Owning a laundromat can be a great way to make quite a bit of residual income, but most people do not realize that there are a few hidden opportunities that are not immediately obvious. These three perks can help you expand your business’ profit, and bring in more customers at the same time.
1. You can make money from more than just the machines.
The washers and dryers are where you are going to make most of your money with a laundromat, but there are other opportunities that you might miss. While you can usually purchase single packages of detergent at a laundromat, you can expand this easily with larger coin-op machines offering a few detergent varieties, as well as fabric softener. Vending machines are also a big part of a laundromat, since most people stick around while their clothes are being cleaned. A soda machine and some sort of candy/food machine, both of which are fairly profitable, should help with your bottom line.
2. Ability to start a personalized laundry service.
In many larger cities, giving people the option to just drop off their laundry and come back later in the day can bring in a lot of customers. Offering a personalized laundry service allows you to charge per pound of clothing for washing, drying, and folding. You would be using your machines for basically the cost of water/electricity, and you would be charging your customers a substantial premium for the ability to have everything done by you. Some of the largest laundromats even have pickup and delivery services available for travelers, and those who like the convenience of not having to make two trips to the laundromat to drop off and pick up their clothes.
3. Use it as a hands-off business if you desire.
One of the nicest things about owning a laundromat is that, if you wished, you could run it almost completely hands-off. Your main responsibility would usually be collecting the money from coin-operated machines, or cash from a machine if you use a card system. You can contract out your vending services, and if something breaks, all you need to do is call a repair technician. Few brick and mortar businesses are able to be as hands-off as a laundromat, which is perfect for those looking to make a little extra money, but not be busy with the business several hours a day.
While you will always have better luck with a laundromat in a densely populated area, especially around a lot of apartments, you can make extra money even in areas that are not as busy. Maximizing your income potential is important for any business, but especially so for a laundromat.