What to Know Before Buying a Laundry Business

Today, there are more than 32.5 million businesses in the United States. If you’re thinking about starting a business, the competition is fierce.

You might consider buying a laundry business since it’s an established company. But even with this, there’s so much you’ll want to know first.

While all of this might seem overwhelming, it doesn’t have to be! Read this guide on what to know before buying a laundry business today.

Location

Buying laundry equipment at Laundry South and choosing the right location is important. Some great locations include near a college, in a busy shopping center, or in apartment complexes.

While apartment complexes might have a community area, many will still choose a local laundromat. Before buying a laundry business, search online and see if it comes up in searches. Check out Yahoo, Bing, and Google.

Commercial Laundry Equipment

Check to see the current equipment of the laundry company. Contact the manufacturer to receive information on the equipment.

See if the machines are clean. Are they large dryers and washers? See if it’s coin-only or has digital payment systems.

You’ll want to look out for:

• Coin-slot mechanisms
• The age
• Leaks
• Visible damage
• Broken equipment
• Digital displays on the touchscreens
• Failures in the drain systems
• Abuse
• Etc

Find Your Laundromat

To find a laundry business, you’ll want to speak with owners, search online, or speak with a broker. Online is an excellent option since you’ll have options.

You might be able to find owners of laundromats who are open to selling. Check for laundromat for sale signs and see if you can speak to the owner. If they’re not selling, you could see if they know someone who is.

Budgeting Your Laundry Business

You could borrow from equity, retirement funds, or pay in cash. Private or bank loans are another option. You might be able to have lenders agree to give you money if you’ll pay them back plus interest. Some businesses might even come with seller financing.

Keep track of your budget and how much time everything will take. Ensure that you can make a profit after everything is paid for. Have an emergency cash fund in case you face any struggles.

Time Commitment

Many business owners will take care of the day-to-day tasks themselves to reduce costs. It’ll reduce maintenance costs and payroll. Be sure that you can put in the time and commitment necessary for running a business.

Think about the long term as well. Whether you have plans of having multiple businesses or upgrading the current business. You’ll want to purchase commercial laundry equipment over time and avoid them breaking.

Buying a Laundry Business: What To Know

After reading this guide on what to know before buying a laundry business, you should have a better idea of what to expect. Take your time deciding if this is the right business for you.

Would you like to read more business content? Be sure to check out our other articles today!