Many prospective entrepreneurs are always searching for the best investment opportunities, especially during challenging economic times. If you’re working full-time, were recently laid off, or want a second flow of income, you should consider going into the laundromat business. Don’t scratch this potential side hustle off your list without learning why you should invest in a laundromat business.
Laundromats are a Self-Service Business
One positive thing many enjoy about owning a laundromat is that it’s a self-service business type, meaning you don’t need to be there to help customers during the day. You’re only expected to be there for repairs, opening and closing the laundromat, and refilling vending machines.
Investing in a Laundromat Business Rewards Flexible Work-Life Balance
Many of us search for jobs that allow a flexible work-life balance, but even those might be difficult to come by, especially if you own a business. You should invest in a laundromat because it rewards flexibility in work and life, so you have more time to focus on the things that matter most. A laundromat requires minimal contact with customers and other employees, but only if they invest in remote monitoring tools.
Laundromats Are Profitable in a Recession
One of the things that remains profitable in a recession is self-service businesses. These businesses limit the number of staff members hired for customer support, provide consumers with machines they can operate individually, and have flexible hours of operation. Your profitability improves even when times are tough.
It Doesn’t Require Much Marketing
While laundromat businesses don’t require much marketing, you do want to scan the area for competition. One of the things to write in a laundromat business plan is how many other laundromats in the area offer similar services. You can match them by offering better amenities, such as toys for children or comfortable seating where customers can relax while waiting for their loads to finish.
Running a laundromat is a great side hustle that provides investors with the flexibility they need most for their work-life balance. This model is only a portion of what you can look forward to most when investing in a laundromat business.