If you have just made the decision to become a laundromat owner there are most likely several things that you are unfamiliar with in the beginning. Many times, potential laundromat owners assume that an existing laundromat is very similar to a newly built laundromat. However, there are many differences including the laundromat evaluation.
For example, existing laundromats aren’t always for sale. In most cases, you'll have to hope to find an owner who is moving to a new area or one who is ready to retire. Other situations might include buying from an owner who is facing extenuating circumstances that are forcing them to sell.
In some cases, you may work with a passive seller who isn’t interested in selling until the right offer comes along.
No matter what the case is, buying an existing store isn’t always as easy as it seems. Even if an existing store is available for sale it’s important to take a look at the location, demographics, and the equipment that comes with the existing location.
Ask yourself these questions when inquiring about an existing store that is up for sale.
- How old is the current equipment? Does the laundry equipment need to be updated or completely replaced?
- Does the store make a reasonable profit? If so, does the seller have detailed documentation of its success and how profitable it is?
- Do you have access to the demographics of the area? If not, you'll need to work with a reputable company like T & L to compile this information on your own.
- Is the location desirable? If so, check out the competition in the area. Is there a risk of a new laundromat being built close by?
- Can you make the existing store better than it is now?
These are all questions that could help you decide whether or not it’s a good idea to buy an existing location or build a new one. In our next blog post, we will talk about a new laundromat and how to determine if this is the best option for you.
Opening a laundromat is more than just buying washers and dryers. It’s more than putting them in a building and hanging an “open” sign up. There are costs, competitors, and pitfalls. Because of this, those choosing to open a new business deserve to work with the best.
T & L takes the time to seek what's best for our customers. That means finding a longer warranty for machines, going above and beyond when troubleshooting, repairing, and even researching problems that need a fix. We work to save consumers time, effort, and money. Our hands on approach allows us to provide a turnkey laundromat and to help install, maintain, repair, and teach you to use the equipment. If you’re ready to start a new venture opening a laundromat, contact us.