What You Need to Know About Opening a Coin Laundromat
Are you considering becoming a laundromat business owner? Opening a coin laundry business is a great way to be your own boss while driving profits in a stable, low-hassle market. Pittsburgh Laundry Systems is here to share the many unique advantages and potential challenges to opening a successful coin laundromat.
Advantages of Opening a Coin Laundromat
Investing in a laundromat can be a smart decision for many business owners. Known as a “recession-resistant” business, as a laundromat business owner you can depend on people needing your services even in a tough economy. Aside from reliable demand, there are other advantages for setting up shop:
- As a cash business, you won’t have to worry about inventory, accounts receivable or other common small business operations
- Tax advantages are available for owners that can pay off over time
- With quality equipment investments and preventative maintenance, your laundry business can last for decades
- Smart initial planning can produce great profits, especially after your laundry equipment is paid off
- Customers provide their own labor, making your labor expenses low or non-existent
Laundry Equipment You’ll Need
Opening a laundromat requires a few basic equipment investments to get started, along with some optional add-ons. Having plenty of reliable and energy efficient laundry equipment and the right accessories will add appeal to your store and are recommended to set yourself apart from the competition:
- Coin-operated washers & dryers
- Laundromat furniture, including tables and seating
- Bill & coin changers
- Baskets & carts
- Hanging racks
- Detergent & fabric softener machines
- Bags & nets
Things to Remember Before Investing in a Laundromat
There are still plenty of opportunities for business owners to enter the industry, however, it’s important to do the right research, so that you know you’re making the right investment. Keep these things in mind before building or purchasing an existing laundromat:
- Evaluate your Desired Location: Location is everything! Look at an area’s demographics, geographic features, growth potential and population behavior. Make sure the environment you’d be moving into has a solid customer base without too much competition.
- Review your Financing Options: There are many options available for financing your coin laundromat and equipment. Investment requirements vary, but in general your growth capacity often depends on how much you are able to put down. Working with a reputable, laundry-focused financing provider like Pittsburgh Laundry Systems will ensure you’re getting a fair, affordable finance plan.
- Consider Buying an Existing Business: While building a new facility certainly has its appeal, sometimes buying an existing laundromat can be an easier transition for a newcomer to the industry. The laundromat will already have a customer base, building and oftentimes washers and dryers. With a few system upgrades, you can create a new environment to match the look and feel of your new business. Pittsburgh Laundry Systems is here to work with you to identify the best option for your situation.
Opening a coin laundromat can be complex, so working with an experienced team is crucial for success. We’ve been helping laundry professionals in western Pennsylvania, western New York, eastern Ohio, Maryland and West Virginia with their businesses for decades, giving us the expertise and know-how necessary to assist with financing, equipment and servicing. Contact a Pittsburgh Laundry Systems representative today to learn more about how we can help you.