There are a million and one reasons to talk yourself out of an enterprise, regardless of what the endeavor actually entails. Such is the nature of doubt. It can cloud judgment and turn you off of excellent pursuits.
Maybe you landed here because you’re thinking of starting a laundromat. If so, you might need some encouragement before you actually pony up the funds and commit to the venture.
If so, good. It’s actually quite easy to defend such an initiative, and far easier than most. Is starting a laundromat foolproof and failsafe? No, certainly not. But let’s put it this way. As businesses go, it’s about as good as it gets. Here’s why.
They Provide Steady, Passive Income
As businesses go, there aren’t many actual businesses that can provide the same level of passive income as a laundromat. They can also be highly scalable, and once you open one you’ll likely have the passive funds to start another in another location, if you want.
There Are Low Labor Costs
Unlike other businesses, many of which require skilled labor or experience, that doesn’t really exist with laundromats. Consider a restaurant in which you would need skilled servers or chefs – that condition doesn’t apply to laundromats. In fact, some can even be unstaffed. Even collecting payment can become a passive thing.
They Can Offer a High Return on Investment
A well-run, properly marketed laundromat, in a good location, can offer a return on investment as high as 30%, in some instances even higher. If you’re familiar with the nature of risky investments, you’ll know right off the bat how lucrative this is.
Variable Costs Are Usually Fairly Low
For the most part, the costs associated with running (not starting) a laundromat are pretty low. You’ll need laundry supplies like carts and detergent, and from time to time might need to fix a machine, but as businesses like this go usually the costs are fairly reasonable.
They’re Great for the Community
A laundromat is, in many ways, like a pub or a bar. It serves as a community hub – only it isn’t peddling vices, but an actual service that people literally need. If you’re the sort that’s into philanthropy and community efforts but you also possess entrepreneurial spirit, starting a laundromat just might be the ticket.
Laundromats Are Recession Resistant
Finally, and perhaps most importantly, laundromats are among the few businesses that economists call “recession resistant.” This means they can provide steady income even when times are hard. Think about it – people can’t generally afford to stop doing laundry just because things get tight. This makes starting a laundromat an even more appealing proposition.
Starting a Laundromat in New England? Here’s Who to Call
If you’re in New England reading this and seriously thinking about starting a laundromat, give Garment Machinery Company a call. For more than 75 years, they’ve served clients in New England with the best brands in the laundry industry, and they also offer a number of services catering to startups, from brokerage to finance and marketing services. Get in touch with them today and they’ll help you get off on the right foot.
