Laundromats, whether coin-operated or washed by laundry experts, have been considered a recession-resistant business. Investors assure business-minded people seeking new business ideas that laundromat stays highly profitable even in economic downturns, even in this pandemic.
It is a great business when you will build your business in a surrounding community.
Benefits of Having a Laundromat
Are you looking for a recession-proof business? A laundromat is one; it is in demand even during the hardest times. Here are the benefits of having a neighborhood laundromat:
- High Success Rate
It is typical for entrepreneurs and aspiring business owners to fear business failure. However, a study found out that laundromats have an extremely high success rate. You can achieve a 25% to 35% ROI that helps you compound your investment money faster.
- Excellent Return of Investment (ROI)
Aside from the income from washers and dryers, you have several opportunities or income streams with having a laundromat. You can sell laundry products or offer maid service and dry cleaning to your clients. Thus, a laundromat is a good investment, and it has a plethora to increase your ROI.
How many businesses can claim to have a great ROI? Not many.
- Recession Resistant
As mentioned, laundromats are highly profitable even under an economic downfall. People are still turning on self-service laundry, outsourced laundry, and dry cleaning. It is not seasonal or weather-dependent as people need to clean clothes.
Also, consider checking out some of the already established laundromats near you at this locator for inspiration. Moreover, unlike other businesses, laundromats do not have a large inventory. It only needs minimal order, rotation, and product discharge, making it easier to manage. Moreover, you do not have to deal with a lot of storage and preparation.
- No Lead Time
Some business start-ups worry about their cash flow. But, with business apps and cashless payments, laundromats have a quick payment cycle. There’s no lead time in managing a laundromat. Its pay-as-you-go scheme in laundromats eliminates the uncertainty of an extended payment cycle.
- Flexible Work-Life Balance
Some potential business owners hesitate to invest in laundromats because it might affect their work-life balance. In truth, a laundromat only requires minimal in-person supervision. You can create a coin-operated or make use of the advancing technology.
Most laundry business owners use business apps to monitor their revenue and real-time laundry requests from their clients through the app. Managing a laundromat is not that time-consuming and energy-draining.
Having a flexible work-life balance is the biggest perk a laundromat could offer to its owner. You can set your own business time once you get the hang of running your business.
If you think having a laundromat is the right business for you, get help from a consultant. Consultants can help you determine if it is feasible to build a laundromat in your location. Moreover, you have to prepare yourself for some skills that can help your laundry business run effectively.
If you are not confident in some areas, you can partner with trusted and reliable distributors. Be flexible to tackle problems at all hours.