Everybody wants to be the boss of their own company, whether it be big or small. The budding entrepreneur can be motivated for a variety of reasons, but all are faced with the same question: what product or service will create good business?
One answer that’s rarely considered is laundry, and the reason people haven’t caught on is a mystery, especially if you’re aware of the many ways that a laundromat can prove to be a great investment:
They’re More Affordable than You Think
A good setup can cost around $300,000 with brand new equipment. It’s an intimidating figure, but it’s much more doable compared to the average cost of opening a car wash (around $600,000) or convenience store ($500,000). It’s even a more affordable investment if you find a company like Continental Girbau, which is open to consult and set you up with equipment that meets your needs.
You’ll be hard-pressed to find a business which you can set up for a cheap price, so the true deciding factors are how much you’re willing to risk in embarking on your own entrepreneurial venture, and how quickly you’d likely be to break even on your risk. With that in mind…
They’re More Profitable than You Think
The going rate for a trip to the laundromat can rake in anywhere from thirty thousand to a million dollars in a year, depending on size, with costs ranging from 65-115% of gross income. This means a loss of $4,500 at worst for a modest laundromat and potential net earnings of $10,500. As far as the risks of operating a business go, your commercial washer could take you pretty far with some pretty reliable odds.
As enticing as the profitability of a business might be, there’s no substitute for the peace of mind that your business will run smoothly, and few added costs incurred by accidents or machine failures. Many times, unforeseen expenses are the undoing of would-be entrepreneurs, which is why it’s good to know that for laundromats the risks are pretty much predictable.
The Equipment is Built to Last
Compared against other types of hardware-dependent businesses, commercial washers are at least as reliable of an investment–if not more. These are machines built for frequent, long-term use, and since no manufacturer wants to deal with the headache of making good on a warranty or a guarantee of repair service, you can count on your machines to be durable.
It’s easy for a resourceful entrepreneur to piece together a clear idea about what their end of a business venture might look like. Laundromats are no exception thanks to the large communities of laundromat owners ready to tell you what to expect. The consumer end is much harder to predict, but rest assured that…
The Demand for Your Product is Stable
The average person spends almost a year of their lifetime doing laundry. There’s no need to go in-depth as to why there’ll always be a demand for laundry–everyone owns clothes, and even the laziest of us go through at least one outfit a day. A laundromat’s guarantee comes from the dependability of its clientele: that is, an endless supply of customers as long as you set up in a strategic location.
It’s important to nurture your entrepreneurial spirit and motivation to bet on your own potential. Laundromats are well-trodden ventures, and great opportunities to test your mettle, hone your instincts, and practice your skills at owning a business.