2 Major Factors To Consider When Purchasing A Laundromat
If you are looking to purchase a laundromat, there are a few factors that you are going to want to take into consideration as you go through the searching and buying process. You need to consider the age of the equipment, and the additional revenue sources present.
#1 Age Of The Machines
The most important thing you need to take into consideration when purchasing a laundromat is the age of the machines. The washing and drying machines are the most important aspect of purchasing a laundromat. You want to purchase a laundromat that has machines that you can put to use right away. You don't want to purchase a laundromat where you are going to have to go in and replace all of the machines right away. If you have to replace all of the washers and dryers right away, you may be better off just purchasing a business location that you can custom fit to your needs instead of purchasing an existing laundry mat.
Check all of the equipment for visible damage. Examine and see if the machines have been abused or neglected. Check and see if there are any leaks. Then examine the agitation mechanisms washers and see how they are functioning. You may want to have a professional come in and inspect the equipment so you can get a better idea of what shape it is in and how long it will last.
#2 Additional Revenue Sources
Next, examine what additional revenue sources the laundromat already provides for its customers. You want to maximize your potential to make money with the location. Does the location have digital card readers to customers without cash can use their debit or credit cards to wash clothes with? Does the location have food vending machines or washing supply vending machines? Does the location come with nice televisions? Does the location have a full-time staff that offers washing and drying services or dry cleaning services?
The more built-in revenue sources that already exist, the better investment the laundromat will be. If the laundromat does not have a lot of extra build in revenue sources, figure out what it would cost for you to add in those revenue sources. For example, how much would it cost to add digital readers to the machines or to offer free wi-fi or set up a cloth washing and drying drop-off service? Figure out the cost of adding in additional revenue sources and make sure that those upgrades fit into your budget.
When looking at purchasing a laundromat, the two most important factors are the age of the machines and the additional revenue sources that are present. This determines how much of a good deal you are getting and how much additional money beyond the sales price of the laundromat you are going to need to invest to make the business profitable in the long-run for yourself.
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