Laundromats in my country are much much smaller. 6 washers, 6 dryers. Open 24/7. I don’t know how much they’re making but it would be nice to buy a franchise.
How do you regulate the opening and closing of the business? Do you automate the opening/closing or does someone physically lock/unlock? What is a good size (sq ft) if you were to start from scratch? FYI, i'm in the midwest. $10 psf triple net is about the going rate here.
Our door is on an auto lock/unlock. So it unlocks in the morning and the first customer in just opens the door. We have an employee who closes at night (the door auto locks but does not auto close). I think the ideal SF really depends on what you want to do. My laundromat is fairly small (about 1000 sf). It's in San Francisco, so that's not too uncommon. The main thing I would be concerned about space wise with a new location would be having enough room to both serve the self-serve customers and also have a wash & fold component. We actually took out some old washers and created more folding space because there were times we didn't have room to do the wash & fold orders. If you had a separate area for wash & fold, say a large office with a couple machines and folding space dedicated specifically to wash & fold that could help too.
Thank you for this content. The big question for me is how does one buy a laundromat that has a solid return? I’m totally down to work in the business, but have the fear of buying a dud. Thanks!
Thanks for commenting! Is your question more around how to find a cash flowing laundromat in the first place, or how to analyze financials to know if there's a solid return? Or something else?
Hi K. Thanks for the response! It’s more about finding a mat that’s busy so I know there’s somewhat of a guarantee of a decent return. I understand I can send inquiry letters to the mats that are busy and not selling (to find out if they are interested in selling), but are there any other areas I can look into so I feel more confident in the potential profit? PS - I heard you on Justin’s podcast (I think that’s his name) and was drawn in by your story. I’m a tv producer looking for a pivot into a business of my own - something that AI can’t swallow up! Thx again!
@@TBJaeger I'd be happy to connect with you to answer this question further, as I think my answer might be a bit in depth. Shoot me an email! keira@arenacommercialcapital.com
Hi @Keira_Hamilton I have the very same question as this gentleman. I'm very new at the industry and in business. This would be my very first business so it can be a bit overwhelming to grasp initially. Would it be okay to shoot you an email to get the answer?? Also, thanks so much for taking the time to make this very detailed and informative video. 👍🏼
@@Daisy_92 Thanks for commenting! It's a bit of a long answer, and it depends on what specific follow up questions you have. You're welcome to list out your questions here and I will address them in future content, or you can book a consultation with me one-on-one. keirahamilton.setmore.com/
Found you from Jordan’s podcast and follow you here. Love your vdo and everything you saying here thank you for doing this I love to learn more.. a little feedback though if you don’t mind.. the music though 🙃 a little too loud 😣
Thank you for the feedback! That’s great to know and I’ll keep that in mind for future videos. 😊 Let me know if there are any questions I can answer for you!
Great question! We have not had significant issues with crime. We recently had someone try to drill the locks on one of our changers, but they weren’t able to get inside. That’s the only time something like that has happened since we’ve owned it. There were a lot of laundromats we passed on because they were in neighborhoods we weren’t comfortable with.
@Keira Hamilton I am looking to get into this business as well. Do you have any advice on what brand of machine is good? say If i want to do credit card plus coin or just coin laundry? How often does a particular brand need to serviced compared to others? To be honest I'd like to ask a ton of questions, but l don't want to take up a lot of your time
We have Dexter and Speed Queen and I think both those brands are solid and make equipment that lasts a long time. We use PayRange on both of them for electronic payments, although I would guess they integrate with other electronic payment options as well. I’m not sure about which types of brands need to be serviced over others, but I would not recommend going with a lesser known brand because it will likely be harder to find techs that can work on them. For example, there aren’t as many techs who work on Wascomats, at least in my area. Feel free to ask more questions!
No, we live in Oakland which is across the bay and distance has definitely been a challenge for us. Personally, if I were to buy another laundromat it would need to be less than a 30 minute drive away. Now we're at a point where we only go in usually once a week, but there are times when we need to go in more frequently and spending over an hour sitting in traffic is no fun.
Laundromats in my country are much much smaller. 6 washers, 6 dryers. Open 24/7. I don’t know how much they’re making but it would be nice to buy a franchise.
Very good video. Congratulations on your laundromat, we wish you many years of success.
