Buying a Coin Laundry
People’s busy schedules are forcing them to turn to laundromats to have their clothes and household linens cleaned.
If you are thinking of starting one, we have a basic guide to walk you through what you should consider before starting one and what options you have in order to make the most of your investment.
With people so busy right now, most no longer have the free time to do their laundries. That makes coin-operated laundry or Laundromats popular. For an average person thinking of starting a business in this line, a coin laundry would sound an easy business to start – you just have to put up the machines and the coins would start rolling down. But existing coin laundry operators say it’s not that sweat free. So what should you consider before attempting to buy a coin operated laundry? You can start a coin laundry by buying an existing one or starting a new one yourself.
Opening a new Laundromat is not just all about buying washers, installing it and expecting customers to start walking into your shop with their unwashed laundry. Since the investment for a new coin laundry is large – at least $2,000 for an average shop – prospective Laundromat owners must ascertain that the business is viable. There are a number of ways to do this. You can approach equipment dealers.
Starting a New Coin Laundry
Equipment dealers usually offer turn key services that includes a construction plan, business viability evaluation and startup investment cost evaluation. Another approach is to use the services of a consultant who can evaluate whether you are making a good deal or not with the turn key developer. That is because the services of these developers would usually include obtaining a lease for you or would involve you entering into MOUs or issuing guarantee notes or promissory notes.
Buying an Existing Coin Laundry
Meanwhile, buying an existing coin laundry would also need the same careful research. First, a prospective buyer should know the reason why the seller wants to bail out. It might be that the business is not profitable because of its location or another reason. If the prospective buyer is convinced the business is viable, he would have to think about renovations, and additional installations – all of which would cost money.
Other things you should think about as a prospective coin laundry owner are getting insurances, hiring an attendant to man the non-automated aspects of the business, and acquiring enough money to pay for a few months rent, fuel and water. You should also think of acquiring surveillance cameras, coin changer, cleaning supplies and equipment. And one of the most important of these is equipment maintenance and potential cost to repair water leaks and de-clog dryer vents and exhaust; regular cleaning; periodic checkup to know whether the bill changers are full, and the coins are collected.
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