Laundromat ownership is a lucrative venture for aspiring and existing entrepreneurs. However, before signing on the dotted line for the business, it’s important to do your homework and make sure it’s a good buy. Aside from protecting your investment with a FabriCare Insurance Program, take a closer look at the following five must-haves for a successful laundromat.
Partner with an expert.
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.
Get a great lease.
As this is going to be the largest monthly expense, ensure you find a lease with a fair price and conditions. Read the lease thoroughly and make sure that if rental increases are a part of the deal, that you can manage it. American Coin-Op recommends that you go for a lease that gives you 20 years in the building; but 10 or more years is great.
Location, location, location.
Ideally, your laundromat should be located in a place with at least 35% rental population or more. This will guarantee business for your laundromat, so choose wisely!
Promote additional income.
Whether you offer additional services, vending machines, or video games, this offers more potential for income.
Especially if you are considering buying an older laundromat, have the equipment inspected by a professional. If the equipment is older than 10 years, it might be time to replace them.
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.