Is a Laundromat Passive Income? A Look at the Earnings of Laundry Businesses
Do you ever wonder how much money laundry businesses make? Are laundromats a good source of passive income? With the rising popularity of online laundry services and appliance rental companies, it can be hard to know what to expect when considering opening a new laundry business.
The truth is, there is no one-size-fits-all answer when it comes to how much money you can make from owning and running a laundromat. Your profits will depend on many factors such as location, size, equipment quality, customer service, etc. However, for those looking for some insight into expected earnings in this industry, here are some statistics that may help give you an idea:
According to data from the Multi Housing Laundry Association (MLHA), coin operated laundries have an average revenue of $3 per square foot. That means that for every 100 square feet in your shop you could potentially earn about $300 per month in income. While this varies by location and other factors such as machine prices and services offered, it’s still an average number that could be used as ballpark estimate when considering potential profits with owning and operating a laundromat business.
In addition to the revenue generated from washers and dryers usage fees (coin or card operated machines), most businesses also offer extra services such as drop off/pick up service or same day delivery which can help increase overall profits significantly. Furthermore depending on your area you may also be able to generate additional income through partnerships with local companies or institutions like universities/hotels who require frequent large volume washing needs.
Overall while running a successful laundromat requires careful planning and investment upfront , it has great potential for returns if done properly – especially with more digital solutions available today than ever before . For those looking for more information on equipment / digital solutions options , appliance rental companies offer attractive alternatives since they provide access to high end machines without requiring significant capital investments upfront .For more information about rental services click here