How much start-up capital do I need and what are my financing options?
Expect to invest between between $150,000 and $500,000 in setting up a laundromat from scratch. Costs will vary depending on size, rent, equipment capacity, number of machines, services offered and fit-out.
Subject to approvals, Richard Jay can finance your entire laundromat set-up through Capital Plus if you have a good credit rating, enough money to service the lease and access to funds for store furnishings and advertising. This includes fit-out, equipment, installation and accessories – everything you need to establish your laundromat.
What type of business is a laundromat?
There are two types of laundromats:self-service and fully serviced. The self-service business model is where you provide high-qualitycommercial washers and dryers in a retail space and charge a fee per load of laundry. Opening hours are usually between 6am and 11pm, with some businesses opting for a 24-hour service. The majority of self-service laundromats do not require long hours spent on the business – and typically are managed by the owner and/or family members.
Fully serviced laundromats encourage local businesses and time-poor customers to drop off loads of washing, ironing and dry cleaning for delivery or pick-up later on. This serviced laundry option is usually provided in addition to self-service laundry facilities.
What is the average size of a laundromat?
The average laundromat facility is a compact 186 square metres, but some premises can be as large as 465square metres.
Why is a laundromat called a laundromat?
The term laundromat” was coined in the mid-century – a portmanteau of ‘automat’ and ‘laundry’.
What are some ways laundromats increase revenue?
Many successful laundromats combine laundry with other services. Some savvy laundromat owners install ATMs and food and beverage vending machines for their customers. Other bright ideas include: