{"id":31881,"date":"2024-03-01T16:28:39","date_gmt":"2024-03-01T16:28:39","guid":{"rendered":"https:\/\/swoopfunding.com\/ca\/start-a-business\/laundromat-business\/"},"modified":"2025-02-28T13:34:14","modified_gmt":"2025-02-28T13:34:14","slug":"laundromat-business","status":"publish","type":"start-a-business","link":"https:\/\/swoopfunding.com\/ca\/start-a-business\/laundromat-business\/","title":{"rendered":"Laundromat business"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"31881\" class=\"elementor elementor-31881\" data-elementor-post-type=\"start-a-business\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3b3fcd2d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3b3fcd2d\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-78c7fa95\" data-id=\"78c7fa95\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-55d0851d elementor-widget elementor-widget-text-editor\" data-id=\"55d0851d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Laundromats are a strong and steady industry, supported by a <\/span><span style=\"font-weight: 400;\">growing\u00a0 population<\/span><span style=\"font-weight: 400;\"> and more people living in apartments and condos where in-home laundry facilities are becoming rarer. The fact is, people need clean clothes and if they can\u2019t do them at home, laundromats are the only game in town.\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6dda3f4d elementor-align-center elementor-widget elementor-widget-button\" data-id=\"6dda3f4d\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-md\" href=\"https:\/\/app.swoopfunding.ca\/stage\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Get a quote<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-67e369c2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"67e369c2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1d6348ef\" data-id=\"1d6348ef\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f751d7d elementor-widget elementor-widget-ucaddon_aivoov_player\" data-id=\"f751d7d\" data-element_type=\"widget\" data-widget_type=\"ucaddon_aivoov_player.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n\n\t\t\t<div class=\"aivoov-player-block\">\n\t<div class=\"read_this\">Read this article to me<\/div>\n\t\t\t<style>\n\t\t\t.plyr__controls .plyr__controls__item:first-child{\n\t\t\t\tbackground:#2e9c8e !important;\n\t\t\t}\n\t\t\t:root{\n\t\t\t--plyr-color-main:#2e9c8e;\n\t\t\t--plyr-audio-controls-background:#f0f2f4;\n\t\t\t--plyr-audio-control-color:#546a7b;\n\t\t\t}\n\t\t\t[data-plyr=\"mute\"]{color:#2e9c8e !important}\n\t\t\t.aivoov-text-color{color:#546a7b}\n\t\t<\/style> \n\t\t<div class=\"audio_player\">\n\t\t<audio class=\"js-player\" controls=\"\">\n\t\t\t<source src=\"https:\/\/monky-voice-over.s3.amazonaws.com\/aivoov\/781640cc-7bc1-4bbf-9492-22dedc19678b\/7a91253c-2e95-489e-a035-1c87eaee5be1.mp3\" type=\"audio\/mp3\">\n\t\t\t<source src=\"https:\/\/monky-voice-over.s3.amazonaws.com\/aivoov\/781640cc-7bc1-4bbf-9492-22dedc19678b\/7a91253c-2e95-489e-a035-1c87eaee5be1.mp3\" type=\"audio\/ogg\" \/>\n\t\t<\/audio> \n\t\t\t\t <div class=\"powerd_by aivoov-text-color\"><p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/aivoov.com\/?um_source=plugin_powered_by\" style=\"color: inherit;\">Powered by AiVOOV<\/a><\/p><\/div>\n\t\t \n\t\t<\/div>\n\t\t<\/div>\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8caa18d elementor-widget elementor-widget-text-editor\" data-id=\"8caa18d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-size: inherit; letter-spacing: inherit;\">However, opening a successful laundromat is no slam dunk. On average it costs $200,000 to $500,000 to launch a mid-size laundromat \u2013 and that\u2019s one without all the bells and whistles, such as pay-by-card machines, wash\/dry\/fold\/press services, vending machines and TV facilities to keep your customers entertained. On top of this are your day-to-day running costs, wages to employees, essentials like insurance and the constant need to maintain the machines that produce your income.<\/span><\/p><p><span style=\"font-weight: 400;\">All in all, launching a laundromat is not something you can do for a few thousand dollars \u2013 especially in the early days of your startup. But where does all the money go? Let\u2019s dig into the facts to find out what it costs to open a laundromat.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-12a3a37d elementor-widget elementor-widget-heading\" data-id=\"12a3a37d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How much does it cost to open a laundromat?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7b3bb6e8 elementor-widget elementor-widget-text-editor\" data-id=\"7b3bb6e8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">How much you spend will be influenced by what type of laundromat you wish to operate. Do you start from scratch in a new location, buy or rent an existing laundry business, or go the franchise route?