@richardy You can’t just “walk into it and start up” a laundromat and assume you’ll be successful. I assume you got that idea from TikTok videos.
You don’t know anything about the industry, so what are you basing that on? Just a complete guess?
I personally don’t make business decisions based on guesses or gut feelings. I don’t care what the industry is it’s never that easy. You’ll have competitors, cost analysis, unexpected expenses, liability risks, etc.
Do you know how to make your laundromat handicap / ADA accessible? Have you run numbers on the very high utility rates? Do utility rates change significantly winter to summer? Is there seasonality in your customer base? Can you survive the slow times if business drops and utility costs rise? Are there competitors in the area? How do you choose the exact location? Are you throwing darts or do you have extensive knowledge of the local laundromat competitive environment? How do you maximize the useable lifetime of the machines? What does maintenance involve? What kind of liability insurance do you need? How rampant is theft and what do you do to reduce it? If something breaks what do you do and how much does it cost to replace? Do you plan to advertise? What advertising budget is profitable, are there marginal returns? How much do you charge per load? Do you accept credit cards, if so what is involved in that? Do you offer parking - does a parking lot exist? Are you zoned to construct a parking lot?
If it was so easy and guaranteed profitability, everyone in town would own 1,000 laundromat and be billionaires. It’s never that easy. The only thing guaranteed in life is death and taxes, every brick and mortar business has inherent risks and requires knowledge, otherwise you’re throwing darts and hoping you get lucky by winging it. I would not recommend winging a large amount of your net worth on an industry you have no knowledge in.
