A laundromat is the perfect candidate for a hands-off business model if you’re looking for ways to generate passive income. Of course, it’s easier said than done as there’s plenty of groundwork to cover before a laundry facility can generate residual payments without much active work. For those willing to put in the initial time and financial investments, a laundromat can offer a steady, reliable, and recession-proof income stream. Let’s dig into some of the essential rules that you should follow to achieve a profitable and passive laundry facility.
Invest in top-tier equipment.
The foundation to a smoothly operating laundromat that allows you to take a step back while still optimizing profits is professional quality equipment. Top-of-the-line washers and dryers have a host of advantages that make it easier to run a passive income business. First and foremost, these highly efficient units experience fewer issues which means less time you have to spend making sure they get fixed. On top of that, advanced commercial equipment helps reduce operational costs by limiting repair needs and using less energy. The thorough washes and quicker dries make clients more likely to return too. Some providers even install equipment in your facility for free and simply take a portion of the profits in order to limit the upfront costs of transitioning to top-quality washers and dryers.
Work with a local provider.
One of the most common mistakes made by laundromat owners is choosing to work with national providers. The big-name reputation of these faceless brands attracts owners without delivering the expected service. If you’re looking to build a self-sustaining laundry facility, you need to find a reliable and experienced local provider. These professionals have the time and resources to offer quicker services, more attentive customer service, and better deals than any national provider. Some providers even offer next or same-day service so you can keep your equipment and your business up and running no matter what. All these benefits make it much easier to build a passive income stream.
Used advanced payment solutions.
The days of coin-only laundry rooms are long gone. Today, customers expect laundromats to offer a handful of payment options which is a win-win for owners. You earn a reputation as an accommodating provider, and you can streamline payment systems. Instead of having to collect coins on a weekly or daily basis and haul them to deposit at the bank, you can disperse payments among various digital systems such as debit and credit cards, loyalty cards, mobile payments, and more. The financial and time investments required to add these payment types will quickly pay off.
Hire a competent manager.
You can implement all the most advanced equipment and payment systems to make your laundromat as smooth as possible, but that doesn’t achieve a fully hands-off business model. You’ll still need to stop in from time to time to collect coin payments, clean the space, maintain equipment, and perform other forms of upkeep. The final step to achieving a completely passive income is to hire a manager and team to handle the daily operations of your laundromat. These professionals will make sure everything is up and running smoothly. In a sense, a manager acts as your stand-in so you’re confident knowing the day-to-day demands of the facility are handled without requiring your constant intervention.
If you’re struggling to find a reputable, local, and reliable service provider, you’re in the right spot! At Cleaning and Laundry Equipment, we specialize in providing top-tier commercial laundry equipment and unrivaled servicing to laundry facility owners throughout the Pacific Northwest. We pride ourselves on providing quick, pain-free, and cost-effective services along with unbeatable equipment to help clients reach their business goals. Contact us today to learn more about what we offer.