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The Laundromat business is a good business idea because there has always been a need for this type of business. There is a demand for this type of business in almost every neighbourhood.
Here are the advantages of owning your own Laundromat business:
1. Be Your Own Boss
2. Immediate Cash Flow
3. Demand
Be Your Own Boss:
You will have no one to answer to. If you are the type of person that can not work for other people or well under supervision then being your own boss may be a better choice for you. Most successful business owner were lousy employees.
Immediate Cash Flow:
You can start earning as soon as you get set up. People will begin using your machines as soon as they know you are there.
Demand:
There is a big demand for this type of business. Many people go to the Laundromat to get there clothes washed even if they already own a washer & dryer. Some people like to get all of their laundry washed at one time.
Here are a few things to determine before starting your search:
1. Income Goal
2. Start Up Capital
3. Location
4. Existing Business or Start From Scratch
5. Start Date
Income Goal:
It is very important to know how much money you want to make. If you do not know this it can delay your success rate. If you do not know how much you want then how do you expect to make it? Having an income goal can guide you to the right opportunity.
Start Up Capital:
How much start up capital do you have to get started? If you do not have the funds but have good credit then do what the wealthy do; use other people's money. Most successful businessmen never use their own money to start any business or opportunity. They borrow money from banks or credit unions even if they have the money sitting in their accounts.
Location:
This is a very important factor because in order for you to get enough business you need a good area accessible to people without cars. If you pick a high traffic area with a lot of apartments & transit nearby then business will be better for you.
Existing Business or Start from Scratch:
If you find an existing business then make sure to find out why they are selling the business in the first place. If it is due to retirement or illness then that is okay. If they are selling due to lack of success then that may be a red flag right there. It does not necessarily mean that you will have the same luck especially if they are located in a high traffic area. Their reason for failure may be due to poor management skills or lack of experience in entrepreneurialism. That is the main reason why most businesses fail.
If you are starting a business from scratch then make sure to get an affordable location compared to your income projection. Do some research & find out how much other Laundromats in the city or town make. Make sure to find good machines especially if you are purchasing used ones. Also make sure that you have someone that can come in & do maintenance on them periodically. If you are handy then you can save a lot of money on repairs.
Start Date:
Pick a date that you want to get started even before you start looking. This is very important because it is like giving your business a foundation that will hold all of the other details in place. Do not worry about how you will do it. Just know when & the how will happen.
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