\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">If you start from scratch, you can create a laundromat exactly as you want it depending on your budget, but you\u2019ll have to build your customer base from zero. If you buy or rent an existing laundry business \u2013 and there are thousands<\/span><span style=\"font-weight: 400;\"> of them in Canada &#8211; you\u2019ll get the benefit of loyal customers, but you\u2019ll also need to pay a premium for \u2018business goodwill\u2019 and may still need to renovate the operation and upgrade the machinery.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Buying into a laundromat franchise can immediately give you brand name recognition, support with finding the right location, buying equipment and gaining access to local and national marketing campaigns that drive customers to your door. However, joining a laundromat franchise does not come cheap. You will usually have to pay a hefty franchise fee and have an additional $100,000 to $300,000 in liquid cash available \u2013 requirements that may be beyond many budding laundromat-business owners.<\/span><\/p><p><span style=\"font-weight: 400;\">You will also need to decide what kind of service your laundry business will provide. Will you operate a self-service, automated store, a full-service laundry that offers wash\/dry\/fold\/press services, or a pick up and drop off service where you don\u2019t need a consumer-facing location? Each option has its own pros and cons. Self-service laundromats are cheaper to set up and run than full-service, but they also generate less revenues and cannot gain premium sales. Full-service laundries can generate higher revenues, but they also have higher costs such as bigger wage bills. Pick up and drop off laundries can be based in an industrial unit that will be much cheaper to buy, lease and operate than a store, but you will also need a vehicle, drivers, and more marketing and advertising to <a href=\"https:\/\/swoopfunding.com\/ca\/blog\/how-to-promote-your-business\/\">promote your services<\/a>.\u00a0<\/span><\/p><h3><b>Location<\/b><\/h3><p><span style=\"font-weight: 400;\">No matter which launch route you take, you\u2019ll need a base of operation. Getting the right location \u2013 one where there are plenty of potential customers within short distance \u2013 is critical to the success of your laundromat. Ideally you want a location close to apartments and condos as those residents are most likely to need your laundry services. You should also consider passing traffic \u2013 do you need a unit with a parking lot \u2013 and things like security and safety if your business is going to operate 24 hours a day.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Conduct your own market research to find a neighbourhood that can support your business. Look for schools, as that signifies families and more clothes to clean. Find out who your competitors are \u2013 how many laundromats are already close by? Calculate the affluence of the area \u2013 check out the types of cars that park nearby, do the apartment blocks have door attendants, how upscale are the stores, cafes and restaurants near your location? If it looks like the locals have higher incomes, ask yourself if they are more likely to want a self-service or full-service laundromat, or will they prefer a pick up and drop off service that comes to their door?<\/span><\/p><p><span style=\"font-weight: 400;\">Lastly, keep in mind the old saw about real estate \u2013 it\u2019s all about location, location, location. If you want to open your store in a more affluent neighbourhood, you\u2019ll pay more to rent or buy your business premises \u2013 maybe more than you can offset by charging higher prices. Also, opening your laundromat in a major city is going to cost a lot more than operating in a smaller town. Do the math and balance it out \u2013 based on the prices you think you can charge, how many customers a day do you need to cover your costs and produce a profit? Can the location support that kind of traffic? If the answer\u2019s no, then look elsewhere.\u00a0<\/span><\/p><h3><b>Buy, build, or rent?<\/b><\/h3><p><span style=\"font-weight: 400;\">Once you\u2019ve found the ideal neighbourhood, you\u2019ll need to find a place to operate. Do you buy, build or rent?<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Buy<\/b><span style=\"font-weight: 400;\"> \u2013 buying an existing laundromat gives you a ready-to-open business with an existing customer base, but it will typically be much more expensive than starting from scratch. Depending on your location, <\/span><b>you could pay more than <\/b><b>$1million<\/b><span style=\"font-weight: 400;\"> for a successful laundry business. However, scary as that kind of number is, a commercial mortgage could help you to pay the owner\u2019s asking price. Spread the cost over 10 to 25 years instead of paying all at once.