Just considering new mat in low-income town

[Kendra]

Hey everyone. I just joined coinwash today, and just got an idea to open a laundromat today! So I'm about as "newbie" as it gets :) I was talking to someone today about how a very small town nearby (Population roughly 1200!) only has one laundromat with many washers and dryers, of which only 3 washers and one dryer actually work. That is so terrible! This town is VERY low-income. I am sure that a lot of "hand-washing" is being done by the residents since the junky laundromat is no good. I am thinking about starting one in that town. They have a small strip on their "main road" that has a few vacant storefronts. Perhaps I could buy or lease one of those to start the mat! I don't really know much about it, but I think it would be a great business and a great service to the people of that town. I'm starting the research today! Please let me know what you think! Any advice, suggestions, and opinions are very welcome. Thanks so much!

[anonymous]

i would start by looking to buy the run down laundry before i woud put a laundry in a small town .

[IPSOTECH]

I agree, with a town of just 1200 and very low income why would want to pay for all the construction costs and hassles. Why not just see if the current owner will sell and upgrade that one. Which will probably cost you a lot less to do.

But really 1200 people, is it worth it? If a mat is not going to have the potential to produce at least 5k/ month then I personally wouldn't even consider starting from scratch. Other than that your better off just buying an existing location for a reasonable price and rent.
What kind of net income can you expect to generate with a town of just 1200 low income people?

I think the first thing you need to do is define your goals. Figure out if the mat is going to be you primary source of income or a secondary. Also home much time to you intend on devoting to this venture or more appropriately do you have enough time to devote to the laundry. Too many people getting into this business think its a sit back and watch the money roll in business.

Value you time devoted to the mat and balance that with your potential profit if you can devote the same time elsewhere and earn better income If you are earning better elsewhere then you are not using you time to its fullest potential in the laundry business.

I myself would like to do many things with my time including owning a mat or 2 but I alway get back to this same basic point I just described. VALUE OF TIME. What things afford you the best return on time spent. Only you can answer that question.

[detlaundry]

kendra,
Be careful.. As you will read after careful consideration of this website, this is not something you can jump into. Further, i am sure you can find a distributor to sell you new equipment for your dream laundromat, but 1,200 people doesn't seem to warrent construnction of a new mat.
Sounds like you might try approaching the owner of the older mat after you finish your reasearch.

[anonymous]

Kendra, welcome! Nice to see a new face.

Let me direct you to a post called "Used equipment" on the main board. It speaks of the preponderance of relatively new equipment that owners are selling. Business failure would be the reason.

I mention it for two reasons. Take a long, acute examination at the present condition of this industry and any other in your area. You may acquire valuable insight doing so.

My next reason supports other posts. Starting a business from scratch would be infinitely more difficult than purchasing an established one. This is a known fact.

Again, welcome! Ask a lot of questions as many here are so willing to share invaluable advice.

Toto

[Kendra]

Thanks everyone! Like I said, it was just a beginning thought. If I take it any further, I might look into the old mat. I don't have a TON of time to put into it, but my Grandma would love to help out anytime, as she gets pretty bored anyway. As far as income goes, I wouldn't expect any. Of course I wouldn't want to LOSE money, but I'm not concerned about income if I were to do this. I just want these people to have a place to do their laundry! Their other laundromat options are at least half an hour away. Maybe I'm just too romantic. It will probably never happen, but it's a nice thought! Thanks again :)

[mike]

Kendra,

This is not the mat location for you,

but,

Don't lose that enthusiasm ! One of my daughters was born in the same year as you, and sounds just like you !

She had to fill out a ski form for a school trip (she had NEVER skied before), and on the form was a section to choose between "beginner" or "expert"
She asked me what to put, and I said "YOU'VE NEVER SKIED BEFORE !!!!"

She answered, yes, but I may already BE an expert !

The enthusiasm of youth.

[anonymous]

TotoMongo
______________________________________________
Kendra, welcome! Nice to see a new face.
______________________________________________

Toto...aren't you new too.....lol

just teasing...hell I consider myself a newbie

[anonymous]

[QUOTE]
Toto...aren't you new too.....lol
[QUOTE]

Sometimes, I feel like I have seen it all, done it all! Thats when life gets boring.

Toto

[pete f]

I lived in a small town a couple times. It was common for the owner that wanted to build a new mat to buy out the owner of the old mat. I would approach the owner and tell him you want to go into the mat business and ask if he will sell. Then redo the place, fix it up nice, buy some good used equipment and put your gramma to work. You live in the small town, so that is what you have to work with. Many owners here have 5000 or 10,000 people per sq mile, and the mats will gross much more a day than you will a week. But locations are different. A nice mat in the last small town I lived had a conveience store attached to the mat.
Good luck.

[ajay]

although few maybe hand washing, the remaining must be doing their laundry somewhere - find out where. Regardless of the condition of the store, if the need is there, then it must be busy - find out how busy. In a small town such as this one, the Town staff may not allow another mat - best bet is to look at the existing one and see if the owner is looking to get out the business.

I once thought I had found a great location for a laundtromat with little or no competition, until I started driving around in every block and realized how much competition there really was. I asked the local Gas stations for a mat, stopped at a Diner, asked around. Eventually realized the competition...

find out the nearest grocery store, people got to eat, likely you'll find people are driving, bussing, etc to get food - Generally those locations do well since it attracts people from distance than locals.

ajay