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Mason Perez
Mason Perez

How Much To Buy A Laundromat

Are you curious about investing in a laundromat but looking for expert advice on the costs associated with this business venture? You've come to the right place! Coin-O-Matic has been in business for over 100 years, and we have the industry expertise and experience to guide your business venture!

how much to buy a laundromat

The start-up costs for opening a brand-new laundromat are substantial. Generally, we advise business owners to budget for at least $200-$300+ per square foot for laundry equipment, amenities, and the buildout of an existing vanilla box. Typical laundromats range from 2,000 to over 5,000 square feet, costing $400,000 to over $1,000,000 all in. There are variables that go into these equations, including construction abnormalities, finishings, amenities, and municipal-related expenses such as water, sewer tap fees, etc.

PRO TIP: The big money made from a laundromat is on its sales and operational efficiency rather than its investment cost. Remember, your money will be made on sales over time, not the initial investment in the business. Invest smart initially to make money over the entire lifespan of your equipment! Focus on the future return on investment, not your upfront costs.

Investing in an existing laundromat? Our general rule of thumb when it comes to investing in an existing laundromat is that it is worth four to six times the annual net revenue. Of course, the age and condition of the laundry equipment, the location, and any associated real estate leases all come into play here, as does the accuracy of the current businesses' financial record keeping.

PRO TIP: DO NOT purchase an existing laundromat without the help of professionals like the staff from Coin-O-Matic. We will help you sort through fact and fiction. No need to risk the chance of paying too much for a laundromat and then have invested more money to replace outdated laundry equipment and related ancillary items. You also need to pay a whole lot of attention to the real estate lease agreement. Details like this can make or break your success, and a qualified consultant can help.

If you are interested in opening your own coin-operated laundromat, contact Coin-O-Matic's Laundromat Investment Specialists today! If you have more questions about the costs of opening a laundromat, you can also reach us at 1-708-377-3408.

The laundromat business model is straightforward: this is a place where people go to wash their clothes. Typically serving lower-income renters who may not have washer-dryers at home, laundromats are a fixture in the neighbourhood, with 87% of customers living less than a mile away.

First things first, you need a location! An average laundromat is 2,170 square feet. Depending on where you are, this will cost between $200,000-$500,000, and could be as much as $1 million or more.

Keep in mind that with sole proprietorship, there is no legal distinction between you and your business. For most small businesses, an LLC can provide the most protection, making sure you are not personally held liable if your laundromat is sued.

Consider the concept and brand of your establishment. Will it be a 24-hour laundromat or run only during daytime hours? Will it offer full service (you do the washing/drying/folding), or be fully self-service, with no attendants at all? Will it be a hybrid model, such as a laundromat-cafe? This will determine how you advertise your new business and who your key demographic is.

An average gross income of a laundromat in the USA varies greatly, from $30,000 to over $1 million a year, according to the Coin Laundry Association. Once expenses are factored in, at the higher end the net profits could be as high as $350,000 a year.

Have you ever wanted to start a business that makes huge profits? Well, a laundromat is the business for you. While they require a higher initial investment, they are in a unique category that allows business owners to receive a high ROI with low overhead and labor costs. Continue reading to see what it takes to operate a successful, modern laundromat in Florida and how much profit there is to be made.

Since laundromats are self-service the number of staff needed is extremely low. The savings on labor is extremely unique to this business and is a big money saver, which is why many people are interesting in buying a laundromat. Most laundromats function perfectly with just one staff member at a time. This staff member can also function as an in-house laundry service member. This is a common option given by most laundromats where people can bring their clothes and have them washed, dried, and folded by a staff member for an additional fee.

Florida is a great place for a laundromat business for several reasons. The hot and humid weather in the state means that people have to do more laundry. This translates into a greater demand for laundromat services, making it a profitable business idea.

In Florida, there are many cities with older buildings that may not have the capability to hook up washers and dryers. This creates a demand for laundromat services among residents who do not have the option of installing a washer and dryer in their home. Additionally, some people find that using a laundromat is more cost-effective than investing in their own washer and dryer.

Choosing the location of your laundromat is crucial. Keep in mind the factors listed above when choosing your location. The rent to own percentage should be 35% renters in the area you choose. Placing a laundromat in a suburb with newly constructed houses may not be the best decision, but a densely populated area with older homes and buildings would be.

You will want your laundromat to be inviting. Clean signage and an immediate street appeal are crucial. You will notice a lot of laundromats nowadays are large with colorful signs. They look like an adult playground at first glance.

Take a look at this attractive laundromat for sale in Brooklyn. This 2800 sq. ft. laundromat is conveniently located in the heart of several apartment buildings, with a basement of the same size. The... More details

Check out this absentee run laundromat. Located in an ideal neighborhood, equipped with 19 brand new washers and 10 dryers. The 980 sq ft space is well-maintained and has been in operation for over 25... More details

Well, here it is. Get it while it is hot. There is no visible inventory of laundromats for sale in Harris County. So, when a neat little combination of laundromat/convenience store pops on the market... More details

HS Listing ID-33259.This laundromat is located in a busy shopping plaza.Interior is clean and spacious, creating a comfortable and welcoming environment for customers.Business features 24 Dexter... More details

Unique opportunity to acquire two coin laundromats located within 15 miles of each other. These laundromats, located in Charlotte and Sarasota Counties, both offer clean, well maintained coin laundry... More details

This 20 years old laundromat is situated at a busy strip mall on Long Island. It has 32 dryers and 29 washers; 30 % is drop off. All the machines are in excellent conditions. Seller owns it for 10... More details

Rare gem of a laundromat in Anne Arundel County, Maryland with near new machines from top of the line brands, Huebsch and Dexter. The business is situated in clean and well-maintained strip center in... More details

In short, you need to verify the income. There are a few tried and true ways to do this, including a coin count with a water meter reading, a water calculation, bank deposit statements, and tax returns. The more of these you can utilize the fuller the picture you will get of the actual income of the laundromat.

NOI is made up of income AND expenses. A lower income than reported will lower the value of the laundromat, but so will higher expenses. Be sure to verify the actual expenses with the actual bills, lease agreements, contracts, etc.

It is important to make sure that the laundromat is set up for long-term success. This includes having a solid, long-term loan, machines in good condition, and infrastructure that will hold up over time.

While you are conducting your due diligence, it can greatly benefit you to look for ways to increase the value of the laundromat when you take over. This will lead to increased cash flow for you and more equity in the business adding to your net worth. Be sure to download our FREE value-add checklist on our resources page to help you identify potential areas to increase the business. No email is required!

You need to start mobile clothes washing business first, find someone willing to invest in your laundromat business or get a small business loan, and decide what type of laundromat business you want to open in order to start a laundromat business with no money.

Start a mobile clothes-washing business. You can not start a laundromat business with no money unless someone gifts one to you; however, you can start a mobile clothes-washing business with little to no money.

You can market your business for free online using social media and job posting sites. This is a great start and can help you save money so that one day you can afford to open up a laundromat business.

It costs anywhere between $200,000 to $500,000 to start a laundromat. This can be the case for both starting a brand new laundromat business and purchasing an existing laundromat business. You might be able to start the business for less, depending on specific circumstances.

This hard truth leaves it up to you to find the money you don't have. You can start by contacting friends and family that you think might be interested in investing in your laundromat business. You should always develop a detailed business plan before asking anyone for funds though.

Your friends or family could find this appealing because they are only going to be investing; you are going to be the one doing all the hard work it takes to get your laundromat business off the ground. 041b061a72


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