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Build<\/b><span style=\"font-weight: 400;\"> \u2013 constructing a new laundromat in leased or purchased premises may be cheaper than buying an existing laundry \u2013 typically <\/span><b>$200,000 to $500,000<\/b><span style=\"font-weight: 400;\"> \u2013 but you\u2019ll have to cover these upfront costs and then build your customer base over time. Will your <\/span><a href=\"https:\/\/swoopfunding.com\/ca\/business-loans\/working-capital-loans\/\"><span style=\"font-weight: 400;\">working capital<\/span><\/a><span style=\"font-weight: 400;\"> last until you reach break-even? If not, you could consider a commercial mortgage, <a href=\"https:\/\/swoopfunding.com\/ca\/sectors\/construction-loans-and-finance\/\">construction loan<\/a> or use <\/span><a href=\"https:\/\/swoopfunding.com\/ca\/business-loans\/asset-finance\/equipment-financing\/\"><span style=\"font-weight: 400;\">equipment financing<\/span><\/a><span style=\"font-weight: 400;\"> to pay your build-out expenses and buy your washers and dryers \u2013 keep your cash free to cover operating costs until your business is profitable.\u00a0<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Rent <\/b><span style=\"font-weight: 400;\">\u2013 you may be able to find an existing laundromat where the owner is prepared to rent the business out to you. Usually, you will pay a regular location rent plus a percentage of your revenues or profits. <\/span><b>$4,000 per month<\/b><span style=\"font-weight: 400;\"> is typical. Keep in mind that though this route is less capital-intensive than buying or building, you\u2019ll have no real ownership in the business.\u00a0<\/span><\/li><\/ul><h3><b>Utilities<\/b><\/h3><p><span style=\"font-weight: 400;\">Laundromats use a lot of electricity and water \u2013 especially if you operate 24\/7. Expect to pay a few thousand dollars per month to your utility suppliers \u2013 or around <\/span><span style=\"font-weight: 400;\">25% to 35%<\/span><span style=\"font-weight: 400;\"> of your gross receipts. (Also factor in broadband costs if your machines are pay-by-card and you provide free wi-fi to your customers).<\/span><\/p><h3><b>Equipment<\/b><\/h3><p><span style=\"font-weight: 400;\">Laundromats are just big rooms full of busy machines, but customer expectations can run high. If your machines are old, inefficient and battered, you will have a tough time building a customer base. If you buy an existing laundry, chances are the equipment will need upgrading. If you are starting from scratch, put in the best machinery you can afford. Either way, research <\/span><a href=\"https:\/\/swoopfunding.com\/ca\/business-loans\/asset-finance\/equipment-financing\/\"><span style=\"font-weight: 400;\">equipment loans<\/span><\/a><span style=\"font-weight: 400;\"> to help you pay for these essential assets instead of paying for them out of working capital.<\/span><\/p><p><span style=\"font-weight: 400;\">Key equipment and average costs:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Washers <\/b><span style=\"font-weight: 400;\">\u2013 depending on their size and type, you may pay <\/span><b>$500 to $5,000<\/b><span style=\"font-weight: 400;\"> for a commercial washing machine. More expensive units usually cost less to run and take a bigger payload (so you can charge more). New machines have a lifespan of 10 to 15 years.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Dryers <\/b><span style=\"font-weight: 400;\">\u2013 usually purchased as a \u2018stacked unit\u2019 that puts two dryers together in a cabinet. Expect to pay around <\/span><b>$5,000<\/b><span style=\"font-weight: 400;\"> per stacked unit. Lifespan is also 10 \u2013 15 years.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Soap vending machines<\/b><span style=\"font-weight: 400;\"> \u2013 these convenience machines can be purchased for <\/span><b>$500 to $1500<\/b><span style=\"font-weight: 400;\"> depending on size and complexity.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>ATM and change machines<\/b><span style=\"font-weight: 400;\"> \u2013 you can probably get an ATM machine installed for free by the supplier in exchange for letting them reap the ATM fees. Change machines that turn dollar bills into coins or tokens can be obtained for <\/span><b>$1,000 to $3,000<\/b><span style=\"font-weight: 400;\">. Note that today, more and more customers expect to pay by card so you should consider providing it. (Doing so will also allow you to add other automatic profit centers such as <\/span><a href=\"https:\/\/swoopfunding.com\/ca\/business-loans\/asset-finance\/vending-machine-finance\/\"><span style=\"font-weight: 400;\">drinks and food vending machines<\/span><\/a><span style=\"font-weight: 400;\">). Costs for installing card-payment technology are coming down rapidly, so you should conduct your own research to find the most economic solution.\u00a0<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Furniture<\/b><span style=\"font-weight: 400;\"> \u2013 people spend a lot of time waiting in laundromats. You must provide seating. Typical long-life seating costs <\/span><b>$750 to $1,500<\/b><span style=\"font-weight: 400;\"> depending on how many chairs there are per unit.