ARTICLES

The Most Common Ways to Finance a Laundromat

 

All right, so you have just found the perfect store and you got yourself a signed purchase agreement, Congratulations! But once the euphoria wears off, you get this feeling of, oh my gosh, I need to come up with some money to pay for this business. So what is the best way to do it? Should you pay all cash for the store or should you finance it? Well, that all depends on the terms of the financing, how much cash you have, and how much cash flow you need to pocket each month from the business. In most cases, it makes a lot of sense to finance the business. So, if you’re looking at your financing options, here are a few choices for you to think about. ...

Read the complete "Finance a Laundromat" article here

The Laundromat Spring Bounce

 

The Laundromat business is a very cyclical one, meaning that there are times when we can always count on heavy months (the winter time) and other times when the collections are a bit lighter than we would prefer (the summer). In an established coin laundry, the gross revenue in the summer months is generally somewhere between 10 and 15% less than that of the winter months. Why, you ask? In most places in the US, the winter time has colder weather and it rains more. This means that customers wear thicker clothing and more of it. This is all good for filling up the washers and dryers. ...

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Teaching Kids About Money Through Laundromats

 

I would say that one of my biggest passions revolves around my kids. And that is to teach them about money and entrepreneurship. This for me is, without a doubt, my favorite thing I love about this business and why I love to own a Laundromat.

 

When my eldest daughter was 8, one day she came up to me with her wallet and showed me how much money she had managed to save up. She had $347. I was impressed; man I never had that kind of money when I was only 8 years old, and so I said to her, “Wow, that’s a lot of money. Well, I guess you are old enough now for us to go down to the bank and open up a savings account.” I had been teaching my kids the Kiyosaki (Robert Kiyosaki, author of Rich Dad, Poor Dad) concept that, the rich don’t work for money, they know how to have money work for them. And she said, “Oh no, Dad, I don’t want to do that! I want to buy a money machine like you have in your Laundromat! Can I buy a washing machine?” ...

Read the complete "Teaching Kids About Money Through Laundromats" article here

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