Have you ever considered owning your own laundromat? According to the Coin Laundry Association, laundromats average a 20 - 30% return on investment, making this an attractive option for the right type of business owner. How do you know if owning a coin-op laundry is right for you? We have the top five things you should know about the coin-op laundry business before deciding if it's for you. Ready to buy new or used laundromat equipment in Charleston, SC? Let T & L Laundry Equipment help you figure it out. Call us today to get started.
- You don't want to manage your business all the time.
If you want to own your own business but don't want to be tied to a specific location, then owning a coin-operated laundry is for you. Absentee owners can enjoy a profitable business without having to be in their business all the time. Owning a laundromat can also provide great supplemental income if you already have a job or profession that you love. Many young owners use the income from their laundromat to help bolster their retirement savings or to pay off their home more quickly.
- It's an all-cash business.
There are no accounts receivable and no inventory so you can expect fast-growing equity, tax benefits, and a high return on investment. Laundromat owners typically have their initial investment repaid within the first seven years of their business.
- You want to own a virtually recession-proof business.
No matter what the economy does, people need clean clothes. Owning a laundromat guarantees you weekly income because people are using your facility weekly. In fact, vended laundromats seem to make a larger profit in times of economic uncertainty because the number of people renting properties who may not have access to a washer and dryer in their home increases.
- You don't need a staff 24/7 to make money 24/7.
You can set your laundry up to be open 24 hours a day, but you don't need to staff it the entire time. Creating a turnkey laundromat will allow customers to wash when they want and allow you to set the hours of access outside your regular staff's hours.
- Purchasing an existing laundry makes it even easier to get into business for yourself.
Finding a laundromat owner who is ready to retire, or one who is looking to change industries, can be a dream come true. Many of the businesses that are for sale have thriving clientele, quality equipment, and great staff. Rising energy costs and the increase in minimum wage has made some laundromat owners nervous, but it's still a great business to get into. Want to know how to handle the extra expenses that could impact your bottom line? See our previous post.
Laundromat Equipment in Charleston, SC On Sale
Think you're ready to own your own laundromat? Need laundromat equipment in Charleston, SC? Call or come by the T & L Laundry Equipment showroom today and talk with one of our knowledgeable team members. For more than 40 years we have led the area in product knowledge and industry awareness and we have empowered small business owners to build their dreams. We don't want to be just another vendor for your business. We want to be a partner in your long-term success. Find out what sets our team apart. We can't wait to work with you!