Smart investors and budding entrepreneurs know that buying a laundromat has a great return on investment. It’s a business that is recession-proof and won’t go away anytime soon — as long as humans have clothes, they’ll need a way to wash them. However, as with any major purchase, buying a laundromat can be intimidating. You want to make sure you’re spending your resources wisely. If you’re getting ready to make the investment, knowing what to look for when buying a laundromat will save you a lot of headaches — and money, too — down the line.
What to Look for When Buying a Laundromat
A Broker You Can Trust
This goes for any big purchase: You need to buy from someone trustworthy. Your broker must be able to tell you about the history of the building. This becomes especially important if the building has had any major problems. You should also ensure he or she explains the sale’s terms in clear language and doesn’t hesitate to answer questions or address concerns.
A Good Location
It isn’t easy to pick up and relocate a laundromat. You have to be strategic about where you’re setting up shop. Ask yourself these essential questions: Are there lots of apartment buildings nearby, or is it mostly homeowners who likely have their own washer and dryer? Is the building easy to get to, or is it tucked away and unnoticeable? Where is the closest public transportation stop or station? Is there a parking lot? The answers to those questions will help you determine the location that will work best.
Equipment You Can Rely On
Your equipment is the most important part of your laundromat. That is, of course, the reason your customers are coming in. Make sure you find a vendor that’s able to meet your business’s needs. The vendor should work with you to meet your budget (not just try to sell you on the most expensive machines) and determine a warranty for the products. Additionally, the ideal vendor will assist you with repairs and general maintenance throughout your equipment’s lifetime.
Add-Ons for More Income
Consider purchasing a vending machine or arcade game for your laundromat. Those extra dollars spent on sodas and gameplay will add up. Plus, keep in mind that your customers will spend a significant amount of time at your business. By bringing in these extras, you’re also making your customers happy. Patrons are much more likely to go to a laundromat where they will have something to do while they wait. It’s a great way to keep customers satisfied and coming back.
Knowing what to look for when buying a laundromat can make a big purchase seem far less daunting. By purchasing from someone you can trust, selecting a strategic location, and choosing equipment and extras that will bring in plenty of revenue, you’ll be on the right track for a successful, lucrative investment.
Are you getting ready to purchase a laundromat? You’ll need tools you can trust to get the job done for years to come. Whether you want to buy or lease, Laundry Solutions Company can help you find the right equipment for your new laundromat. Our business serves five states — Missouri, Oklahoma, Kansas, Arkansas, and Illinois — and we’re able to offer services from planning and design to service and upkeep. To get in touch with our team, visit us online or give us a call at 800-383-9274.