WDP-Acura TL

Anyone believe having a laundromat business is a very profitable one that will easily return profit? The type of laundromats where you have dryers, washing machines and coin machines with no employees. I'm thinking about looking more into this and see how easy it maybe to operate this business. If you know someone that owns one now let me know how they are doing and would they do it over again. Any inputs on this would be greatly appreciated.

phil2

I myself have looked into this business and it can be very profitable. I know a few people that own them and do well with them, but there are several things that you need to take into consideration. The inital cost of the equipment for an average size mat is around 50-60k and if you finance them then you will make very little the first 4 years. The location of the laundromat has to be in a mediocre neighborhood or in an area like college rentals where most apartment buildings dont have facilities. You can also buy an existing mat, but typically they want more than it is worth and since its a cash buisness basically it is hard to finance one of them since they dont claim anything.

iTimmy

Along with self storage units, they are the easiest "turn key" operation you can get into.

moeronn

Just a few things to consider:

1. Adding extra services like Full-Service laundryor fluff-and-fold may increase profits, depending on client needs - but you will need staff to do this.
2. Operating a business that relies on change can cost you profits. I know someone who owned an ice cream business and he had to pay a few points to "sell" his change for bills. Not sure if that is typical.
3. I don't know that you would want the place to be completely employee-free (or at least spending some time there). Not to mention there will be significant maintenance costs.

Still, sounds like it could work if you find the right location. G/L if you try.

videojock

Like someone else mentioned, I think location is key. If you are in Orlando, look for areas near UCF or maybe on the higher end near Rollins College. I wonder if they have or will create an interface for the washer/dryer that will accept bills or CC.

phil2

I am sure they have debit card point type systems especially with the college areas, but I would steer clear of that since it would be actual income rather than "gravy"

iTimmy

Banks cornhole business in a way that shouldn't be legal, if you frequently deposit a lot of cash in a business account, some banks charge you to count the money. Be sure to shop around before you commit to any bank with a business account.

juniorbean

iTrader: (5)

They are usually a good way to go. My only concern would be chemical disposal. I've heard of too many places either not doing it properly or having leaks or other issues which can lead to HUGE costs for you. If that's easily handled in your area, then it should be a pretty good business idea.





We're pretty much a cash business (although you'd be surprised how many people put $3.89 on a credit card) and I've never heard of such a thing. We get change whenever we need it and are never charged to count any of our deposits.

iTimmy

I no longer deal with the bank that charged to count money, it was really weird sometimes they would charge a fee other times they wouldn't. Under $40k it was never an issue over that I think it varied based on the tellers mood.

moeronn

I think a lot of people just don't cary cash on them any more. I HATE not having cash on me. Though, I have to admit that I have charged less than $5 a couple of times when I hadn't been to the bank in a while.

moeronn

I won't charge you to count your money. Just don't be surprised if my count ends up a bit lower than yours.