If you have ever entertained the idea of owning your own laundromat there are some really important statistics you will be interested in. Before you invest in your own laundromat business you will want to thoroughly research the ins and outs of the laundromat industry. There is a tremendous amount of information available. We know this can be overwhelming for you so we have gathered some key laundromat industry statistics we feel you should know. For the best prices on commercial laundry equipment in Charlotte, call T & L today.
In the United States alone there are currently about 35,000 laundromats nationwide. These laundromats can generate about $5 billion in combined nationwide gross annual revenue. On average, coin laundries range in market value from $50,000 to more than $1 million and will generate a business cash flow of between $15,000 and $300,000 per year. The success rate for a laundromat owner is roughly 95%. The return on investment or ROI averages between 20-35%.
When looking at an average laundromat business the following are some good statistics to use for comparison to other small businesses:
- There are no major laundromat chains or franchises
- The average laundromat facility is 2,170 square feet
- Start-up costs range between $100,000 and $300,000
- Most facilities have between 40 and 100 washers and dryers
- Good commercial laundromat equipment will last about 10-15 years
- Laundromats are typically open between 6 a.m. and 11 p.m., although some operators choose a 24-hour model
- 36% of laundromat investors consider their store a part-time job
- 63% consider it a full-time job
- 70% of laundromats have two employees or less
When it comes to customer base the demographics show:
- More than 60% of laundromat patrons are women
- Low-income renters are the primary users of coin laundries
- Laundromat customers’ median household income is $28,000
- 90% of patrons become repeat customers
- 87% of customers live within a mile of the facility
As with any business investment, you will want to be as knowledgeable as possible before making a huge investment. Choosing a good location and buying the right equipment will always get you the best return on your investment. Check out all the possibilities and then make the best decisions for you. You will not regret the time you invest in doing some good research.
Commercial Laundry Equipment in Charlotte
Are you in the market for commercial laundry equipment in Charlotte? Give us a call at T & L today. We are available to help you with your plans. We know how to help you choose the right commercial washers and dryers for your business’ needs. T & L has been in operation for 40 years. Within that time, we've worked hard to offer the best machines for the best prices. We believe in our products and are excited to share them with you. The benefits you’ll gain from trusting our washers and dryers are incomparable. From replacing old units to helping you build a new facility, our years of experience and knowledge can help you make the right choice for your business.