Learn How to Own a Laundromat
Buying an existing business, as opposed to starting your own, is a good idea for many reasons. But becoming an entrepreneur always involves risk. If you’ve decided to learn how to buy a laundromat, here’s a few things to consider.
1 Write a business plan. The first step toward independence as an entrepreneur is turning your dream into a tangible strategy, clearly defined in your business plan. A well-written business plan will not only help you focus on the structure of your coin-operated laundry, but will help others realize your vision as well.
2 Secure financing in advance. You’ll want to be in a position to move quickly if you come across the right laundromat. Arrange to meet with your banker, a private investor, or even a trusted family member to raise the funds you’ll need.
3 Scout prime locations. Consider established locations in a safe area, in proximity to a university or multiple family dwellings. People who live in more short-term housing situations are less likely to own a washer and dryer. Your prime location should have a good mix of residencies and businesses. Traffic flow is essentially the best advertisement, and a busy shopping center, in a busy location could save on marketing expenses.
4 Consult with a local business broker. A consultation with a business broker may save time and give you valuable information on an existing business for sale. A reputable local business broker will have crucial knowledge not available to the general public.
5 Investigate the neighborhood. Once you’ve found a coin-operated laundry in a prime location, respond quickly. The seller is a good source for information about the history and profitability. But validate the details. Speak with other business owners in nearby shops. Gather demographics as you observe the routine of their customers. Remember, if the price seems low there may be a legitimate reason, but you need to know why.
6 Examine the equipment. Regardless of how they appear, have a professional test each machine. Commercial laundromat equipment should be thoroughly evaluated for mechanical integrity and safety. The age and condition of the machines will help you and the seller agree on a price for the business.
7 Close the deal and open the doors. With a turnkey business, especially a laundromat where prior experience is not essential, you could have existing customers visit the same day. Subcontracting certain duties like equipment maintenance and janitorial services allows you to minimize full-time labor expenses while reaping the rewards of a self-service laundromat.
Fact #1: Most laundromat buyers overpay by 25% or more for their stores because they don't know how to analyze the business properly. What's more, some coin laundromats even operate at a loss rather than a profit. In fact, many of these laundromat owners must sell their business within 1-2 years, losing tens of thousands of dollars. Worse yet, most of this could have been prevented if they had the right information to buy and operate their laundromat business.
Fact #2: Owning a laundromat is no different than running any other business. In fact, it's easier than you think... if you know what to do.
Fact #3: Managing a profitable coin laundromat should only take about 5 - 15 hours a week on average when everything is set up correctly... Unfortunately most people never reach this point where they can enjoy the laundromat lifestyle because they did not receive the proper information at the beginning.
I've owned Coin Laundromats for over 7 years!
In that time, I’ve developed and perfected a proven formula for buying a laundromat in the right location that will maximize your laundromat profit for years to come, and mitigate the risk of your laundromat business draining all your hard earned savings.
I’ve compiled all my knowledge into a one-of-a-kind downloadable guide called, ”Secrets of Buying and Owning Laundromats.”
This guide is guaranteed to teach you the most important things you need to know about buying a coin laundromat and greatly reduce the risk of paying too much for your laundromat business.
I know this is a bold statement and may even sound a bit overconfident... but it's true and I'm prepared to back it up.
Brian Brunckhorst is one of the world's leading experts on buying and owning laundromats. If you are considering buying a laundromat, this is a must read! If you already own a laundromat, this book can help you increase your profitability every month for the rest of your life!
Eric Lofholm, EricLofholm.com
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