I want to highlight 3 main reasons why laundromats are the best businesses you can own.
1. Laundromats are stable businesses
Every person has a few essential needs to maintain a basic level of life, and without them, the quality of life dramatically decreases. Those essential needs include food and water, shelter, and clean clothes. Laundromats provide essential clean clothes to their customers. The essential nature of clean clothes ensures an ongoing need for a way to wash clothing no matter the state of the economy or what is going on in the world.
2. Laundromats produce high cash-flow
The typical return on investment is between 20%-28% (5 times the net income and 3.5 times the net income, respectively).
One of the tools available to laundromat owners to help improve the performance of the business and manage the business better is Cents, a solution that helps laundromat owners grow, manage, and understand their laundromat businesses. The increase in the availability of tools like Cents available to laundromat owners makes it much easier to make increasingly sophisticated business decisions with ease in order to increase cash flow.
3. Laundromats are relatively simple businesses
As far as businesses go, laundromats are on the simple end of the spectrum. Laundromats have a few qualities that make them much simpler to operate than most other types of small businesses. First, laundromats generally don't carry too much inventory, if any at all.
Second, laundromat customers generally pay upfront. This means there is no invoicing, following up on missed payments, tracking down delinquent clients, etc. Card payment systems and integrated business solutions, such as Cents, make processing customer payments simple and easy, as well.
Third, laundry businesses usually have relatively few employees.