Starting a business with 10k may seem like a daunting task, but it’s definitely achievable. One of the industries that could be a good fit for a small budget is the laundromat industry. Here are some things to consider when starting a laundromat business with a budget of 10k.
The short answer is no. Running a laundromat remotely is not possible. It is a hands-on business that needs attention and maintenance. You can, however, hire someone to oversee the company’s daily operations. You can also install systems that allow you to monitor the machines and revenue remotely. It’s important to note that the success of your laundromat business will depend on the location, equipment, and management.
Yes, people still use coin laundry. In fact, it’s a growing trend. According to a report by Grand View Research, the global self-service laundry machines market size was valued at USD 3.4 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 7.3% from 2020 to 2027. The report attributes the growth to the increasing number of people living in apartments and condos, who don’t have access to in-unit laundry facilities.
The multiples that laundromats sell for depend on various factors such as location, equipment, and revenue. According to BizBuySell, the median asking price for a laundromat in the US in 2020 was $225,000, with a median revenue of $197,000. The report also shows that the median cash flow for laundromats was $55,000. However, it’s important to note that these are just median numbers and the price can be higher or lower depending on the factors mentioned above.
Starting a laundromat business with 10k is possible. However, it’s important to do your research and find a good location, invest in quality equipment, and hire someone to manage the day-to-day operations of the business. While you can’t run a laundromat remotely, you can install systems that allow you to monitor the machines and revenue remotely. The laundromat industry is still thriving, and people still use coin laundry. The multiples that laundromats sell for depend on various factors such as location, equipment, and revenue.