Why a Laundromat is a Great Business

You may be looking to start a family business but aren’t sure what the right one is. You could open a small store; you could create a product and sell it online, you could even purchase a franchise.  

 

Have you considered opening a laundromat? These are very successful businesses. They are easy to operate, provide a stable income, and not too much hard work is required once opened.

It’s a Needed Business

People need to wash their clothes. Sure many home-owners have washers and dryers in their houses, but what about those who live in apartments? Coin-operated machines have been a staple in apartment block basements for many years. For those buildings without them, residents need to find a local laundromat.

 

During unstable economic times, people would choose to visit a laundry, rather than send their clothes to others to clean. It may even be cheaper to get their washing done at a coin-operated place than to pay high fees to repair their faulty machines at home.

No Experience Required

A laundromat is an easy business for any new entrepreneur. There are no requirements for studying laundering. The washers and dryers do the work for you. The user just chooses the setting, and the machine does the rest.

 

All you need to have are some basic book-keeping skills, so you count the cash that you clear every day and make sure you’re covering your operating expenses. However, Entrepreneur magazine suggests that you talk to existing successful owners. That way, you can learn any tips and tricks they may use to keep their businesses thriving.

Easy to Operate

If work/life balance is the main reason for you to open a small business, then a laundromat is a great choice. Why? Because they don’t require a lot of your time. Mostly self run, you only need to visit the premises to open/close the doors (unless it’s 24 hours), and remove coins from the machines. The only extra time needed on-site would be if there are maintenance issues.

 

Security cameras can monitor the activity in the laundry, which you can view remotely wherever you are.

High Success Rate

According to the people at Laundrylux, over 5 years, laundromats have a staggering 95% success rate. The rate of investment is as much as 20-35% in the very first year.

 

Many small businesses suffer from cash-flow problems at the beginning due to a high initial capital outlay, and then the slow payment by clients. Laundromats don’t have this lead-time issue as customers are paying in cash, immediately for the service. It’s instant income!

New Technology

Since their inception in 1949, coin-operated laundry businesses have pretty much run on the same concept. Put the coins in the slot, input the washing setting you require, and come back when it’s done.  

 

Over the years, advancements in technology have seen washing machines introduce ‘fuzzy logic’ options. This process identifies the load and weight of the clothes and sets the program accordingly. 

 

The latest improvement to hit laundries now is card-operated machines. Shinepay suggests that this new function eliminates the burden of coins, and it does! This technology links a washer to a user’s smartphone and deducts the fee from a nominated bank account, removing the need for coins altogether.

A Good Choice for You?

If you’ve been looking around for a small business opportunity for a while and haven’t quite found the right one, perhaps a laundromat is the answer. It’s a societal need that will never go away; they have extremely high success rates and are easy to operate.

 

New advances in technology will only help these types of businesses get even easier to operate and attract more customers.

David Jackson

David is a personal finance expert, a professional male model, and an entertainment writer.