Should you buy a laundromat business? Well, let me ask you a few things first. Do you take careful note of the little things? Do you have a natural ability to optimize? Do you get a kick out of chatting with individuals and assisting them? If you respond positively to any of these questions, owning a laundromat business could be the ideal opportunity for you! Now that we have established that, let’s have a look at some of the most compelling arguments in favor of buying a laundromat.
Laundromats Are High Demand
The industry of laundromats is one that can feature intense levels of competition. Why then would you want to enter a market that is already saturated with so much competition? The most obvious justification for this is the fact that you have the upper hand after reading this article! Just kidding, but lets think about this for a moment. People need to wash their clothes, and they’ll always need to do it – in other words, buying a laundromat is clearly a significant investment that, in my opinion, leans in the favor of success.
Buying a Laundromat Can Be Very Lucrative
Laundromats are some of the most reliable and consistent small businesses you can get into. Unlike other industries, such as online shopping and drop shipping, laundromats are always needed. This is where the idea of buying a laundromat business will be an excellent investment for you.
To your surprise, buying a laundromat may only need a small financial outlay on your part. The smaller mom and pop shops are relatively inexpensive. That being said, you will likely find a lot of laundromats that are still owner operated which is also a route you can take, if you so choose.
Aside from the cost of general upkeep, rent, and utilities, as well as the wages of one or two employees, there aren’t many other expenses. Once you’ve made the initial investment in buying a laundromat business, all you need to do is pay for the maintenance and keep doing what works.
Laundromat Businesses Are Evergreen
The world of laundromats can be very competitive so you have to be very efficient in operating your business. The best thing about this industry is that your only competition is other laundromat owners, which pretty much goes without saying. It’s relatively easy to find your core customers, but to beat the competition you will need a good location, better deals, a better facility, and extra services. For example, you can offer detergent, softeners, and ironing services. You can also offer competitive prices for home delivery, dry cleaning, and other standard laundry services.
Buy or Build?
Buying a laundromat is an excellent opportunity for those who want to have their own business without having to build it. You’re probably already aware that starting a business from scratch will be quite a handful. That’s why I would personally lean towards buying a laundromat vs building a laundromat The upfront work is already done so all you have to do is maintain and improve the business. Even though the initial investment could be a bit high at times, it’s still a lucrative business. Once you’ve bought an existing laundromat business, you’ve just established another income stream and with the right people and procedures in place, it could turn into a mostly passive income stream.
Laundromats Are a Need, Not a Want
One of the best things about buying a laundromat, is that its a business that is very accessible. People are always in need of a laundromat, and they are always willing to pay for them. That’s why buying a laundromat is an ideal opportunity. That means that even though the initial investment could be pretty high, you’ll be able to earn the return fairly quickly – that’s how high the demand is! The best part is that the demand for laundry services is expected to increase as high as 29 percent by 2024. Many people are looking for a convenient way to meet their laundry needs. That makes it an excellent choice for a new business.
Cash Flow on Day 1
When you buy an existing laundromat, you will hopefully guarantee that you already have quite a solid customer base from the get-go. This means you don’t need to spend years and years building a brand image people will flock to and you will be making money from day 1. However, you will find A LOT of mismanaged laundromats that don’t have a real “brand image” established and you should see that as an easy opportunity for growth.
Conclusion
One of the best reasons to buy a laundromat is that it gives you the opportunity to help others by serving your community. Pair that with the fact that its a relatively simple business to understand and operate, I find it to be one of the best “first businesses” for someone to have if they are looking to dip their toes in the water. Pun intended. For more information, check out some of these books as well as the go-to for everything laundromats, Laundromat Resource. Take a look at some other cash business options right over here.
