Are you looking to diversify your business investments in 2017? If so, you should consider owning a laundromat. Many people choose a laundromat for a first business. The reason for this is because a laundromat is a passive income business. Owners of a passive income business will receive an income on a regular basis without having to put too much effort into it because it pretty much runs itself. At T & L Laundry Equipment we have been in the laundromat business for over 40 years. We've watched owners turn one store into a very profitable business venture with our commercial coin operated laundry equipment NC services. Call today to learn more.
How Much You Can Really Make Owning a Laundromat?
One of the benefits of coin-op laundry ownership is that you do not need a large group of employees to help run your business. When you look at expenses you have rent, water, power, wages for the two or three people you have on staff and maintenance of your machines. T & L Laundry Equipment proudly offers planned maintenance agreements for customers that can help keep your machines running in top condition and stop problems before they start. Keep your energy bills low by choosing to invest in new, energy star rated equipment from Speed Queen.
Do laundromats make a good amount of money?
First off, you have to keep in mind that a laundromat has a large upfront cost. You would need to buy all of your top loaders and industrial dryers around the same time. The average laundromat has between 20 and 30 top loading washers and dryers. Also, finding a commercial property large enough to hold a laundromat can be difficult, so be sure to leave yourself plenty of time to location scout. When you have found the perfect location, ensure that you are getting a good lease on the property. See our previous blog post on choosing a location for your laundromat and mistakes to avoid in your lease here.
So how much money can you actually make?
Let's say laundromat X has 20 machines and on an average day they each run four times. The average wash costs you $2.50 and the average cost to dry is $1.25. This is typically 50% of your washing machine revenue. So, on an average day laundromat X has 20 machines x 4 uses a day x $2.50 per use = $200 and another $100 for the dryers. That would equal $300 profit on a typical day.
Multiply that by 365 and you end up with a pretty decent amount of money for a very small investment of your time.
Many people prefer to buy a pre-existing laundromat because costs are lower and they already have an established clientele. There can be great potential profit in an existing laundromat but you need to consider a few factors. Avoid common pitfalls of buying an existing laundromat - like aged equipment. For more on buying an existing laundromat, give this blog post a read.
Keeping your utility costs low and utilizing energy star equipment in your laundromat can help you stretch your profits even further. Consider whether your laundromat will be open 24 hours a day, whether it will be staffed all the time, and whether you will add a value added service like drop off laundry service. All of these things will impact your profits. On average, laundromat owners report $5,000 to $7,000 of profit each month. Not bad for a business that doesn't require you to be there all the time!
Affordable Commercial Coin Operated Laundry Equipment NC Services
If you are ready to discuss how to install or update your commercial washers and dryers, call T & L Laundry Equipment. From replacing old units to helping you create a new floor plan, our years of experience and knowledge can help you make the right choice for your business. We're the local experts for commercial coin operated laundry equipment NC services. Call us today.