Thinking of starting your own laundromat? If so, we have some vital information about the possible startup costs that go along with it. It’s important to research this venture first, before jumping in and getting started. And as the best Speed Queen dealers in North Carolina, the experts you can trust to help.
The first steps in starting your own laundromat will be ones that not only legally establish the business, but will also cost money. The paperwork to establish a startup business will cost between two hundred and one thousand dollars. This will ultimately depend on your location, city fees and more.
Whether or not you buy a building or build one will be a big difference in costs. Of course, renting an existing building will save you money upfront. You will need about 2,000 square foot for the space. Building a location from the ground up could add between 200,000 and 500,000 dollars to your venture.
You will be responsible for municipal fees including sewage lines, water hookup, tap-on fees and water waste fees. Price out municipal fees. Depending on your location and how much the city charges, you could spend from two hundred to eight thousand dollars. Contact the local water authorities to talk more about these fees and what might apply to your startup business.
Laundry Equipment
An average laundromat needs a variety of washing machines. Stackable dryers will also be needed. Depending on the size of the building and how many guests you’ll want to accommodate at once, you should be prepared to spend $150,000 to $400,000 on machines. To learn more about individual costs for specific machines, contact T & L. We're the best Speed Queen dealers in North Carolina.
Water Heating System
This is an important part of your laundry equipment. Be prepared to spend around $15,000 - $40,000, depending on the unit you choose. Making sure you purchase a quality system is key to your success. Talk with T & L about the water heating system we carry.
Miscellaneous
There are many miscellaneous items you will need to successfully operate your business. For example, laundry carts for customers, cleaning equipment and supplies, soap and paper towels for the bathroom, trash cans and clocks. Add around $1,500 for these extras, at a minimum.
You might also want to add around five thousand dollars to startup costs for optional items that include vending machines, TVs for guests to watch, a wi-fi connection and more.
A security system costs around five to ten thousand dollars, and would be a great asset to add in the beginning stages of your venture even if you don't plan on having one running for the duration.
Down Payment
If you’re going to put a down payment on the startup costs, in addition to the loan, you’ll need to decide what to pay. If you’re paying for all costs in cash, you can eliminate the need to work with financial institutions for advances. Most of the time, those that do need a loan to cover startup costs are required to make a down payment of some size. You’ll need to meet with your financial institution and talk with them to determine the amount.
A great way to estimate this amount is to add up all the startup costs and then assume that 20 or 30 percent of that will be the required down payment.
We hope this information helps you with your venture! If you missed other blogs in this series, be sure to visit them!
Affordable Speed Queen Dealers in North Carolina | T & L Laundry Equipment
If you’re ready to talk with T & L about purchasing washers or dryers, contact us. We are here to help you with all your Speed Queen Laundry equipment needs. Don’t hesitate to call with any questions or concerns you might have about our products. We hope to work with you soon, to help you start saving time, money and energy with the best equipment on the market! When you're searching for affordable Speed Queen dealers in North Carolina, call T & L
