Buying a Coin-Operated Laundry Business
A coin-operated laundry is a service that most will use at least a few times in their lifetime. For many reasons, people do not always have washers and dryers in their homes. It could be that they are a young couple just starting out and have not been able to afford a washer or dryer. They could be college students living in efficiency apartments. People traveling or moving from one town to the other often need coin-operated laundry services until they settle down and get a washer and dryer.
It could be that you find a coin-operated laundromat for sale. What do you need to consider before buying it? Do you want to offer other services such as dry cleaning in your laundromat?
Before you buy a laundromat for sale, consider the location of the business. If the laundromat is in an upscale residential district, you may have a problem generating sales because more than likely most of the local residents have washers and dryers in their homes. The best places are around college campuses, military bases (many military families are too mobile to buy a washer and dryer), apartment complexes, and other places where young families and single people reside.
If the laundromat is for sale, most likely the equipment will come with it. Take a look at the age of the washers and dryers. Get information as to any service agreements or warranties the washers and dryers are covered under. Remember that the equipment is going to be the main resource for the business making a profit. If washers and dryers are constantly inoperative or expensive to maintain then you are going to lose customers plus incur excessive expenses cutting into your profits.
Most times, when people realize they need a dry cleaner, one place they look is to the local laundromat. It seems that even today dry cleaning is associated with regular washing through washing machines and dryers. Dry cleaning services will undoubtedly require the hiring of an attendant to take in clothes and distribute the cleaned garments to customers. What is really handy is if you hire an attendant who knows a little something about washer / dryer maintenance and repair too.
You also need to determine if local ordinances require any special permits for you to operate a laundry / dry cleaning business. Usually when you go to get a local business license, they will check any zoning laws that apply as well. If you are buying an existing laundromat then more than likely there will be no zoning problems because the previous owner was more than likely compliant.
Consider also that there is a risk of injury in a laundromat. These are places where liquid soap used for washing can be spilled on the floor creating a risk of slipping to your customers. Even the powdered detergent can cause someone to slip and fall. Laundromats are also places where there are a lot of young couples with small children. Small children who are running around will always create a risk of injury. This is why you need to make sure you know about what liability insurance will cost you.
A laundromat can be a very profitable venture with a minimum of supervision but make sure you do your homework and consider all of your options when buying this type of business.
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