Setting Up A Coin Laundry As An Entrepreneurial Venture
If you are searching for a sound investment option or strategy
, then the entrepreneurial climate is buzzing with scores of opportunities. This implies that you need to search for the right opportunities in the market. This is inclusive of the traditional investments as well as new opportunities such as bonds, stocks and real estate. The setting up of a coin laundry unit also holds great potential and holds much promise for an entrepreneur who is starting out.
There are several advantages of starting out with a coin laundry featuring
commercial laundry machinesand it has its share of advantages and disadvantages when it comes to time and financial commitment. These include:
These include a comparatively high rate of return when it comes to the investment part.
These may function as a part time addition to your career
Involves minimum labour costs
Comparatively low cost of investment
Resistant to recession
No need to use complex bookkeeping systems
There are no inventory costs involved
The fixed costs are reduced to a minimum
Several tax incentives for different business owners
As is evident from the name itself, a coin laundry is a cash business. There are a couple of advantages of being involved in such cash-rich business. There are no account receivables involved. The revenue that is generated each day can be collected on the same day. Thus the owner does not have to worry about credit card hassles and bounced checks.
The coin laundries have been in the business for several years and therefore boast of a rich history. There are a number of coin laundry businesses in the country. There are a number of people who do not possess their own laundry equipments such as home renters, students and apartment dwellers. As per a recent survey conducted in the field, as much as 52.3% fall in the same category. There are several reasons for the use of
commercial laundry equipment.These include:
The ability to do the laundry in real quick time and faster than any large capacity equipment or multiple machines
Domestic laundry systems are incapable of dealing with bulky items
The large capacity equipment makes it easier to dry wash and subsequently dry oversized domestic items such as sleeping bags, comforters, rugs and a host of other items.
The established brand names in the industry possess the latest and a comprehensive range of high tech equipment.
The customer base for the commercial laundry is huge and spans a cross section of the industry. These include:
Businesses that require clean laundry on a regular basis such as restaurants, salons, healthcare facilities and spas but do not have an on-premise laundry
Travellers who do not have access to a laundry
People who do not have home laundry equipment or have one that is temporarily out of order
There are additional advantages if you choose to work with one of the reputed firms in the business.
by: Steven Hayes
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