I'm thinking about setting up laundromat business...

[mg1942]

What do you guys think?  I'm researching on how to run coin/card-op laundromat.

I took some business class in college and I think know what gig i'm getting into.  I think I can hire my mom or my pops to do the accounting for me (I hope they still love me ). They both have Bachelor of Arts in accounting.

I have 0 debt and I wonder if banks will lend me some money

[Nwbie]

What do you guys think?  I'm researching on how to run coin/card-op laundromat.

I took some business class in college and I think know what gig i'm getting into.  I think I can hire my mom or my pops to do the accounting for me (I hope they still love me ). They both have Bachelor of Arts in accounting.

I have 0 debt and I wonder if banks will lend me some money

Got a friend who owns 3 - makes good money at it. One to cover costs of operating the other 2.
He put in a lot of hours in the beginning, now it is a part time load. Many of the big laundry equipment suppliers actually do their own financing( todays market that may be changing).
Depends on area, low income areas highest usage - but also lot of equipment breakdowns, vandalism etc.
his biggest money makers are the large load washers - people bring in comforters, rugs etc. - most money - largest cost to repair.
As for a loan - besides as addressed up there /|\ , small business loans still available, interest rates growing fast, but the thinking on the street is that the fed "bailout' will help support new investments, and the banks that support them, also, thinking is that "bad" loans will be covered. Many of the larger banks are taking that approach.
You have -0- debt - good, but do you have any credit history? - they look closer at that.
Good Luck

[lyric1]

Yeah give it a go all the laundromats around here seem to be always busy no matter what time. I live in small town Ohio I think we have three here.

[Mojava]

 That's how George and Weezy moved on up.....http://www.youtube.com/watch?v=-Chf54US3iE

[mg1942]

Got a friend who owns 3 - makes good money at it. One to cover costs of operating the other 2.
He put in a lot of hours in the beginning, now it is a part time load. Many of the big laundry equipment suppliers actually do their own financing( todays market that may be changing).
Depends on area, low income areas highest usage - but also lot of equipment breakdowns, vandalism etc.
his biggest money makers are the large load washers - people bring in comforters, rugs etc. - most money - largest cost to repair.
As for a loan - besides as addressed up there /|\ , small business loans still available, interest rates growing fast, but the thinking on the street is that the fed "bailout' will help support new investments, and the banks that support them, also, thinking is that "bad" loans will be covered. Many of the larger banks are taking that approach.
You have -0- debt - good, but do you have any credit history? - they look closer at that.
Good Luck

I read somewhere that you need $200,000 - $500,000 to start one

My pops is into jewelry business.  There's no way I can ask him for help (at least for now) because his situation is tight righjt now.

[Nwbie]

I read somewhere that you need $200,000 - $500,000 to start one

My pops is into jewelry business.  There's no way I can ask him for help (at least for now) because his situation is tight righjt now.

Have you looked into franchising availability?
What sucks about franchising is that you have a big brother looking over your shoulder
What is good about franchising is you have a big brother looking over your shoulder, they will teach you all the mistakes already made - follow this plan, may sound stupid, but it works kind of thing, and will stop you when you are at the limits of heading to financial upside down business.
You will be paying a percentage of your profit to big brother - after a few years, you most likely will not like that.

[eskimo2]

I wouldn't advise it unless you are at least 1/16 Chinese.

[Nwbie]

I wouldn't advise it unless you are at least 1/16 Chinese.

Think that is way closer to the Dry Cleaners business. Interesting how that stereotype holds true. I have done business with many dry cleaners in the area and only 1 that i remember was not chinese, or at least of asian descent.

[FTDEEP]

i own my own buisness. i even thought about opening a laundrymat. one nice thing about opening one of those is..once your floor is stocked your set. you dont have to worry about changing the floor every season. like a clothing store. but are gas prices low enuff ? another thing.. i would never open a buisness w/o owning the building. first if you rent..plan on the rent goin up and up if the owner sees you have a successfull buisness. same with lease. lease usually are a long lease they wont let you out ..EVER. and again if your doing well the lease will go up and up. are you ready to be married to your job or are you ready to be stolen blind? the washers get beat to crap. how many loads of laundry to replace one of those...? do you know how to service a wash machine? basically my biggest tip is..own your own building. hopefully w/a tennant upstairs paying the mortgage. good luck.

[mg1942]

I wouldn't advise it unless you are at least 1/16 Chinese.

I got some 1/8 jap blood in me

_{nevermind, Chinese who came from mainland will hate me...}