If you are looking for a good small business opportunity, consider opening your own coin laundry.  Since everyone needs clean clothing, the demand for your services should be steady. You will need to invest between $300,000 and $1,000,000 to get started, depending on your chosen location and the cost of leasing or owning your own equipment. Having your own laundromat can be profitable, but you need to carefully consider the following topics before you decide to become the owner of a coin laundry.

Facility Costs

Of course, this amount will greatly vary depending on whether you buy or lease. Leasing will certainly cost you less in the short-term, but you will still have remodeling costs to consider, particularly if the previous business was not a laundry. The average cost for a laundromat is somewhere between $200,000 and $500,000, with renovations costing approximately $200,000 more. Purchasing a laundromat that is currently up and running might be the most economical move of all since you will eliminate almost all of your start-up costs. 

Personnel

You may choose to be a hands-on owner and work at the laundry full-time yourself, but you will still need to hire several full or part-time attendants to cover your operational hours, which may be 24/7. The average salary for a Canadian laundry attendant is $24,607, the cost of which needs to be figured into your business plan. You may also want to employ a security guard to protect your equipment and make the customers comfortable, particularly during the overnight or late-night hours. 

Machines and Maintenance

You can count on initially investing at least $150,000 for your washers and dryers, and that amount could go up to $450,000 for a larger operation. Also, realize that you will have one or more machines broken down at any given time, so you must budget for nearly daily maintenance. Obviously, you cannot earn money if the machines are not working, and you will harm the reputation of your business if your equipment is not well-maintained.

In addition to these basic expenses, you will need to explore licensing fees in your city or town. These vary location to location and may be determined by how many machines you are hooking up to the local sewage system. Even with all these costs, a small coin laundry with twenty machines can be expected to net about $14,400 per year. You can certainly make more money by opening a larger establishment and providing much of the labor yourself. 

For more information or help with starting your own coin laundry business, look into coin laundry from Harco or other similar companies.

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