I have been giving a lot of thought lately about a very specific type of business to open.  While I have had some businesses in my past (some I am not proud of, and some like this blog that I am very proud of), I have never run a brick and mortar business so the thought is very scary to me.  I am just going to put it out there and I would love to hear some thoughts from everyone out there:

I want to own a Coin Operated Laundromat

Positives of Buying a Laundromat Business

  • Paid in Cash – Nice not to have to worry about credit cards or account receivables
  • Can be set up to run itself – no where near passive income, but less time intensive than other types of B&M business
  • Recession Proof – People need to wash their clothes regardless of whether it is tough out there
  • As opposed to building one myself the property is already outfitted to handle the load of a Laundromat (pun intended)
  • There are a lot of other synergistic businesses can be spun off (candy machines, games, etc. all in the Laundromat)

Negatives of Buying a Laundromat Business

  • Capital Intensive – The nice thing about running online businesses is that I don’t have to worry about shutting down shop I can just shut down my server lol
  • Paid in Cash – Need to have partners I can really trust as it would be very easy for anyone of us to screw the other on pick ups
  • Paid in Cash – Can EASILY be mugged at any time
  • Landlord – I am now going to be dealing with a landlord who can jack my rate up at any time
  • Environmental Issues – I will have to be up on the code for dealing with all that water waste
  • Repair Issues – I don’t know ANYTHING about repairing one of these machines and that might be a very expensive lesson to learn
  • Learning the Business on my dime

Will I ever open one? I have no idea but I can’t shake the thoughts I have been having this be my next income stream.

 

Has anyone owned or know someone that has owned a Laundromat? Does anyone know why Firefox keeps making me capitalize Laundromat?