Do you hate being cooped up in an office all day? Do you have dreams of starting your own business? Have you ever wanted to invest in a business, but prefer something a little more hands-off? If you answered yes to any of these questions, then running a laundromat may be what you’re looking for! If you’re interested in owning your own laundromat, you’ll first want to decide whether you want to start from scratch or look into investing in an existing laundromat. If you’re unsure which would be better suited for you, we’re here to help. We’ve compiled a list of helpful tips below to help you decide which is a better option for you: buying an existing laundromat vs. building new.
Buying an Existing Laundromat vs. Building New
When choosing between buying an existing laundromat vs. building new, a major factor to consider is location. After all, where you decide to open up your business will play a role in how successful your laundromat can be. You’ll want to keep the following questions in mind when considering the potential location for your laundromat:
- Do you prefer your laundromat to be in a strip mall, a free-standing building, or on a commercial or residential street?
- Which demographics do you plan to target for potential customers (college students, apartment renters, home renters, etc.)?
- What is the population of the area?
- What is the percentage of renters in the area?
- Is there plenty of customer parking?
- Are there competing laundromats nearby?
If you’re looking to start fresh, keeping these questions in mind can help you decide where the most lucrative place to start your business will be. You may be looking for potential locations and realize there isn’t a laundromat close to campus or nearby local apartment complexes. These factors are great to look into and can help you determine the most successful place to open your business.
If you’re looking to buy an existing laundromat, you can check the company’s proven history of sales to decide whether or not you think the location has been getting the laundromat a lot of business. Whichever way you decide to go, exploring your location options is a great way to get started on planning for your own laundromat.
If you have dreams of starting your own laundromat, you’ll want to consider the amount of effort you will have to commit to when building your business from the ground up. While starting a business is definitely rewarding, it can be a lot of hard work and will require a greater time commitment to ensure everything runs smoothly. Alternately, if you decide you don’t have the time to devote to opening your own business, choosing to buy an existing laundromat can be a great investment and require a lot less work than starting from scratch. However, if you choose to go this route, you will have to give up some creative control. For example, you may find that it is not financially feasible to change the brand, replace the equipment, or reorganize the facility.
Buying an existing laundromat may be less work, but it can have a high purchase cost since you’re paying for existing equipment and an established client base. Meanwhile, building new can mean less cash up front. Generally the equipment you’ll be using is financed, making your start-up cost lower and saving you money that can be spent on other things such as building a customer base and generating income. Determining how much money you want to invest into your laundromat can help you decide between buying an existing laundromat vs. building new.
Have you decided to open up your own laundromat? If so, Laundry Solutions Company would love to help you get started! Whether you’re designing a new laundromat or updating an existing one, Laundry Solutions Company has all the tools you’ll need to get up and running. From the most technologically advanced laundry equipment to excellent customer service and support (and everything in between), our dedicated team members would love to help you every step of the way! Send us a message, or call us at 417-862-8464, and let us help make your laundromat dreams a reality.