A coin-operated laundromat business is the perfect passive income business in any city.
As the lifestyle of city dwellers becomes more hectic every day, the demand for automated laundry services grows.
People are willing to fork out money to pay for the convenience of not having to do their laundry. And there’s no better way to capitalize on that demand than having your own laundromat business!
Here are some of the many benefits a laundromat business owner can enjoy:
It turns out that bad economy is great for laundromat businesses.
Economy downturn or not, people will still be living in homes and apartments, and they still need clean clothes and clean bedsheets. Laundromats are one of the select few businesses that can always turn a profit regardless of an economic downturn.
Low costs after initial investment
The entry costs may be huge for entering the laundromat business, but the running costs are relatively low. Your main overhead costs will be your rent and the electricity costs. You don’t even need to hire a regular staff to run the place unless you are unavailable.
But you don’t need to pay for any additional storage space for inventory, and you only need to service your machinery occasionally. You can also expect an annual ROI of your laundromat range between 20 to 35 percent!
Flexible working hours
As the laundromat is fully automated, you can operate the business for as long as you like, even during the holidays. Having flexible hours also means your laundromat can generate income for you even while you sleep.
Similarly, you are free to operate your business as and when you wish. You can adjust your working hours to however long you like, and devote more time to your family.
Laundromat customers tend to stick to the laundromats that are reliable and consistent. If you are able to provide satisfactory service to your customers, they will very likely continue to visit your business.
Also, if your laundromat is situated at a location close to your target customers, the human traffic will help customer growth as people prefer to go to a laundromat out of convenience.
Easy to scale
Laundromats are a very scalable form of business. If you have a profitable business model for your existing laundromat, you’ll only need to replicate it for your next laundromat to grow your laundry empire. If you still aren’t confident, we have prepared a laundromat income calculator to help you see what will be the estimates profits.
Unlike other conventional businesses, you don’t need to reinvent the wheel every time you open a new outlet. That means time and money saved on growing your business.
Even though owning a laundromat business can generate a good cash flow income, the real benefits are intangible.
More time for your loved ones, and the experience to run your own business as an entrepreneur are some of the many perks that you can achieve.
If you think you can handle the responsibility, and put in the investment of money and time, you’ll find owning a laundromat is a thoroughly rewarding experience.