Welcome back to our two-part series on owning a laundromat. Being the owner of a laundry facility can be an easy investment for someone who wants to work for themselves. The business model is fairly simple, and the hours are flexible. If you have decided to open a laundromat, there are a few options – a new one can be built, an existing one can be bought or one can be franchised. The best direction to go depends on how much money can be invested and how much input is needed to be successful.
In the last post we looked at the benefits of building a new laundromat. Now let’s look at what happens when you buy an existing business. The main benefit is that you will know how successful the business is before you decide to purchase it. Then we’ll look at buying a franchise. If you need new or used commercial washers and dryers, skip the Dexter dealers in Raleigh, NC, and call T & L instead. We offer the best deals on Speed Queen and Continental, and we will save you time and money.
Buying an existing laundromat
Buying an existing business will be less expensive and you have the ability to see how well it is doing before you invest. You will also likely have a built-in customer base in the neighborhood. It is rare for a successful laundromat to be sold unless the owner wants to retire, so you will probably be purchasing one that is doing moderately well but could be better with new ownership willing to remodel the facility or install newer equipment.
You can evaluate the area and surrounding businesses before purchasing it to see how it can either benefit or possibly harm your business. If the area is rough and there isn’t anything to deter crime or make people feel safe, then it is probably not a good investment. If the front of the facility just needs to be cleaned up and have better lighting and a security system installed, then those are easy solutions to make customers feel safe.
Another thing to evaluate when looking at an existing laundromat is parking. There should be ample spaces near the entrance. No one wants to lug laundry across a large lot or around a building. If there are surrounding businesses that share spaces, see if you can designate the ones nearest your doors as strictly for your business’ use only.
Buying a franchise
The biggest benefit of buying a franchise in any industry is name recognition. You will have built-in customers that see your name and know the services and quality behind it. Although it may seem like a proven system, success is not always guaranteed, so you are not going into it without any risk. There is as much of a risk of failure as if you started your own laundromat.
If you want guidance in how to run a business, a franchise is a good option for you. You will have to follow corporate guidelines so that customers can expect the same service in each business they visit. If part of owning a business is getting away from people telling you want to do, then franchising might not work for you.
Stay tuned for our next post when we’ll talk more in depth about franchising. And for more information on this subject, be sure to check out these links to other relating topics.
- The First Steps to Owning a Laundromat
- Other Factors to Consider When Buying a Laundromat
- Hiring Laundromat Employees | Contractors vs W2
- Differences Between Contractors and W2 Employees
- Start New, Buy Existing, or Franchise?
- Want to Own a Laundromat? Here's How You Buy a Franchise!
- Here's What Laundromat Customers Expect
- Here's What It Takes to Own a New Laundromat
- We Can Help You Finance a New Laundromat
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