If you’re thinking of owning a Girbau North America coin operated washer business, look back anymore. This type of business venture could be your long-overdue business breakthrough. Unlike most businesses, laundromats are easier to run as they don’t consume most of your time. In addition, this business offers a wide range of benefits every business owner wants to enjoy. Once you choose a location to set up your laundromat, you can start the business with minimal investment. Below are four pros of owning a laundromat business that new investors need to know.
Laundromats are relatively cheaper to run especially if you choose to focus on coin op laundry. After the initial investment and the purchase of equipment and property, you’ll require fewer operational costs for this business. The possible costly expenses you might incur are the facility’s utility bills and rent. Additionally, you’ll need a few expenses to replace parts and even equipment supplies. From this, it’s evident that laundromat businesses can help you make good profits and it doesn’t attract high operational costs.
Higher cash-on-cash ROI
Businesses that want to grow should showcase a higher return on investment and laundromats are no different. Most importantly, they account for 20-35% ROI, which is higher than most new investments in the US. It’s easy to realize profits for a laundromat compared to other service businesses. This is because the latter businesses require a lead time to get up and running. Thus, their ROI may take time to materialize. But for a laundromat, the success rates are higher. Most importantly, laundromats have a 5-year survival rate out of 95% of new laundromats.
If you want to run a business with desirable flexibility, then consider starting a laundry cleaning business. For laundromats, owners can afford to maintain a good work-life balance because of this business’s flexibility. Research show has shown that half of the laundromat business owners run their businesses more as part-time jobs. What’s more, laundromats require less in-person supervision, especially if you start using remote monitoring tools. Due to this, as the owner you’ll be able to balance your family and work life.
Earns you extra income
Generally, laundromats don’t make money only through you offering laundry services. You can look to add more services to make an extra coin too. As your customers wait for you to serve them, you can offer them an extra service, maybe in the form of a snack, folding services, or entertainment. For instance, you can sell your customers coffee, soft drinks, ice cream, and other snacks to make them happy. Furthermore, you can offer your customers some entertainment in exchange for a few coins. And this is a clever way to make an extra coin out of your laundromat venture.
Owning a laundromat comes with many benefits to enjoy. If you decide to set up a laundromat business, you will not only enjoy flexibility, but you’ll also run a business with a promising future.