Should I invest in a coin-laundry?
Yes, according to industry trade publications, a professional self-service laundry is a smart investment in a vital, mature self-service business. Besides being an automated self-service business, which has no inventory or accounts receivable problems to worry about (you are paid up-front in cash), it’s a low labor, recession-resistant business that can provide a high return on investment. According to laundry trade journals, American Coin-op and The Journal of the Coin Laundry and Drycleaning Industry, the average return on investment of a coin laundry is approximately 48% on a cash investment. That means a cash investment in a coin laundry can be paid back in a remarkably short time. Additional services such as wash, dry and fold, and drop-off laundry service can also generate additional revenue. Without a doubt, self-service laundries should continue to be a growth industry throughout the 21st century.
How much can I expect to earn on my investment?
Important factors affecting the earnings potential of a modern coin laundry are its location, demographics, the size of the store, the mix of equipment, advertising and promotion, and good management. Depending on these variables a coin laundry can generate up to 50% on the cash invested.
What is a good location for a coin laundry?
Your laundry should be located in a high-traffic, populated, middle-to-low income area with adjacent parking or within a neighborhood shopping area. Coin laundries have traditionally done well in middle-to- high income areas when located near condominiums, apartments and townhouses, because many two income families find it faster, safer and more convenient to use the local coin laundry which provides bigger, more efficient, better washers and dryers than at home or in a building laundry room.
Can Belenky help me find a good location?
Yes ! Finding and recommending good locations is among the many services provided by Belenky. Belenky can also provide store design, layout, and equipment size and model recommendations, and assistance in negotiating a lease.
Does it require any special skills to own and operate a self-service coin laundry?
No. A coin laundry is a self-service business. No special skills are required. The most important factors in your success are you, your business management skills, desire, perseverance, and a well-equipped coin laundry with professional laundry equipment in the right mix of models and and sizes, and a location in a good site. Belenky will assist you with ongoing marketing guidance and promotional recommendations.
How much does it cost to build a professional coin laundry?
The cost depends on the size, equipment mix, and amount of needed leasehold improvements. Today’s professional coin laundries range in size from 2,000 to 5,000 square feet. A properly designed and equipped laundry can cost between $175,000 to $475,000. With a minimum cash investment of $60,000 to $100,000.
Can I obtain Financing?
Yes! Belenky can assist you in obtaining low-cost financing. We have several good sources in which to obtain financing, and can get decisions as fast as five business days.
Has new technology changed the way coin laundries are managed?
Definitely! There have been many innovations that have literally changed the way laundries will be managed and operated.
1. Today, debit card systems allow you to use your personal computer in your home, office, or anywhere to manage and monitor your laundry and the equipment. Windows based software links a personal computer with your store to create a seamless 2-way network, by modem or over ordinary telephone lines, 24 hours a day.
2. Debit Card systems can eliminate the need for coin meters, coin counters and problems associated with coin meters, and provides you with a precise record of money received. Debit Card Systems can eliminate losses from “silent partners” and vandalism. It creates a cash float and customer loyalty when they purchase or add value to their debit card. You can receive electronic cash intake accountability on each machine, track time and dates of each machine’s usage, and determine the appropriate times to run special business building pricing, anytime of the day or any day of the week. Debit Card systems deliver state-of-the-art off-premises management control and electronic data collection,
The Belenky Peace of Mind. When you equip your laundry with energy-efficient washers and dryers, you’re making a smart investment in a solid future. You can be assured that Belenky will be there, not only for your initial turn-key investment, but also to assist you in building your business and expanding it to your second, third and forth coin laundry.
Key Benefits
• Expert Site Selection
• Demographic & Feasibility Studies
• CAD Design & Layout
• Business Plans
• Construction & Cost Management
• Employee Training
• In House Service Schools On Preventative Maintenance
• Nationwide Service
• On Going Promotional & Customer Support
• Equipment Recommendations
• Construction & Installation
• Promotion & Grand Opening Programs
• Low Cost Financing
