When it comes to venturing into becoming a laundromat owner, people often wonder how much money they could potentially make. To answer that important question we must look at several factors. First, let's look at the statistics concerning becoming a laundromat owner. Here are some exciting things to know. If you need reliable laundromat dealers in Asheville, call the pros at T & L today.
- There are no authority franchises
- The laundromat industry is 70 years old and has steadily grown since its beginnings
- The average income for a laundromat owner is between $15,000 and $300,000 a year
- Laundromats can generate $5 billion a year in gross revenue
- Laundromats are a recession-proof business
- Currently, there are around 38,500 laundromats open in the United States
In looking for an area to locate your laundromat keep in mind that you will want an average of 2,000 square feet for your business to operate in. Depending on the state and community in which you are located the amount of rent for a space this size can vary. A building with that square footage can handle 20-30 washing machines and 20-30 dryers.
You will have the option to purchase or to lease your laundry machines. Of course, the purchase upfront will cost you more in startup costs. Standard coin-operated machines run an average of $500 per machine. Debit/credit card operated machines will run about $800 per machine. In this modern-day techno world remember most consumers use cards more than cash.
You will also want to check into the sewage requirements for your municipality. There will be a cost for hooking up your laundry machines. On average this is about $200 per washer. This will vary from city to city and state by state. Research any licenses and taxes as well when you are inquiring.
To give you a general idea of how much income you might hope to generate versus the monthly income from a laundromat we have done some simple math for you:
Washing = $9,000 (4 turns per machine equals $300/day x 30 days)
Drying = $4,500 (50% of washer revenue)
Leasing a building = $5,000 per month
Loan repayment Note: $390
Hiring a person to collect the money = $300 (1 hour a day x 30 days)
Utilities: (electricity, water, etc.) = $4,000
Monthly Income = $13,500
Monthly Expenses = $9,690
Potential Profit: $3,810 per month or $45,720 per year
Keep in mind this is a general formula that you can use to begin looking at potential income. There are many other factors such as insurance and repair/maintenance costs to factor into the equation. Also, remember purchasing your machines versus leasing will play a part in overall income potential.
Laundromat Dealers in Asheville
Every business owner has one goal in mind, to be successful. Unfortunately, there are many things that get in the way of success. This can especially be true for laundromat owners. That's why it's important to consider several ways to improve your business so that you can achieve your goal. Working towards success starts with the tips you'll find here. Searching for laundromat dealers in Asheville NC? Let T & L show you the way. Call us today to save time and money!