How to Buy a Laundromat – Many people consider purchasing a laundromat because of high success rate and good profit margins. Often prospective laundromat owners want to get out of the rat race and leave their jobs or they want to supplement their income. They’ve heard good things about the laundry business but don’t know how to buy a laundromat properly.
This site contains priceless information that some business owners spent years learning and thousands of dollars in mistakes.
Laundromat Net Profit is 30%
People are attracted to buying a laundromat because the net profit margins are often around 30% starting from the first month of ownership. In order to ensure this margin, you will need to evaluate laundromats for sale correctly.
Work Only 10 to 15 Hours a Week
One of the other aspects of the laundry industry that attract owners is the limited amount of time it takes to manage a store. A well run laundromat takes very little time for the owner to manage. Often the owner will hire someone to open and close each day, clean the place, and maintain the machines. The owner just needs to check in every few day to collect the cash (that’s the fun job!)
No Selling and No Labor Required
When you were last in a laundromat (it may have been awhile), did anyone sell you anything? Did they help you? Probably not. Instead it is more likely that you walked in the door, loaded clothes, and put coins in the machines all by yourself. Think about that. The business owner doesn’t need to spend time or money selling you anything or hire staff to load machines for you. The customers provide their own labor.
Also note the laundry business owner gets paid in advance. He doesn’t need to worry about collecting payment or extending credit to customers like some other businesses.
The Laundry Business is Recession Resistant
Everyone needs clean clothes even during a recession. Most laundromats have established customers, who need clean clothes as a basic necessity. Also, unlike other businesses, laundromat income tends to fluctuate only about 10% during the year from winter to summer. Thus, one good reason to buy a laundromat is the stable year-round income.
Buy Right and Guarantee Your Success
Finally, what’s great about a laundromat is that if you buy a laundromat correctly, you will have profit the first month and in the future. It is critical that you know what to look for when reviewing laundromats for sale, how to perform due diligence, and what price to pay.
Please review this entire website because there are many articles with valuable information on how to do these critical tasks correctly as a prospective laundromat owner.