You should also check how many laundromats are within a 2-mile radius of yours. If it's any farther, it'll be too much of a headache to go and check up on it when you need to, especially in the beginning, when you'll have to visit more frequently. One of my biggest pieces of advice is don't buy a laundromat more than an hour away from where you live.
#Buying a laundry mat software#
I pay about $6,000 a month, and this includes rent, utilities, cable and internet, money to buy extra parts to fix the machines, employee compensation, supplies (detergent, softener, bleach, dryer sheets), gas costs for delivery, software to track orders (this ranges from about $300 to $400 a month), credit-card fees (which come out to about $500 a month), and merchant fees (I use, which costs $40 a month).Ĭhoose the location of your laundromat wisely Now, I average four to 15 hours a week, depending on whether I need to help out with anything or fix the machines. When I bought the place, I was able to put in about 50 to 60 hours a week since my other job is mostly remote. Until then, you'll have to fix the machines, collect the quarters, order supplies, etc., while you scale the business.
#Buying a laundry mat how to#
I learned by searching how to fix my model on YouTube.īut if you're going to run a full laundry service like me, just know that it will not be passive until you can afford to hire employees to be there at all times, including a manager. I highly recommend learning how to fix the machines yourself so you don't have to pay thousands of dollars on a technician. There needs to be someone there only once a day for about three hours to clean and check up on the place. If your laundromat offers self-service machines only, it will be largely self-run. Employee costs will vary depending on the type of laundromat In May, we had our best month yet, with $32,000 in gross revenue. On average, each side brings in about $12,000 a month in gross revenue, which comes out to about $24,000. There are two sides to my laundromat: self-service machines and a wash-and-fold service. They're reliable websites where people can sell any type of business. I recommend looking at and LoopNet and filtering for laundromats in your area. These are all huge factors to look into.Ĭraigslist is the last place that you should look for a laundromat - it's full of scammers. When you buy the business, are the employees going to stay on, or will you need to find new ones? Only two employees stayed on after I took over the laundromat, so I had to hire a new staff.
(Then, the landlord can squeeze you for more money after the lease is over.) The minimum should be five years, but ideally you'd still have 10 years left.Ī lot of laundromats are mom and pop, so they might have a good number of friends and family working there. And if you're not buying the actual building, you need to make sure that you're not taking over a lease that ends in two or three years. You should also check the water heater to make sure that there are no leaks in any of the lines going to or from it and that it's working properly. Make sure there aren't any leaks, especially if it has a drain valve.
Next, you want to take a good look at the washers. Account icon An icon in the shape of a person's head and shoulders.
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