How do you regulate the opening and closing of the business? Do you automate the opening/closing or does someone physically lock/unlock? What is a good size (sq ft) if you were to start from scratch? FYI, i'm in the midwest. $10 psf triple net is about the going rate here.
Our door is on an auto lock/unlock. So it unlocks in the morning and the first customer in just opens the door. We have an employee who closes at night (the door auto locks but does not auto close). I think the ideal SF really depends on what you want to do. My laundromat is fairly small (about 1000 sf). It's in San Francisco, so that's not too uncommon. The main thing I would be concerned about space wise with a new location would be having enough room to both serve the self-serve customers and also have a wash & fold component. We actually took out some old washers and created more folding space because there were times we didn't have room to do the wash & fold orders. If you had a separate area for wash & fold, say a large office with a couple machines and folding space dedicated specifically to wash & fold that could help too.
we got a local laundrymat in my small town and every now and again i think about what i'd be like to own one but sadly i never have the funds for it.
God bless your
channel.
Thank you for this content. The big question for me is how does one buy a laundromat that has a solid return? I’m totally down to work in the business, but have the fear of buying a dud. Thanks!
Thanks for commenting! Is your question more around how to find a cash flowing laundromat in the first place, or how to analyze financials to know if there's a solid return? Or something else?
Hi K. Thanks for the response! It’s more about finding a mat that’s busy so I know there’s somewhat of a guarantee of a decent return. I understand I can send inquiry letters to the mats that are busy and not selling (to find out if they are interested in selling), but are there any other areas I can look into so I feel more confident in the potential profit?
PS - I heard you on Justin’s podcast (I think that’s his name) and was drawn in by your story. I’m a tv producer looking for a pivot into a business of my own - something that AI can’t swallow up! Thx again!
@@TBJaeger I'd be happy to connect with you to answer this question further, as I think my answer might be a bit in depth. Shoot me an email! keira@arenacommercialcapital.com
Hi @Keira_Hamilton I have the very same question as this gentleman. I'm very new at the industry and in business. This would be my very first business so it can be a bit overwhelming to grasp initially. Would it be okay to shoot you an email to get the answer?? Also, thanks so much for taking the time to make this very detailed and informative video. 👍🏼
@@Daisy_92 Thanks for commenting! It's a bit of a long answer, and it depends on what specific follow up questions you have. You're welcome to list out your questions here and I will address them in future content, or you can book a consultation with me one-on-one. keirahamilton.setmore.com/
Found you from Jordan’s podcast and follow you here. Love your vdo and everything you saying here thank you for doing this I love to learn more.. a little feedback though if you don’t mind.. the music though 🙃 a little too loud 😣
Thank you for the feedback! That’s great to know and I’ll keep that in mind for future videos. 😊 Let me know if there are any questions I can answer for you!
Love this!
Does crime play an issue in owning your laundromat???
Great question! We have not had significant issues with crime. We recently had someone try to drill the locks on one of our changers, but they weren’t able to get inside. That’s the only time something like that has happened since we’ve owned it. There were a lot of laundromats we passed on because they were in neighborhoods we weren’t comfortable with.
Where do you look for a decent laundromat?
Hey! I actually talk about how to find a business for sale in Part 2 of my How to Buy a Business series. :)
@@Keira_Hamilton thank you very much I’ll watch that real soon
@Keira Hamilton I am looking to get into this business as well. Do you have any advice on what brand of machine is good?
say If i want to do credit card plus coin or just coin laundry?
How often does a particular brand need to serviced compared to others?
To be honest I'd like to ask a ton of questions, but l don't want to take up a lot of your time
We have Dexter and Speed Queen and I think both those brands are solid and make equipment that lasts a long time. We use PayRange on both of them for electronic payments, although I would guess they integrate with other electronic payment options as well. I’m not sure about which types of brands need to be serviced over others, but I would not recommend going with a lesser known brand because it will likely be harder to find techs that can work on them. For example, there aren’t as many techs who work on Wascomats, at least in my area. Feel free to ask more questions!
Do you live in San Francisco? I'm trying to buy a laundromat I'm afraid it's too far away from my house
No, we live in Oakland which is across the bay and distance has definitely been a challenge for us. Personally, if I were to buy another laundromat it would need to be less than a 30 minute drive away. Now we're at a point where we only go in usually once a week, but there are times when we need to go in more frequently and spending over an hour sitting in traffic is no fun.
Is it best to buy one or build my own from the ground?
Great question! I'll make sure to answer this in my upcoming content.