CHICAGO — Over the past 23 years, I have helped to develop more than 750 coin Laundromats nationally and abroad. I have been involved in working with entrepreneurs on a one-on-one basis as well as working with franchises, national chains, and all the way to the floor of the New York Stock Exchange.
The reasons that this business attracts all levels of investors is because it is easy to manage, there’s no spoilage, it’s difficult to get robbed, it’s “pay to play,” and it provides a service that everybody needs: clean clothes.
And with dry cleaners taking a hit, with more clothes going to wash and wear, the numbers are steadily getting better for laundry owners.
The secret to the real success in this business is marketing. Unlike retail stores, where you sit around and wait for people to simply show up, if you execute a “go-get-you” plan, the sky is the limit for driving your profits.
You may want to build a new Laundromat (like the Spin Cycles, Sudz, or the Bubble Lands here in Chicago) or buy an existing laundry. Or, even rehab a laundry that’s been closed. With some tender loving care, it could be the most profitable venture of them all, especially when it comes time to flip. The value on these deals is that the leasehold improvements are already grandfathered in and allow you instant equity, which means the potential for more dollars in your pockets.
If you are thinking about owning your own business, you should seriously consider looking at buying a coin Laundromat. You could secure your financial future, build a foundation for your family, and support your goals as you strive to live the American dream.
Have a question or comment? E-mail our editor Bruce Beggs at [email protected].