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Hey Bryan thanks for responding!
How much time do you plan on spending at your laundromat?
I plan on working there near full time for the first 6 months or so. I want to learn every aspect of running the business boot on the ground. I will then go part time and train an attendant to work a few days a week.
What will your break even point be?
We will be profitable from day one of buying the business. If all the machines weren’t 15+ years old and we kept things as is, we would reach profitability after about 4 years. My math says it will take about 3.5 years but there will be growing pains and I learn the hard way.
What is your projected ROI?
Depending on financing were thinking between 18 and 24%. The biggest factor is whether we can get 100% financing on the new equipment.
What services do you plan to offer?
Currently there are no services offered beside the laundromat. There are high end apartments all around I plan on offering a pickup and drop off service. There are also plenty of hotels in town without many laundromats. We will also offer drop off and pick up to them for linens.