Mat Owners.....

[Anonymous]

Just wondering.....do most laundromat owners have full time jobs in addition to taking care of their mat's....or is ownership pretty much a full time job in itself? I'm considering buying a laundromat but I'm not sure that I'm ready to quit my job until I'm sure it will be self-supporting.

[PeterH]

Got my first store in 1999, got my second in 2004, still at my fulltime job since 1988...

[Winston]

I had a 4 month overlap in jobs when I bought my mat in 2001. Since I left my previous "life" I have had:

> More income
> Fewer work hours
> More fun
> Better sleep
> Less stress

In my opinion, in order for one laundromat to be your only source of income, it needs to be large (75 to 100 machines). Also, in order to have good net, you need good gross. Personally I wouldn't want to devote all of my work energy and time to any business that didn't gross at least $200,000 annually.

[daddy4ever]

I'm going on 4 years with 1 mat and have 3 rental properties and work full time. Think about the benifits you might lose not working full time.

[pete f]

Your question is as unique as the areas and owners here. There are many areas that will not support a mat the size required to make a living off it. You are buying yourself a job when you buy a business, so if you want to make 100k a year then you probably need to spend 3 times that in cash. Working at a real job and owning a mat can work well, the return is stronger than a rental property, but so is the owner involvement. Much depends on your level of time you can or want to commit.

[Winston]

Pete F is right. Owning a mat is a job, not an investment or "income stream". The more of your own effort you put in, the greater your financial rewards will be.

[tree6199]

My husband and I own just one medium sized laundromat which we have had for almost a year. This is my only source of income, but it is a "second" income as my husband is the main bread winner and I get to spend more time with our son.

It works for us. Plus when we're really busy or an employee doesn't show up, I just go in and put in some extra hours myself. I have no other job responsibilities, so the stress is minimal......which is invaluable.

[daddy4ever]

Tree....,
Sounds like you are setting in the best of both worlds. Stay Honest, Work Hard and enjoy your family.