92
Open A Coin Operated Laundromat
This is one of those opportunities that takes some capital to get it started (although perhaps not as much as you might think), but it reaps the rewards as soon as you get those doors open to the public.
There are several ways to make it pay even better as well, and if you put some thought into it you will certainly be on the road to a decent profit. Better yet, if you are looking for a business that will pay you a residual income once you have set it up – meaning that it is pretty much ‘hands off’ money – then you have come to the right place.
Location, location, location – that’s where it all begins. You will need to find a shop space to rent that you can turn into a Laundromat, and the location you choose is essential to how successful your new small business could be.
Ideally you need to rent somewhere that is close by to a lot of people who don’t have access to their own washing machines. So for example, think about tourists and students, and people who live in rented accommodation or simply flats that are too small to house a machine of their own.
The set up costs are virtually all tied in with the premises and the equipment you will need. Do the best you can to negotiate good terms on your lease, but be wary of getting tied into too long a term, at least initially.
You’ll also need to rent or lease some coin operated washers and driers to put in the shop, but once this is done your two main outlays are dealt with. At the moment it seems like all you’re doing is paying out rather than earning, but many small businesses do require an injection of cash to get up and running, and when you compare this opportunity to many others you would be surprised at how cheap this one is.
Once you have the essentials in place you can open the doors to customers, but you should look to maximize the profits you can make from this business as you go along. One of the easiest ways to add extra revenue streams in is by leasing a soft drinks machine and a candy machine to put in a corner of your Laundromat. People are a captive audience while they are waiting for their washing to finish, and they will be glad of the opportunity to buy a drink and maybe a bar to eat as well. You can also supply a hot drinks machine if you wish, and you have the room to do so.
If you really want to push the boat out, why not get connected to the internet as well? If you installed coin operated internet terminals in the shop, you could offer people the chance to multi-task and check their emails and hop online while they are waiting for their washing. Once again the temptation to do something is irresistible, so if you give them opportunities like this you will soon see even more money come rolling in.
