Coin laundry

[James L.]

Does anyone have any experience with laundromat/ coin laundries? The idea is interesting to me but I'm not sure if it is still a profitable business model still. I have seen them come up for sale from time to time at a very wide price spread. I guess I would love to pick someone brain on it.

[Nick L.]

They can be a good business but you have to really know what you're doing. 

Potential problems:

- High cost of maintenance & utilities, especially with older buildings and machines

- Theft, personal injury claims and other insurance problems

- Competition from other facilities or in-building laundries

Another problem is getting accurate financials. Since most facilities are cash-based you can't depend on seller records. You might have to sit outside for a few hours at different times and estimate business volume based on patrons entering.