I'm going to tell you exactly how to open a laundry mate for free step by step. Also going to say to you the Start cost, Expenses, profits and of course the challenged
Although this is free, it does take some leg work and effort. The goal is to grab these cash business for free and create a network and sell it for millions
How to start a laundromat business with no money
Start-Up Cost
3 ways to get started:
Buy: 50k- 500k
Build: 175k-300k
Free: Lease
Expenses
Rent: by square feet, and it should be around $1 or less per square foot because of the nature of the business. ( And the margins are very low)
Water: The more expensive, the better for you ( means your doing business)
Gas: “
Electric: “
Insurance: Depends on the company and its for liabilities in your business
Employee (nope, that'll be free also): Hire them on a 1099 and pay them based on picks ups
Maintenance: have a company on call or a full-time employee ( google search and have them compete for your business )
Security software: 30-60 bucks per month and this for ( camera and making sure your environment is safe)
Taxes and Common area charges ( cost like garbage disposal and snow pickups) Depends on the state
Wifi: 15-30 bucks per month
Profits
It can be 3$ per load in the small machines and then also 6$ for the large machines
Half the business is done on Sundays
Cash every single day
Step1; Store Scouting
- You want to find run-down laundry mats and reinvest into them and bring them back to life ( why you're buying the plumbing and the location) 10 indicator that business is falling
- (why)Things you need. Gas, two forms of electric 110 & 220, proper makeup air for dryer, sewage, drainage, space, permits ( starting cost of a new one is 150k-300k)
- Have the landowner pay for the out of pocket cost
- Existent store or closed store
- Look for competition around and look in the area
- Once you find the location, contact the landowner from For Rent Sign or by asking the tenant
- Look for out of order signs, Unattended, old machines ( shows bad sings)
- Internet, word of mouth, distributor, go out and look
- Look also for a bad location by seeing liquor store and other stores that might attract the wrong crowd
- Talk to the customers
- Google
Step 2: Establish a relationship with a distributor
- The salespeople for the equipment
- Credit for equipment without 0 money down (15-year lease and a free laundromat )
- They’ll tell you about stores that closed down and equipment that’s still their
- Reputation (look for this)
- Find references and owner from the distributors ( That way you get the reputation)
Step 3: Lease negotiate
- LOY ( Letter of Intent) states the intent of what you want to do
- You want to get the best lease possible because you'll be stuck for 15 years
- 6 months rent-free
- 6 month half rent
- Nevermore than $1 per square feet
- Abated rent
- Gross rent ( without common area charges, taxes, insurance) ask for 6-12 months ( to get the store up and to run
Step 4: Operate (15 years or longer)
- Know your market its middle-aged women with kids make them feel safe
- 24hrs a day
- Brand not as important, its more about the distributor (the Same brand, to keep consistency)
- New Machines ( feels like it belongs to them)l, 5 years or older might be a problem
- Finance depending on the interest rates ( make sure the terms benefit you no early termination fees) 8-9% however you can get lower (5-year warranty)
- The landlord is not on your side
- 15% take on vending machines and stuff ( rent it out to a vendor, avoid gum, and stuFf (keeps the store clean)
- Own the stuff with no product ( arcade game
- Maintenance: Floods and machines break down
- Marketing: Don’t depend on word of mouth ( have a telephone) Coupons for slow days
- Attending: Give away a part of your business to your employee, 1099 contract, You give the customer and let them make money from the drop-off, and they set their own hours. Make them a partner. 6am-6pm
- Dropoff laundries is their profit: 85% of profits go to them and 15% goes to you with the machines don’t give them free machines
- 1099: No paying insurance, no salaries and non of the benefits, no overtime
* PRO TIP*
INFORMATION IS EVERYTHING
Link: www.freelaundromat.com/
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