The amount of money you can make from a laundry varies tremendously. According to the Coin Laundry Association’s Brian Wallace, the annual gross income from one store can range from $30,000 to $1 million. The expenses incurred while running a store range between 65 and 115 percent of the gross income. That means that for a store grossing $30,000 per year, at best it nets $10,500 and at worst it loses $4,500. For a store grossing $1 million per year, the profit could be as high as $350,000, or there could be a loss of up to $150,000, depending on expenses.
Keep in mind that if you buy a laundry, you don’t pay for licenses or sewer connection fees (unless you decide to have additional washers installed). But you will have to pay for renovation and any new equipment you decide to install if you want to update the laundry.
In addition, owners have realized that they can maximize their profits by providing customers with access to multiple services. Since they’re paying a set amount of rent on their commercial space, they might as well use that space to its fullest potential. Many owners around the country are serving food, renting mailboxes and offering free internet access. Because newer laundries are bigger than in the past — often 3,000 or 4,000 square feet — overhead is higher, and owners are looking for ways to cover the cost. These additional services demand little increase in overhead because the rent is already paid for. Customers benefit by being able to use several services all in one convenient location.
Your first duty of the day is to open your store, and you must be on time because your customers may plan their day around getting their laundry done at a certain time. You can avoid having to be at your store early in the morning and late at night by installing an automatic lock system on a timer. A typical system like this will cost you between $1,000 and $1,500.