It’s no secret that Laundromats could be a lucrative business opportunity for entrepreneurs. However, it’s absolutely necessary that if you are looking into purchasing a Laundromat, you do your homework! American Coin-Op recently published a two-part article highlighting some of the top considerations these individuals should make when purchasing a Laundromat. Aside from ensuring you are financially protected with the right FabriCare Insurance Program, the following are the 5 must-haves when purchasing a Laundromat.
Partner With an Expert in the Field. You may have the best intentions with your entrepreneurial ambitions, but unless you are wholly familiar with the laundry business, you will want to confide in a trustworthy laundry partner to ensure you are making the right investment.
Find the Right Lease. This is easily going to be one of the largest monthly expenses for your laundry business. You will want to ensure that you understand all the lease terms, and that you are receiving a fair rental raise with reasonable increases. American Coin-Op recommends that you go for a lease that gives you 20 years in the building; 10 or more years is great.
Choose Your Location Carefully. When choosing your location, there are various factors you’ll want to consider; for example you should choose a location that’s in close proximity to apartment complexes. In general, a decent location includes a renter population of 35% or more.
Inspect Equipment. If the Laundromat you are acquiring is an older one, chances are good that the equipment within might be outdated. Remember that a typical front load washer and dryer lasts 15-20 years while a top load waster may last around 7-10.
Look Into Additional Income. This could come from a vending machine, internet station, video games, etc.
The above mentioned factors are 5 must-haves that can help you excel in your Laundromat business. At Irving Weber Associates, Inc. we understand the challenges that laundry owners face. Through our Coin-Op Advantage product, we protect Laundromats with broad Laundromat Insurance coverage, experienced risk control, as well as educational resources and unparalleled responsive claims service. Please contact us today for more information about this program as well as our Drycleaner Insurance coverages.