Many people are retiring early these days; some by choice, some with a “Golden Handshake” to encourage them to retire. Many of these people are too young to totally stop working but are also old enough to not want another full time career. If you fall into this category, consider using some of your “nest egg” to fund a coin operated laundry.
This is a tremendous opportunity for someone who wants to be semi-retired. The majority of self service laundries have no attendants. They make an ideal small business because they require almost no inventory or receivables.
According to the 2000 US Census, 86 million people live in rental housing. Many have insufficient laundry facilities or no laundry facilities at all. Some homeowners don’t have equipment of their own and also need to use a self service laundry. When the economy takes a turn for the worst, many homeowners can’t afford to repair or replace their broken washers and dryers. Clean clothes are a necessity of life, just like food and shelter. Anyone without a washer and dryer of their own is a potential customer.
Income comes from wash and dry, of course. There are additional income opportunities from incidentals such as laundry soap, bleach, fabric softeners, and dryer sheets. Vending machines for sodas and snacks are a lucrative income stream.
There are many points to consider when establishing a new coin laundry business, such as location. A densely populated area with a high percentage of renters is the ideal location. The brand and durability of the appliances are a major concern. Top brand companies such as Whirlpool and Maytag offer commercial-quality appliances that have the Energy Star rating and are the latest in energy-efficiency. This saves you money and benefits the environment.
You also must decide if you will purchase the appliances and be responsible for the upkeep and maintenance or if you will contract to partner with a company that will do the regular maintenance and repair for you. Using a partner company for your coin operated washers and dryers will ensure that they are always in top working order and can stand up to the demands of a busy self service laundry. Proper maintenance includes keeping the dryer vents and exhaust hoses clear of lint and washer drains and pipes open and free flowing. Attention to these details will extend the life of the appliances and prevent machine down time with its associated loss of revenue.
If you choose to partner with a laundry service company, look for one that offers equipment that has non-resettable coin counters and other security features so that your revenue stays safe and secure. The partner company should also be quick to respond to service calls. A quality company will be able to provide testimonials from happy customers to confirm their reliability.
Whatever you choose, owning the machines outright or partnering with a service company, the self service coin operated laundry business can be the golden goose to keep your semi-retirement years prosperous ones.
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