Laundromat Profits After 10 Days

[Wildhundreds]

What does the gas bill look like to run all those dryers?

 

[skylove4]

Find a highly Hispanic area and it will work.

You would have to have a Hispanic as the face of it . If they find out it’s black owned they wouldn’t patronize it

 

[Ezekiel 25:17]

I know a guy that just bought and sold a laundromat business within like 6 months. Said he had to be there non-stop because he couldn't get people to work the shifts, and also said that even when he got people to work he kept running into issues with them not do things the way he was training them to.

He spent about a month and a half working 12 hour days 6 days a week until he said fukk it and sold at a slight loss.

YMMV tho

How much was he paying them?

 

[CSquare43]

I've always thought a laundromat or a storage facility would be good businesses to get into.

Wonder what their run rate ends up being after business settles into whatever their normal is. I'd be interested in seeing this a year down the line...

 

[Zostrianos]

$100k-120k annual profit I figure. Start up costs gotta be a pain, but if you've made seed money in other arenas this could be a solid investment.

 

[Swirv]

400-500k not including what the real estate lease or sale would add.

This is revenue, not profit.

Would like to know the start-up costs (ie acquiring all of the machines).

You also have to take into account recurrent expenses like rent, energy costs and the salary paid to his manager.

 

[lightskin jermaine]

And he posted his expenses

 

[Stuntone]

My cousin in Baton Rouge has a laundry mat, but her husband is a repairman so he repairs the machines.

Machines and repair can be very costly. And the initial startup cost are crazy she tells me. Especially if you don't have the plumbing already in place. You're looking at over 50k out the gate and that's for a smaller mat.

 

[fact]

Probably not as serious as people think a few weeks probably takes care of the machine costs and maintenance. That's each machine by itself taking care of itself. If it's not being used there's no wear. Probably just as worth it to buy new machines every few years.

You aren’t taking into account how careless people are with things that don’t belong to them, and since they are paying for use of said thing, feel like they can do whatever they want to it. When I first got out of high school, I was like “cash business, I’m gonna open laundromats and car washes”, but to come across the right situation, being that everybody has that same idea, including mid size companies with the capital to eat these operations up as they become available, is like 1 in 10 million odds. That is not to say it’s not possible, but these Tik tok videos are made by the same people that make “flipping houses” look like something that anybody with access to 20k can do to becomes instant millionaires.

 

[jilla82]

everyone has all these questions about how it works...
but there are plenty of YT videos that break it all down and do "a day in the life" videos about working their biz.

wake up to the fact all info is out there...
...you can do whatever you want in your life.
the only thing holding you back is your limiting beliefs

unfortuanlty black folks are weighed down by self sabotaging actions, low self esteem and limiting beliefs.

 

[Cakebatter]

I watched a ton of videos on running laundromat businesses about 10 years ago, when it was easier to get into. Its cheaper to buy an existing laundromat than to start from scratch. Manning them is the toughest part, although plenty of laundromats operate unmanned. Maintenance cost is what youtubers and TikTokers today avoid talking about. The machines are expensive to buy and repair. Given the rise in renters, its not a bad business to start, but it in no way classifies as passive income, it requires a ton of work, which is why it was so easy to buy up existing businesses in the past.

 

[InkosiYe]

How much was he paying them?

He didn't give me all that info but I assume he wasn't offering a ton of money.

For what it's worth he said that the place was actually profitable and could have continued that way as long as he was willing to keep handling the bulk of the work and pulling those 60 hour weeks.

I'm thinking he realized that a salary that would've kept those workers around and/or attracted some better workers (and maybe a manager) woulda cut into the profits more than he would've liked, so he got out.

 

[AceDeuceTrey]

Laundromat owners have started hiring TikTok actors to produce resales.

Don’t fall for it

Are you saying they are trying to make the laundromat business seem more lucrative than it is to offload to naive buyers?

 

[RickyDiBiase]

2 Nigerian brehs around my way got the same type of setup. They just expanded since the pizzeria next door shut down. They got folks hook, line, and sinker. Washer prices are a little high but manageable but the kicker is they don't charge folks for drying. I'm gonna ask them how much startup $$ it took for them since I'm moving to a nice size college town

They should sell pizzas while people wait in the laundromat

 

[J.E.T.S]

You could make close to 10k a month working a regular job.