If you’re looking to invest in the laundromat business, then having the right information is important before you decide on whether to buy or start from scratch. Even then, starting a laundromat from the ground up gives you the freedom to make it as you want it. That also means that you get to choose the right equipment from Continental Girbau, and even build your business’ brand image. As such, if for instance, you take over an existing laundry shop that had older equipment or it was run poorly.
Realize that even if you’re to make changes in these aspects there could be a negative perception that exists about the laundromat and that can be harder to change. Still, for many, one key benefit of starting your business is that it gives you satisfaction through building your brand exactly as you want it.
But the question remains, Is it better to start your business or buy an existing laundromat business? Let’s look at some factors to look at as you decide on whether to buy or build your own business.
As you consider whether to get into the laundry business, you may need to look at the effort you’ll have to commit towards starting your business from scratch. Although building a business can be rewarding, it calls for a greater time commitment and hard work to ensure that everything runs smoothly. Again, when you recognize that you don’t have time to commit to launching your own business, deciding to buy an established laundromat may be a great option. What’s more, it requires less work compared to starting from scratch. Nevertheless, when you opt to buy, you’ll need to relinquish some creative control. For instance, you might realize that it’s not financially viable to change the existing brand, reorganize the facility or even replace equipment like commercial dryers.
Another major factor you should consider before deciding whether to buy or build your business is its location. Note that where you open up your laundromat will play a key role in how successful it will be. Again if you’d rather start fresh, then you’ll need to look at potential locations to identify the right one for your laundromat. On the other hand, if you want to buy an established laundromat, you should start by looking at the company’s history of sales for you to choose whether or not the location has helped get the laundromat more foot traffic. Regardless of the option you settle for, looking at your location options can be a great way you can start planning for your laundromat
While buying an established laundromat might mean less work for you, it can attract a higher purchase cost. That’s because you’ll be paying for an established client base and existing equipment. Meanwhile, starting a new business could mean less money upfront. Normally the equipment you will need is financed, which reduces your start-up cost thus saving you money. And this can go to finance other things like generating more income and growing a customer base. Deciding on the amount of money you’re willing to invest in your laundromat will help you choose whether to buy an established laundromat or launching a new one.
Overall, investing in a laundromat can be rewarding, provided you have done proper research, and have a set business plan. Even when you decide to buy a laundromat business that doesn’t have impressive profits, realize that you can turn this around.