellent ROI, flexibility, scalability, and easy-to-manage cash flow make laundromats a smart choice for new and experienced small business investors.


Similarly, you may ask, how profitable is owning a laundromat?

According to the Coin Laundry Association, the cash flow of laundromats is typically in the range of $15,000 and $300,000 per year. To maximize your business's profitability, carefully consider the aspects above and create a smart business model. With hard work and prudent planning, you're sure to find success.

Beside above, how much does it cost to invest in a laundromat? Finally, you also need to consider that getting into the laundry business requires a large initial investment. The average-size laundromat could cost you in the neighborhood of $200,000 to $500,000 -- whether you choose to purchase an existing laundry or build one in a retail space.

Considering this, are laundromats still a good investment?

A laundromat can be one of the wisest business investments, with due diligence on the part of the investor and a few upgrades, a laundromat storefront can become and continue to be a profitable investment for years to come.

How much does a laundromat make a month?

All of these things will impact your profits. On average, laundromat owners report $5,000 to $7,000 of profit each month.

Related Question Answers

Aitane Krausen

Professional

Are laundromats a dying business?

The Laundromat business is not sick or dying, it is just growing up and becoming mature. The entrepreneurial spirit of owners will carry on in future generations and result in new and perhaps more creative ways to make money in our vended laundry business. Here is an article from 2017 from The Atlantic.

Heorhiy Zeimens

Professional

What business can I start with 20k?

List of Businesses to Start with 20k
  • Operating a Salon/ Barbershop. Starting a salon or a barbershop doesn't require a lot of money.
  • Selling second hand (Mtumba) Clothes.
  • Printing and Photocopying.
  • Poultry farming.
  • Selling Baby Diapers.
  • Operating a Daycare/ school.
  • Start a Car Wash.
  • Start a Movie shop.

Hacomar Hirschhorn

Professional

Are laundromats sanitary?

Laundromats are public laundries that are used by many people who do not have a washer and dryer in their living space. Many of these laundries are maintained well and are fully sanitary. However, not all laundromats are maintained properly and may in fact be very unsanitary.

Gunther Mendheim

Explainer

How do I start a successful Laundromat?

How to Run a Successful Laundromat
  1. Supervise the store regularly. Although you aren't required to spend a lot of time in your store, someone needs to manage the day-to-day operations of the business.
  2. Inspect the machines.
  3. Clean the shop and equipment.
  4. Keep it safe.
  5. Interact with customers.
  6. Market your services.
  7. Collect your earnings.

Ez Manzanaro

Explainer

What kind of business can I start with 10000?

Start small to go big: here are 35 profitable businesses you can start in India within Rs 10,000
  • Travel agency. Image credits: Shutterstock.
  • Mobile recharge shop. Image credits: Creative Commons.
  • Breakfast joint. Image credits: pixabay.com.
  • Fruit juice kiosk.
  • Garment tailor.
  • Online bakery.
  • YouTube channel.
  • Wedding consultants.

Moumen Menoyo

Explainer

Is coin laundry a good business?

Starting a coin laundry business is a great option for anyone looking to build a steady, profitable business that can be run for many years and even passed onto future generations.

Pascu Nath

Pundit

What is a good cheap business to start?

20 Cheap Businesses You Can Start in Your Spare Time
  • Sales Consultant. Avon, Mary Kay, Pampered Chef, and Tupperware all enlist the help of local sales representatives to get the word out to shoppers about their products.
  • Lawn care.
  • Homemade gourmet foods.
  • Babysitting.
  • Cleaning services.
  • Catering.
  • Errands.
  • Handyman.

Vlad Wurmseher

Pundit

How much does it take to start a business?

According to the U.S. Small Business Administration, most microbusinesses cost around $3,000, while most home-based franchises cost $2,000 to $5,000 to start. While every type of business has its own financing needs, experts have some tips to help you figure out how much cash you'll require.

Zinaida Mitsukov

Pundit

Why do laundromats fail?

Neglecting or mismanaging your business
Bad management is the top reason why many laundromats eventually fail. All too often, a person will purchase a laundromat with the idea that as long as they collect their earnings every week or two, the business will continue running.

Joannes Bowman

Pundit

How much does it cost to do a load of laundry at a laundromat?

Average costs to wash a load of laundry range from $1.50 to $4.00, with the national average hovering right around $2.00 (source). The cost of drying a load of laundry is very similar, though it typically depends on the amount of time it takes for the clothes to dry.

Gidget Kurth

Pundit

Do car washes make money?

On average, an in-bay automatic car wash generates $139,000 of revenue per year and provides a net yearly profit of $86,531. The average cost of getting your vehicle washed in an in-bay car wash is $6.34, which yields an average profit of $4.35 per wash.

Senda Jaenchen

Teacher

How do you evaluate a laundromat business?

The basic formula to use for this method is: The fair market value of a company's assets less the fair market value of its liabilities = the fair market value of a company's equity. This method is most the accurate for coin-operated laundry businesses, which usually have a constant growth of earnings.

Veredas Ruckpaul

Teacher

What you need to know about owning a laundromat?

16 Pros & Cons of Owning A Laundromat New Investors Need to Know
  • Great ROI. The laundry industry has a 20-35% ROI and nearly a 95% success rate, according to Speed Queen.
  • Inventory.
  • Not seasonal or weather-dependent.
  • No franchise fees.
  • Minimal employee management.
  • Recession resistant.
  • Flexibility.
  • Simplicity.

Anjos Pavoo

Teacher

How big is a commercial washer?

Both standard and high-efficiency top load washers range between 3.1 and 4.0 cubic feet. Front load high-efficiency washers can range from 4.0 cubic feet to an extra large capacity of 5.0 cubic feet. Most front loaders are between 4.2 and 4.5 cubic feet.

Chanda Awdiyants

Teacher

What do you do at a laundromat?

10 Tips for Washing Clothes at the Laundromat
  1. Sort BEFORE you go.
  2. Strive for simplicity.
  3. Choose an off-ish hour.
  4. Take the time to wipe out the washers and dryers before you use them.
  5. Smell the machine before you use it.
  6. Bring a large black garbage bag.
  7. Get rolls of quarters and have them at the ready.
  8. Remember to check all of the settings.

Bethel Gaudes

Reviewer

How many laundromats are there in the US?

Currently, there are about 29,500 coin laundries in the United States, generating nearly $5 billion in gross revenue annually. Clean clothes, like food and shelter, are considered a necessity of life and coin laundries provide a basic health service for millions of Americans.

Rusty Mauri

Reviewer

How much is a commercial washing machine?

The price of commercial washing and drying equipment ranges from $150,000 to $450,000, depending on the sophistication of the equipment and the size of your laundromat.

Vadims Klaassens

Reviewer

Where can I buy coins for laundry?

Most laundromats have change machines that can exchange a $1, $5 or $10 bill for quarters. If your laundromat does not, go to a different laundromat. Arcades at the mall also have change machines. Any grocery store, pharmacy or gas station can exchange a bill for quarters.

Ayub Ysassi

Supporter

What is fluff and fold?

Others allow customers to drop off clothing to be washed, dried, and folded. This is often referred to as fluff & fold, wash-n-fold, drop off, bachelor bundles, a service wash or full-service wash. These services provide the end user with washing, drying, and folding services on a per pound basis.

Co-Authored By:

EveryThingWhat Staff Editor

8

9th May, 2020

30

92% of readers found this page helpful.

4.6/5

Click a star to add your vote

Similar Asks
Trending