Starting your own laundromat can be a very profitable business venture thanks to the stable income it provides. If you want to invest in this lucrative business, you may wonder how much a laundromat costs to start. To answer this question, in this brief, we will be discussing all the expenses you will have to pay to start your very own laundromat.
You need a place to open your laundromat. You can either purchase or rent the property for your laundromat. Renting doesn't require a large investment, but it means that you have to pay rent from your overall income, reducing your profits.
For better profits, it is better to invest in buying the property instead. The property price can vary dramatically depending on the location. On average, a 2,000-square-foot property will cost you between $200,000 to $500,000.
Many states require permits for you to start a laundromat. Thankfully these permits are not too expensive. So, you will only need to spend a small sum to get all the permits sorted out. The process takes some time, so you will have to free up your schedule.
The equipment is one of the largest expenses you will have to deal with when opening a laundromat. You will need washing machines, including top-load and front-load variations. A top-load washing machine costs around $600, and a front-load washing machine costs around $5000.
You will also have to invest in dryers, dispensers, and water heating equipment if needed. Buying all the equipment should cost you anywhere between $150,000 to $400,000 depending on the size of your laundromat and whether you buy new or used machines. If you are buying a fully functional laundromat directly, then you can save quite a bit on the equipment costs as you will only need to replace defective units.
A card reader provides your customer with a more efficient way to pay for your services. This way, they don't have to come with a sack of coins to use the washing machines. You can also issue cards and reward customer loyalty with discounts. Card readers also let you get more statistics about your business so you can plan better. Having a card reader installed in your laundromat costs $40,000 to $80,000.
Since laundromats require minimal staff, you need to install a security system to ensure the protection of your property and equipment. This way, everything stays in order. A security system for a medium-sized laundromat costs up to $8,000 or more.
Marketing is very important for your laundromat business to succeed. It helps attract customers and bring in more business. It is best to do some heavy marketing before the opening to heighten interest. You can also do marketing for free using social media.
Starting your own laundromat business can seem pretty daunting. Knowing the expenses can really help in making the decision whether you want to invest in this business or not. You can have your own laundromat set up for just around $200,000 to $500,000. The cost of starting a laundromat business depends entirely on the location, equipment, rent, and marketing scheme you choose.
Your successful journey is just a few clicks away!
Join our mailing list to receive the latest news and updates from our team.
Don't worry, your information will not be shared.
Access exclusive articles and livestreams to help promote the recession-proof business models for cashflow businesses.