Key Statistics Laundromat Investors Should Know
Investing in your own laundromat business is a big decision. Like any potential businesses investor, you’ve probably started researching the ins and outs of the industry. However, with all the information available, it can be hard to know where to turn or who to trust. Let Martin-Ray Laundry Systems save you the headache! If you’re considering investing in a laundry business, here are some key laundromat industry statistics you should know:
- There are currently about 35,000 laundromats nationwide.
- Laundromats generate about $5 billion in combined nationwide gross annual revenue.
- Coin laundries can range in market value from $50,000 to more than $1 million.
- Coin laundries generate cash flow between $15,000 and $300,000 per year.
Success Rate/Return on Investment
- The laundromat industry sees about a 95% success rate.
- Laundromat businesses average between 20-35% ROI.
An Average Laundromat Business
- The average laundromat facility is 2,170 square feet, but businesses range from 1,000 to 5,000 square feet.
- Laundromats are typically open between 6 a.m. and 11 p.m., while some choose a 24-hour model.
- 70% of laundromats have two employees or less.
- There are no major laundromat chains or franchises.
- About 36% of laundromat investors consider their store a part-time job, while 63% consider it a full-time job.
- Start-up cost range between $100,000 and $300,000.
- Most facilities have between 40 and 100 washers and dryers.
- Most commercial laundromat equipment will last about 10-15 years.
- Low income renters are the primary users of coin laundries.
- More than 60% of laundromat patrons are women.
- 87% of customers live within a mile of the facility.
- Laundromat customers’ median household income is $28,000.
- 90% of patrons become repeat customers.
If you’re interested in taking the next step to turn your laundromat dreams into a reality, contact Martin Ray’s knowledgeable team of experts today!