Tags: Business School Essays That WorkedIntermountain Catholic Newspaper Draper UtahSolving Mole ProblemsUs History Essay QuestionsWriting Grad School EssayCase Studies In Education Classroom ManagementMental Problem Solving
If you get a great deal on a store, there may be a reason the owner is selling so low.If the store is just barely hanging on, rundown with equipment in disrepair, completely revitalizing and renovating the laundromat could turn the former derelict store into a profitable business, buzzing with constant activity and foot traffic.
If you’re thinking of buying a laundromat, it’s best to research what to expect in the buying process, management duties, and to add up the potential expenses, costs and bills along the way.
We’ve created this checklist of 6 items to cover in detail when buying a laundromat.
Naturally, when buying any business, a solid budgetary plan is the first necessary step to factor the initial investment costs of a laundromat and recurring expenses.
Whether you’re buying an existing space or building a new store from the ground up.
Modern laundromats have had to constantly update and keep abreast of the current developments in laundry technology to stay competitive, including the addition of amenities such as free Wi-Fi, flatscreen televisions, vending machines, and children’s areas with family-friendly entertainment.
Some laundromat owners choose to stay open 24/7—upping their convenience factor—and some are completely automated, meaning an owner, manager or employee doesn’t need to be in the store at all, while some storefronts have several employees to help patrons with services like changing cash or coin into proprietary store credit for vends.
Coin-slot mechanisms gave way to digital card-operated payment systems, which give laundromat owners abilities to remotely manage their stores in capacities never imagined.
Today, there are some 35,000 laundromats operating in the United States, generating over billion in total revenue annually.
Download our ebook — From Novice to Veteran: The Savvy Owner’s Guide To A Profitable Laundromat.
Use this checklist as a guide for what to expect when buying a laundromat.