How to Calculate Start Up Costs for a Laundromat. Starting a laundromat is not an inexpensive business venture. However, once you get it up and running, it can be very lucrative, depending on location, quality of your machines and other variables. To decide whether starting a laundromat is the right decision for you, calculate the start up costs.
Find a location for your business. You can either have a new building built as needed to house a laundromat or have a contractor add the water, electrical, drainage and gas lines to an existing building. On the other hand, you can lease a building if the owner allows you to make the necessary changes to the building. Get quotes from different contractors and builders for all options so that you can decide which the best choice is for you.
Decide whether you want to buy used or new coin operated washing machines and dryers. New machines will be more expensive, of course, but you will likely have to begin making repairs on used machines sooner. Again, get prices from a few different dealers to get an idea of how much the machines will cost.
Ask your local utility companies how much they require for a deposit to get the utilities turned on. Expect to pay a rather significant fee for water and sewer hookup. They will probably charge you a set amount for each washing machine that you plan to run in your laundromat.
Find out how much your fees will cost for business incorporation, legal fees, business insurance, building permits, business license and other fees required to start a new business. In addition, if you are renting a building, consider your lease deposit as well.
Get quotes on the cost for a professional to install your equipment. They may charge by the machine or by the time they need to complete the project.
Price other items that you will need for your laundromat. Remember that you will need tables on which customers can fold their clothes, rolling baskets, chairs, detergent vending machine and other incidentals. Visit other laundromats and take note of items that they supply in their buildings.