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If you are going to open a laundromat in a new location you need to price the following:
Number of washers
Number of dryers
Tables and baskets
Machines that dispense laundry soaps
The plumbing re-do alone could cost tens of thousands.
You may first want to look at existing laundromats that are for sale. You will need to have an accountant take a look at the books..keeping in mind that a laundromat is mostly a cash business. You will also need a skilled mechanic to come in and look at the existing equipment. Be sure that the owner can prove the age of the washers and dryers. Ask about machines that may still be under mfg warranties.
Also, before you start making offers on existing establishments, make a list of potentials and then visit, especially on Friday evenings and Saturdays to get an idea of the customer traffic. You can just sit and watch and maybe make notes on how many washers and dryers each customer uses.
thank you for your suggestions. Where can I get the funds to buy a laundromat. Should I go to my local bank? I'm just afraid I won't meet the requirements. Is there other ways to get cash fast?
Hi pennysaver and welcome to the SBOC!
Mike Handelsman, General Manager of BizBuySell.com, will be in the Community November 13th hosting an event on how to buy an existing business. He is an industry expert. Feel free to ask him a question in advance or attend the event and ask it then.
Event: How to buy and sell your business
Best of luck!
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HI, I have been wanting to start my own business for about two years. The truth is I have only thought about it. I really havent done anything about it. I don't know where to start. Obviously I need funds. I want to open or buy a laundry mat. I have read that for starters it's best to buy one that is already established. I looked into it in the real estate market for sale and I did find some potential locations. The thing is of course it's about 150k to buy one. That's in the low end of it. Where do I begin?