Im considering opening a coin operated laundry business and......?

Question

I just wanted to know if any one out there knows if you can make a decent profit margin by opening this type of business. And any other type of information offered would be much obliged. Thanks

Answer 1

I did for a few years but sold it when I moved. It was a good way to make passive income but it's more work than people will let you in on. There are tons of websites that have info on them but it really boils down to three things: location, location, location. You need to generate enough traffic that supports your business but not the sort of users that will damage your machines or rob your bill changers.
Contact the Coin Laudry Association. They're your BEST source of info and will not be looking to scalp you. If you can, attend one of their trade shows and meet coin operators and get tips from them for free. Good luck.
http://www.coinlaundry.org/

Answer 2

You can make a profit but it is a lot of work, you need staffed pretty much all the hours you are opened. If you have a large family of teens who all can work a few hours a week it wouldn't be bad. The customers will do things to your machines they wouldn't do to ones they own like dyeing clothes or washing things that are sandy. Some people might try to break into your change machine or coin boxes. People will leave clothes in the dryer and never come back so you need to keep them in the back room 30 days then dispose of them. My uncle owned one and gave us clothes.

Answer 3

Are you paying money or getting a private loan. in case you're paying money out of your pocket, you detect a Coin-Op on the industry, you hire an accountant to look on the books and determine what it is properly worth after which you purchase it. in case you will get a private loan, you nevertheless ought to hire the accountant to ascertain the cost of the agency, determine you will desire a minimum of 30% down, and then write a agency plan to present day to the lender.