{"id":5724,"date":"2020-02-03T11:09:58","date_gmt":"2020-02-03T13:09:58","guid":{"rendered":"https:\/\/speedqueencommercial.com\/en-us\/?p=5724"},"modified":"2020-02-03T11:09:59","modified_gmt":"2020-02-03T13:09:59","slug":"pros-and-cons-of-purchasing-an-existing-laundromat","status":"publish","type":"post","link":"https:\/\/staging.speedqueencommercial.com\/en-us\/news\/pros-and-cons-of-purchasing-an-existing-laundromat\/","title":{"rendered":"Pros and Cons of Purchasing An Existing Laundromat"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/speedqueencommercial.com\/en-us\/wp-content\/uploads\/2019\/12\/Candler_2017_10-1024x683.jpg\" alt=\"\" class=\"wp-image-5601\" srcset=\"https:\/\/staging.speedqueencommercial.com\/en-us\/\/wp-content\/uploads\/2019\/12\/Candler_2017_10-300x200.jpg 300w, https:\/\/staging.speedqueencommercial.com\/en-us\/\/wp-content\/uploads\/2019\/12\/Candler_2017_10-768x512.jpg 768w, https:\/\/staging.speedqueencommercial.com\/en-us\/\/wp-content\/uploads\/2019\/12\/Candler_2017_10-1024x683.jpg 1024w, https:\/\/staging.speedqueencommercial.com\/en-us\/\/wp-content\/uploads\/2019\/12\/Candler_2017_10.jpg 3825w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>If you\u2019re thinking of opening a laundromat, you generally have two\noptions \u2014 purchase an existing laundromat or build a new laundromat. Purchasing\nan existing laundromat can be an enticing and profitable investment, but there\nare some pros and cons to consider. Let\u2019s dive in&#8230;<\/p>\n\n\n\n<p><strong>Pros<\/strong><\/p>\n\n\n\n<p><strong>It\u2019s set up as a\nlaundromat<\/strong><\/p>\n\n\n\n<p>One of the nice things about purchasing an existing laundromat business\nis that it\u2019s just that \u2014 a laundromat. That means the building is,\ntheoretically, all set up to operate as such. So theoretically,&nbsp; renovations and updates will mostly be\nfocused on aesthetic and efficiency&nbsp;\n(such as painting or updating the commercial laundry equipment and\ntechnology) rather than building a new facility or updating major building\ncomponents (such as the plumbing and electrical components). The building will\nlikely be zoned properly and have all the necessary permits. This can make for\na much simpler process for investors. <\/p>\n\n\n\n<p><strong>Already has a\ncustomer base and business model<\/strong><\/p>\n\n\n\n<p>Because it has been set up and operating as a laundromat, it may be\neasier to get your business off the ground. You may have a built-in customer\nbase of regulars and an ongoing cash flow that comes with that. While it may\nneed some updating, you\u2019ll also likely have commercial laundry equipment and an\nexisting business model to get you started. Cash flow and collateral may make\nit easier to get financing, as it\u2019s less of a risk.<\/p>\n\n\n\n<p><strong>Cons<\/strong><\/p>\n\n\n\n<p><strong>It\u2019s likely a\n\u201cfixer-upper\u201d<\/strong><\/p>\n\n\n\n<p>Most investors aren\u2019t going to sell a successful, high-performing\nlaundromat unless they\u2019re retiring. That means you\u2019ll likely be buying a \u201cdiamond\nin the rough\u201d or a \u201cfixer-upper\u201d type business that could use a little TLC. You\nmay inherit laundry equipment that needs to be updated, outdated business plans\nand policies, and employees that aren\u2019t necessarily loyal to new management. <\/p>\n\n\n\n<p><strong>Higher costs<\/strong><\/p>\n\n\n\n<p>Because you\u2019re purchasing a whole business \u2014 including the existing\nlaundry equipment, marketing, and other assets \u2014 instead of just a building,\nthe initial costs to purchase the business may be higher. On top of that,\nyou\u2019ll likely have to pay for repairs and upgrades to the facility. <\/p>\n\n\n\n<p>If you\u2019re thinking of <a href=\"https:\/\/speedqueencommercial.com\/en-us\/support\/why-invest-in-laundromats\/\">investing in a laundromat<\/a>, the laundry experts at Speed Queen are here to help. From financing to laundry design services to high-quality laundry equipment, we can help set your laundromat on the right track. We\u2019ll help you weigh the pros and cons of various locations and find the right next step.<\/p>\n\n\n\n<p style=\"text-align:center\"><strong>Learn more about Speed Queen for Laundromats<\/strong><\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-background\" href=\"https:\/\/speedqueencommercial.com\/en-us\/markets\/laundromats\/\" style=\"background-color:#f04923\">Learn More<\/a><\/div>\n\n\n\n<p style=\"text-align:center\"><strong>Contact Speed Queen<\/strong><\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-background\" href=\"https:\/\/speedqueencommercial.com\/en-us\/contactus\/\" style=\"background-color:#f04923\">Contact Us<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019re thinking of opening a laundromat, you generally have<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5724","post","type-post","status-publish","format-standard","hentry","category-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v26.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Pros and Cons of Purchasing An Existing Laundromat - NA Speed Queen Commercial<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/speedqueencommercial.com\/en-us\/news\/pros-and-cons-of-purchasing-an-existing-laundromat\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pros and 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