March 24, 2021 at 10:22 pm #4859
Any suggestions on who / what company could:
1) study a market and make a suggestion on whether to build a new mat ?
2) If the answer is yes offer a suggestion on store size or more specifically is a store size too large for the market
3) Projections based on store size
I would want an independent party that understood I am not asking with the prospect of buying equipment from them/ building a store with their company in that particular market.
March 25, 2021 at 4:33 am #4861Sherrie MyersParticipant
WOW! What a loaded question. There are so many considerations. A good Laundry Consultant could defiantly steer you through the process. I would jump on Youtube and see who is posting information and decide on which one to hire. Consider location of the consultant as it seems like there are wide variations in laundry business based on area of the country. East Coast, West Coast, Mid west, New England, Urban and Rural all directly impact size.
April 8, 2021 at 11:02 am #5118
I would suggest buying an existing small location that needs a rehab 1st. Get your feet wet and see if you like the laundromat business first before making such a huge financial commitment only to find out its not for you.
April 11, 2021 at 7:36 pm #5246
I hear ya, and my thought has been to find an existing location.
However, I rarely see mats (very rarely) come up for sale in the state and certainly not within a couple hour radius. When I say rarely I am talking in time frames of years.
In the past I have talked to owners, sent letters, left notes.
Recently I have left my information with all the nearby distributiors in the chance they have a customer or contact wanting to sell a store. The distributor I am talking with about building a store does have store close to me that he would sell. It is not a growth market, small population but could be a steady Eddie. He was not trying to sell it but I called asking.
Related to size I have found it takes just as much time and energy to run a small operation as a it does to run a larger operation. But as you mentioned large is a larger financial commitment and new does not have an existing customer base along with other unknowns.
April 16, 2021 at 5:25 am #5279
where are you located?
Be aware you should always have the mindset when working with a distributor is ..their goal is to sell you as much equipment as they can for the highest price. They are a good resource and some are better then others but for the most it’s all about selling you or the next guy equipment. You should always quote them against another competitor.
Another good approach to finding a store is developing a relationship with the local equipment repair service. They have a wealth of knowledge on what’s stores are good and what owners might be ready to sell.
April 17, 2021 at 7:26 am #5289
What you just mentioned about mindset related to the goal of pushing as much equipment as possible is exactly why I mentioned I would want someone to evaluate that was not trying to sell equipment and or build a store with them.
Your post is a healthy reminder.
To that point I see what you described as a common cause of failure in another industry. Meaning a distributor sells too much of the high priced equipment and overbuilds a facility to someone entering from outside the industry.
April 19, 2021 at 9:55 pm #5318
10 Minute Drive. 15 Minute Drive
Renter Households 1,268 2,166
Households under 25k Income 971 2,042
Non-renter Households 2,261 5,232
Trailers/Mobile Homes. 283 512
Total Population 9,500 20,000
April 19, 2021 at 10:12 pm #5321
^^ I should find a better way to post in the format I was attempting.
Renter Households 1,268 (10 Minutes) 2,166 ( 15 Minutes)
Households under 25k Income 971 (10 Minutes) 2,042 (15 Minutes)
Non-renter Households 2,261 (10 Minutes). 5,232 (15 Minutes)
Total Population 9,500 (10 Minutes) 20,000 (15 Minutes)
April 20, 2021 at 8:02 am #5322
I butchered that posting format, but those are the factors listed by CLA commonly used in the various market or demographic evaluation methods.
A couple of items I left out above:
1 existing store in the market, about 2 miles from potential new build site.
Next closest stores are just over 20 minutes away.
16% Hispanic population
Anyone care to take a stab if that market is big enough for a second mat ?
April 21, 2021 at 3:55 pm #5356Jason DodgeParticipant
I’m personally more hands on in that I would have to drive the neighborhood and get a feel for it. Population, renters, low income families, family size are all important factors. So I guess I would see how much business is available based off of known laundromat assumptions. Once you have a revenue projection, then you can begin to see how big or small of a laundromat you need to fill that need.
You don’t really want to tell anyone where you are so I think it’s tough for anyone to point you in the right direction and give you a possible referral. Maybe take Jordan up on his free phone call. I honestly only know my market.
April 21, 2021 at 4:53 pm #5360
I agree with Jason. I only really know my market.
Based on the info provided it appears you are in a rural or semi rural area. Personally I would not be interested..but that’s just me. Does not mean it could not work for another operator.
You are going to have to do some boots on the ground work. Go sit on the current open laundromat.
What condition is it in? Is it a dump or well maintained?
Thursday – Monday are ppl waiting for washers and dryers?
Pull the water bill for the open laundromat..should be public record.
If the answers are
Yes it’s a dump
Yes ppl are waiting on washers and dryers
Yes there water bill is a good amount
Then there is prob room for another laundromat to better serve the customer base.
Sorry did you say your looking for property or just lease space?
If it were me..I would approach current owner and attempt get a dialogue going about selling you the business. Never know they might be ready to walk. Either way if you do move fwd with another location near by they will find out. So why not give them a shot walk away. Always potential the area can not support 2 mats. Lil bit of a poker game.
December 3, 2022 at 4:23 am #18676Piter TownParticipant
What’s your problem with gambling? Why do you discourage people from doing it? Everyone has their own head. Let them play what they want.
December 3, 2022 at 4:41 am #18677Piter TownParticipant
December 3, 2022 at 4:50 am #18679Oliver ParsonParticipant
Of course, I’m no expert in construction work, but I’m a real gambler.
December 5, 2022 at 6:54 am #18696Oliver ParsonParticipant
What’s your problem with gambling? Why do you discourage people from doing it? Everyone has their own head. Let them play what they want. I’m a gambling man, and those words were the first thing that caught my eye in the whole sentence. I know many people who also play poker and other games of chance. And I don’t see anything wrong with it. If you’re a gambling man, too, we can play together. Just for starters, check out the gambling reviews. Here you can find all the information joe fortune bonus codes. I wish you good luck in improving your skill in this business.
You must be logged in to reply to this topic.