Choosing to open a coin-op or vended laundry business is a smart investment. (Want to know why? Check out our previous post!) Many laundromat owners find that they work less than 20 hours a week on their business and that their return on investment is almost 30 percent. What makes owning a laundromat better than owning other types of investment opportunities? The professionals at T & L Laundry Equipment have put together a list of comparisons. With over 40 years in the coin-op and vended laundry business, T & L is the leader for financing, equipment sales, and Speed Queen dealers SC services.
Why Laundromat Investing Is Better Than Others
Investors have a bevy of investment opportunities available to them today. From car washes to storage unit facilities, the possibilities are endless. However, when these opportunities are compared to the ownership of a laundromat, many fail to deliver in a number of important ways.
Car wash ownership has increased dramatically in the last 10 years. It seems that every time you turn around there is a new car wash opening. While a car wash does have a few of the same benefits as a laundromat - largely a cash business that requires few employees - there are quite a few drawbacks that are not found in laundromat ownership.
- Hands-on management of supplies and inventory
- Business halting equipment failure
- Extreme seasonal, weekly and weather variability
- Creative cash flow management during slow seasons
Laundromats are equipped with a large number of machines, if one breaks down a simple call for service addresses the issue but customers are still able to use the facility. Clean clothes are a necessity so your business may have a slow day during the week but business will be consistent. In fact, most laundromat customers become regulars.
Franchise opportunities are attractive to many investors because of the brand recognition and the built in corporate support network. However there are many things to consider about franchise opportunities that can hinder your business significantly.
- Ongoing royalties and franchise fees
- Higher than average startup costs
- Limited flexibility and independence regarding business decisions
- No in-house financing
At T & L Laundry equipment we proudly offer in-house financing to our owners. We know how important it is to stay within your startup budget and off a wide variety of brands - like Speed Queen and Dexter- to make sure that you get the best equipment at the right price.
Many investors are interested in the self-storage business because of its similar hands-off nature. Unfortunately many investors fail to consider the very specific requirements that must be met and understood in order to operate a storage facility.
- Large amount of real estate is needed to build the property
- Lien laws and strict government regulations regarding customer property
- Litigation costs for non-payment
- Complicated bookkeeping
Since the laundromat or coin-op business is largely a cash business there is very little accounting that must be done. Laundromats can typically be put in an already existing store front or building - making the property cost very reasonable in comparison to that of building a property.
Speed Queen Dealers SC | T & L Laundry Equipment
If you are ready to know more about the benefits of owning your own coin-op or vended laundry business give us a call. Our dedicated staff can walk you through the process of opening your own laundromat. From financing to selecting the right location and choosing the right equipment for your business - T & L is with you every step of the way. Our service doesn't stop once the sale is done. We offer service plans for your equipment and a wide variety of products to make your laundromat run smoothly. Whether it's a new bill changer or folding table - T & L Laundry Equipment has you covered. Come put our 40 years of experience to work for you!
