When asked, is buying a laundromat a good investment, for many aspiring owners, the answer is yes. However, to be successful, you must do extensive research and find out some of the pitfalls you may encounter. There’s a benefit to reading books about the industry and researching Laundromats online, but one of the best ways to find out about the industry is to seek information from an expert. Someone who has owned his or her own Laundromat for several years can be very helpful as you try to get your Laundromat up and running.
There’re many factors that will determine if your Laundromat is going to be a success. If you ask, is buying a laundromat a good investment, many experts are going to tell you that finding a great location and fair lease is essential. You could have a clean and safe facility with top-of-the-line machines, but if most people in that area own washers and dryers, they will have little need for your business. For success, the area you pick to open your Laundromat should have a rental population of at least 35 percent. Also, it is very important to negotiate a fair lease because this will be one of your biggest expenses. Signing up for a long-term-lease is the way to go. Ask the landlord about rent increases and make sure you will be able to handle the extra costs.