More opportunities to make big money with self-service laundries exist today than ever before. An owner who runs his or her store well - who keeps it clean, repairs its equipment quickly, uses energy-efficient systems, markets aggressively and offers good customer service - could see profit margins up to 30 percent. The steady income that a laundry generates is a plus for many people. If you're looking for a "recession proof" business that will keep the cash flowing no matter what the rest of the economy is doing, you've found it in coin laundries.
Location is critical to the success or failure of any retail business. At 24/7 we research the area and use in-depth demographic reports, ground market study, traffic patterns and competition before making a recommendation on a site. We look for large families, high percentage of renters with medium to low income.
You can expect to encounter a number of basic startup costs to get into the laundry business. Depending on whether you build a new laundry in a leased space or buy an existing one, your costs may include:
Construction or remodeling (if you are building a new laundry)
Washer hook-up fees (sewer/water impact fees)
Plans/Permits/Licenses
Equipment and Installation
Keep in mind that if you buy a laundry, you don't pay for licenses or sewer connection fees (unless you decide to have additional washers installed). But you will have to pay for renovation and any new equipment you decide to install if you want to update the laundry. In addition to these basic startup costs, you may also have a number of ongoing expenses which include:
- Lease/rental costs
- Utilities (gas, sewer, water, electric, telephone, trash removal)
- Insurance (fire, theft and liability)
- Employee payroll/benefits
- Miscellaneous supplies (cleaning supplies, soap, invoices for wash-and-fold, bathroom supplies, etc.)
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HOW DO I PLAN THE SIZE OF MY STORE?
Good planning can provide for a high-volume business in limited space. Take these into consideration:
- Layout
- Size and shape of space
- Number and types of dryers
- Number and types of washers
- Number and types of tables and chairs
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HOW MUCH DOES IT COST TO START AND CAN I GET FINANCING?
Typically $75,000 to $150,000 down will get you into coin laundry ownership. The price of stores usually run between $275,000 and $500,000 depending on the size, location, type and number of equipment. 24/7 Laundry Distributors has partnered with several finance companies to bring you the best financing available in the industry.
24/7 understands how important having the right coin laundry financing partner is; therefore, we are able to offer competitive rates and low, affordable monthly payments for financing coin laundry.
24/7 offers the financing option targeted to your coin laundry application. We have a coin laundry financing solution to meet the needs of new store owners, and veterans alike.
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WHY SMART ENTREPRENEURS ARE INVESTING IN COIN LAUNDRIES?
- Cash Business
- Limited Competition
- No Costly Inventory
- Recession Proof
- Freedom
- Unlimited Opportunity
- Security
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HOW IS A COIN LAUNDRY RECESSION PROOF?
Coin laundries thrive in periods of both growth and recession. During periods of recession, when home ownership decreases, the self-service laundry market expands as more people are unable to afford to repair, replace, or purchase new washers and dryers, or as they move to apartment housing with inadequate or nonexistent laundry facilities. The market size grows proportionately to the increase in population. Revenues of a coin laundry rarely vary from month to month. The public will always need this basic health service and people always need to wash clothes.
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SHOULD I INCLUDE A WASH AND FOLD SERVICE IN MY COIN LAUNDRY?
It's a great idea for laundries seeking to make good use of a labor component that is already part of the operating expense. Many busy people take advantage of a wash and fold service to save them time and reduce the hassle. A wash and fold service charges by the pound. When the customer factors in what his or her time is worth, they can save money by using a wash and fold service by eliminating the need for a washer and dryer at home, not to mention the added convenience of dispensing with this chore.
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HOW DO I MONITOR MY STORE IF I'M NOT THERE 24/7?
Video and audio surveillance equipment is installed in every 24/7 Coin Laundry. Cameras are located throughout the laundry. A monitor is located behind the counter. From the DVR surveillance can be maintained and view in real-time from the store as well as from the convenience of your home.
A remote locking system is also available. Open and close the laundry with ease.
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HOW DO I GUARANTEE CUSTOMER SATISFACTION?
- Maintaining a clean laundry
- Maintaining your equipment
- Keeping your vending machines full
- Knowing your customers
- Avoid giving advice
- Using instructional signs
- Training and supervising your employees
- Customer Service
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WHY SHOULD I DO BUSINESS WITH 24/7 LAUNDRY DISTRIBUTORS?
We offer the knowledge, experience and dedication to excellence that owners and potential owners have come to know and expect. From day one the name 24/7 Laundry Distributors has been a leader in the coin laundry industry.
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"Our record of success speaks for itself, and our stores are our best selling tool. Please come visit one of our stores, we put our name on them".
