Jasmine
VIP Contributor
If you are looking for a low risk business, Laundromat business can be the business you should start.
According to a study 66 percent people don’t start a business despite having a dream to start a business because they are afraid of failure. I another study, it was discovered that about 95 percent Laundromat business are successful within 5 years.
Most businesses fail because they cannot market well and they cannot mange well due to over staffing or under staffing, however, Laundromat does not require a lot of marketing, and no staffs is required, except someone to keep the business open and close. Hard work of washing and drying is done by the machine and the customers do the loading and unloading.
The start-up cost is comparatively high as you need to buy a lot of washing machines, you might have to spend $100,000-$500,000. Operational cost is also high as you need to pay rents, water and electricity bills. Therefore, it takes time to generate net profit, but this is a recession proof business and low risk business.
According to a study 66 percent people don’t start a business despite having a dream to start a business because they are afraid of failure. I another study, it was discovered that about 95 percent Laundromat business are successful within 5 years.
Most businesses fail because they cannot market well and they cannot mange well due to over staffing or under staffing, however, Laundromat does not require a lot of marketing, and no staffs is required, except someone to keep the business open and close. Hard work of washing and drying is done by the machine and the customers do the loading and unloading.
The start-up cost is comparatively high as you need to buy a lot of washing machines, you might have to spend $100,000-$500,000. Operational cost is also high as you need to pay rents, water and electricity bills. Therefore, it takes time to generate net profit, but this is a recession proof business and low risk business.