Opening a laundromat can be a very lucrative business, but if you want to be successful you need to do some research and have a plan. Due to the nature of a laundromat and the equipment and plumbing required, this is not the type of business you can just open on a whim. Use the following tips if you are interested in owning your own laundromat:

Research Before Committing to a Location

The location of your laundromat can make or break your new business. It is extremely important to research an area thoroughly before signing signing a lease. Ideally, you want to be located in close proximity to several apartment complexes, or even college dorms. These types of dwellings are less likely to have washers and dryers in each unit or room, so you will have a better chance of building up a clientele from the start.

Negotiate Favorable Lease Terms

One of the easiest and most cost effective ways to open a laundromat is by leasing a space that is already set up as a laundromat. The amount you spend each month to lease space for your laundry business is likely to be one of your biggest expenses, so it is important that the lease payment and the terms of the lease are favorable.

Inspect the Equipment Closely

Location and good lease terms are essential to a successful laundromat, but it is also vital to carefully inspect the coin operated laundry equipment inside the space. While commercial coin operated laundry equipment can last for a long time, you don't want to open up your new business with equipment that is very old and likely to need to be replaced in the near future. It is a good idea to ask the ages of all of the washers and dryers, and also ask for model numbers so you can learn more about their typical lifespan. If a couple of machines need to be replaced, contact a  company that sells quality coin operated laundry equipment, such as Metropolitan Laundry Machinery Sales Inc.

Extras to Maximize Your Profit

Don't forget to consider extra services and features that you can include in your laundromat to make extra money and maximize your profits. The average customer of a laundromat will spend an extended amount of time in the building while waiting for clothes to be washed and dried, so make sure you at least have well-stocked vending machines with snacks and beverages. Some laundromat owners had had success by including video game stations that customers pay to use, or a small coffee bar. Examine your space and your budget, and don't be afraid to think outside the box to bring in extra income.