Does anyone here have past or present experience owning and operating a coin laundry business in a major Canadian city? If so, what was your experience? Is it/was it profitable? What are the pro’s and con’s. Would you recommend it as a business?

  • pel1000BEnglish
    1·
    1 year ago

    If anyone is telling you that is a passive income, few hours a week, collect your coins and walk away. He/She is lying to you.

    I have never owned a coin laundry in Toronto but have used several coin-operated laundry machines when I was going to school at Ryerson.

    In last 10 years, I have owned, operated and sold 5 coin laundromats in the Los Angeles areas. I still own one location the very first one I ever owned.

    There are several factors to look into this business.

    I can summarize but you will have to check with a business broker.

    This is where I would start.

    1. Location, Location and Location.
    2. Square Footage
    3. Warranty on parts if buying a running site.
    4. A trustworthy manager.
    5. Utility Bills. (Gas, Water, Sewer, Trash and Electricity)
    6. Vending Machines. (Detergent, Snacks, Sida)
    7. More vending machines such as massage chairs, coffee, ice cream and small coin-operated vending machines.
    8. Land ownership/If leasing a large portion of your income will go there.
    9. Fluff & Fold Service, Pick and Drop Service
    10. A reliable technician to service washers and dryers.
    11. A good handyman for small repairs when needed.
    12. A big enough parking lot, at least 16 stalls or more.
    13. Competitions.
    14. 5 to 8 staff if 24/7 operations.
    15. A good look at the books.

    Good luck!