The laundromat, a place where you go to get all your dirty clothes cleaned, pressed, and folded is increasingly getting opened by entrepreneurs. Unlike the conventional sector of business, the laundromat business is flourishing as suggested by many of the industry experts.
Starting a laundry business allows you to enter the lucrative laundry industry. Here are eight advantages of starting a laundromat business:
1. Laundry Is Consistent Year-Round
Laundry is a staple of everyday life that no one can avoid. The demand for laundry service is consistent, and it doesn’t fluctuate with the seasons. Entrepreneurs can take advantage of this need all year round.
2. Americans Have Less Time To Do Laundry
Americans have less and less time to themselves. With all of our other tasks to do, laundry takes a back seat. Even doing laundry at home, the average American spends 6-8 hours per month washing and drying clothes, sheets and towels. On top of that is folding and putting away the clothes, which is also time-consuming.
3. Laundry Can’t Be Ordered Online
The fast-growing trend in retail deliveries doesn’t include your dirty laundry. Laundry may be the last bastion of retail services that cannot be replaced by an app and delivered to your door. As long as people wear clothes, there will always be a demand for on-site dry cleaning and full-service laundromats.
4. Laundry Is Local
Laundry is a local business, it’s not something that you can ship or order online, unlike many others competing with companies across the country or overseas. The laundry is locally based. Sure, you may have to compete with another business down the street, but this happens in every industry out there.
5. Laundromats Are Profitable
Benefits such as low start-up cost and low risk of failure, make the laundromat business one of the most desired businesses run. The high demand for coin laundry, wash dry fold services and dry cleaning is always on the rise, especially in high-density business districts, near universities and hospitals, and in zip codes where more than 50% of residents are renters. These factors are some of the reasons why an increasing number of people want to start-a-laundromat.
6. Laundromats Can Be (Mostly) Passive Income
Most laundromats operate on their own, which means that your staff and employees in the laundromat are primarily responsible for the day-to-day running of the business and interacting with customers. This means that for the most part – your investment can be passive income, requiring relatively little of your time.
7. Little Experience Is Required
Many entrepreneur and laundry industry owners have discovered that very little experience is required to own and operate a successful laundromat. A few weeks of hands-on training from a consultant or a franchisee should be all you need to run a successful laundromat.
8. Laundromats Have Multiple Revenue Streams Under One Roof
The coin laundry business has been around for decades and will be there for many more. Entrepreneurs and investors see the potential in this industry and are starting a laundromat business because it boasts multiple revenue streams without diversifying too far. Operating a laundromat is fantastic because you have all of the best small-business needs under one roof. A laundromat offers various revenue streams in one place; bill pay, soap and vending machines drop off wash & fold service and dry cleaning pick-up station.
Starting a new business is something I hope everyone gets to do at least once in their lives. It’s a fantastic feeling to be able to call something you’ve created your own.
With the number of self-service coin laundromats on the rise across the country, business owners are becoming more and more excited about this growing industry.
About the Author:
Ray is a sought after thought leader and an expert in financial and money management. He has been published and featured in over 50 leading sites and aims to contribute articles to help novice financial planners. One of his goals is to impart his knowledge in finance to educate and help ordinary people create and achieve their financial goals.