According to the Coin Laundry Association, coin-operated laundry centers and laundries have a powerful 20-30% return on investment. A successful laundry owner offers 6 powerful insights on why you, too, can and should achieve great financial rewards with a part-time effort. Ready to join the ranks of many successful entrepreneurs like Dan King who are “cleaning up” in today’s commercial laundry industry?
With stock market fluctuations and an uncertain economy, many Americans have a difficult time finding investments that can survive economic downturns and recessions. However, the commercial laundry business with its ROI of 20-30% is almost recession-proof. In fact, both Dun and Bradstreet and the SBA have cited it as one of the top 10 safest business investments to make. Believe it or not, that’s just one of the many powerful reasons many retirees are looking to invest in their own laundry stores. The fact is, laundromats and laundries are one of the most profitable retirement and part-time businesses out there.
AN OWNER LISTS THE BENEFITS
According to Dan King, owner of several coin laundries in Southern California, “I highly recommend investing in this industry; it has worked wonderfully well for me and can do it for you. Before investing, I considered 6 top benefits of Laundry Center ownership offered and no other investment provided. “
1. First, I didn’t have to quit my regular job. I found that Coin Laundries basically run on their own, which was great for me because I was looking for an absent admin situation. The fact is, they only require a couple of hours a week and are so easy to operate that basically anyone, anywhere, can have one or more.
2. I also liked the fact that this is a “turnkey” business, where no staff is needed on the premises. You can set your laundry to stay open 24 hours a day, or you can have an automatic door locking system on a timer set to open and close whenever you want. Personally, I keep my laundry shops open full time and that works well for my clients and me.
3. Another benefit is that you can have a laundry near your home or further afield. They thrive in every state in the union. Coin laundries can be located in virtually every neighborhood shopping center and work exceptionally well in low-income, densely populated, and tenant-occupied areas. Your average customer will be the estimated 89 million people who live in rental housing, which is the fastest growing housing segment in the nation.
4. Even better, this is an “all cash” business with no inventory and no accounts receivable. You can expect a high return on investment, liquidity, tax benefits, and fast-growing capital. Whatever your initial cash payment is at the time of purchase, you can generally expect to get it back within seven years or sooner. Like buying a home, equity builds up and you can ultimately expect a substantial profit.
5. Once installed, I found that coin laundries paid off as an “ATM” week after week. Let’s face it: people will always need to do their laundry, which is why laundry centers thrive in periods of growth and recession. In fact, when times are slow and homeownership declines, the self-service laundry market thrives as more people cannot afford to repair, replace, or buy new washers and dryers, or when they move into apartment homes with facilities. poor or nonexistent laundry facilities.
6. Finally, I loved the fact that I was able to purchase an existing coin laundry that fit my budget, available investment dollars, and personal requirements. Coin laundries generally require 1,500 to 5,000 square feet of retail space, depending on the size of the market. Most of the laundries occupied commercial space that is rented on a long-term lease of 10 to 25 years, including option periods. The cost of purchasing a sold laundry can range from less than $ 50,000 to more than a million dollars, depending on size, age, and net income.
Simply put, Dan King is one of many successful entrepreneurs in our dynamic industry. In fact, there are more than 35,000 coin and card-operated laundries in the United States, generating more than $ 3.5 billion in annual revenue, and these numbers are growing! Millions of families use the laundries every day. But most people don’t realize that those same laundries offer even better ways to “clean” than with soap, water, and bleach. With the core customer representing the fastest growing segment in the nation, the laundry business is incredibly stable and reliably profitable. After all, families need clean towels and sheets whether the stock market is on the rise or fall. They need clean clothes in summer and winter, on vacation or work, whether they are newborns, teenagers or retirees.
