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Today we are going to talk about How to Start A Laundromat The Good Bad and ugly
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Now back to the topic at hand How To Start a Laundromat. There are a few different ways to start Laundrymat. You can buy an existing old laundromat. You can start a laundromat in area and provide better service. Or you can find a area that is growing in population but doesn’t have a laundromat within 5 miles of the area.
I personally would buy one and renovate it. It would save time and guess work if the area is in need of a laundromat or not
The average-size laundromat will 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.
The profit can fluctuate tremendously as per the website Entrepreneur.com . The annual gross income from one store can range from $30,000 to $1 million.
The expenses to run a store range between 65 and 115 percent of the gross income.
That means that for a store grossing $30,000 per year, at best it nets $10,500 and at worst it loses $4,500. For a store grossing $1 million per year, the profit could be as high as $350,000, or there could be a loss of up to $150,000, depending on expenses.
This is why I said the profit margins fluctuate tremendously.
The great thing is these profit margins good or bad usually depend on the owner and how he runs the business. Are you the type of owner that fixes things fast when they break? Do you keep the laundromat clean and inviting for others to stay a while and feel comfortable.
You can add vending machines, free wifi, tv’s, Wash n fold service and maybe ever like a snack bar for coffee and things like that.This type of stuff can make or break you.
Now keep in mind it cost alot to start a laundromat. If you compare that to start your own online business the start up cost is way cheaper then starting a laundromat.
If you want to learn more about my online business click the link below and learn more about my business.
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