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Water heater<\/b><span style=\"font-weight: 400;\"> \u2013 hot water is critical to your business. You want a heater than can provide large quantities on tap all day. Expect to pay $<\/span><b>15,000 to $40,000<\/b><span style=\"font-weight: 400;\"> depending on capacity.<\/span><\/li><\/ul><h3><b>Business insurance<\/b><\/h3><p><span style=\"font-weight: 400;\">You\u2019ll need liability insurance to cover accidents, vandalism, theft, fire and flooding at minimum. If you employ anyone, you\u2019ll need employer\u2019s insurance. You may also want to consider equipment insurance that covers the cost of breakdowns and repairs. Expect to pay anywhere from <\/span><b>$50 to $100<\/b><span style=\"font-weight: 400;\"> a month depending on your level of cover.<\/span><\/p><h3><b>Marketing and advertising<\/b><\/h3><p><span style=\"font-weight: 400;\">It pays to advertise. You\u2019ll need to build and retain a loyal customer base which will require marketing and advertising \u2013 flyers, ads, promotions, social media presence, events etc. It&#8217;s a good idea to allocate <\/span><span style=\"font-weight: 400;\">7%-8% of your gross revenues<\/span><span style=\"font-weight: 400;\"> to your marketing budget, but newer laundry businesses will probably need to spend closer to 20% in their first year of operation.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d869bae elementor-align-center elementor-widget elementor-widget-button\" data-id=\"d869bae\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/app.swoopfunding.ca\/stage\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Apply now<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-674a3245 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"674a3245\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4ce089dc\" data-id=\"4ce089dc\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6917696 elementor-widget elementor-widget-heading\" data-id=\"6917696\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Why should I open a laundromat?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-71b77e22 elementor-widget elementor-widget-text-editor\" data-id=\"71b77e22\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Laundromats make good money and are <\/span><span style=\"font-weight: 400;\">recession resistant<\/span><span style=\"font-weight: 400;\"> &#8211; typically delivering a <\/span><span style=\"font-weight: 400;\">95% success rate<\/span><span style=\"font-weight: 400;\">, profit margins of 20% \u2013 35%, and generating <\/span><span style=\"font-weight: 400;\">cashflow of $15,000 to $30,000<\/span><span style=\"font-weight: 400;\"> per month. However, it\u2019s not all about the cash. Laundromats are also a good bet for a number of other reasons:<\/span><\/p><h3><b>1. Laundromats are a necessity<\/b><\/h3><p><span style=\"font-weight: 400;\">People will always need clean clothes. If they can\u2019t wash them at home, visiting the laundromat is their only option. <\/span><\/p><h3><b>2. Laundry is consistent year-round<\/b><\/h3><p><span style=\"font-weight: 400;\">There are no seasonal ebbs and flows with laundromats. Clothes need cleaning all the time. A well-situated laundromat can sure of a consistent flow of customers throughout the year.\u00a0<\/span><\/p><h3><b>3. Americans have less time to do laundry<\/b><\/h3><p><span style=\"font-weight: 400;\">Canadians are <\/span><span style=\"font-weight: 400;\">working longer hours<\/span><span style=\"font-weight: 400;\"> and many households need two incomes to cover all the bills. This leaves less time for doing other stuff \u2013 such as washing clothes at home. With bigger machines, faster dryers and wash\/dry\/fold\/press services available at many laundromats, it\u2019s just easier and more efficient to use a laundry than it is to clean clothes at home.\u00a0<\/span><\/p><h3><b>4. Laundry can&#8217;t be ordered online<\/b><\/h3><p><span style=\"font-weight: 400;\">There\u2019s no app to get your clothes washed. It\u2019s a physical chore that has to be done in person \u2013 which takes us back to the point above. Laundromats are faster and more efficient than washing clothes at home. They also have little to fear from new technology \u2013 most laundromats are already automated.<\/span><\/p><h3><b>5. Laundry is local<\/b><\/h3><p><span style=\"font-weight: 400;\">People don\u2019t hump their laundry across town to get it cleaned. They go local. If you can set your store in a location where there\u2019s little competition, you may have a near monopoly on local laundry services.\u00a0<\/span><\/p><h3><b>6. Laundromats are profitable<\/b><\/h3><p><span style=\"font-weight: 400;\">Yes, they are \u2013 profit margins are typically 20% to 35%.<\/span><\/p><h3><b>7. Laundromats can be (mostly) passive income<\/b><\/h3><p><span style=\"font-weight: 400;\">Laundromats \u2013 especially self-service \u2013 can almost run themselves. With the right security systems and support equipment, such as soap dispensers, ATM and change machines, there may be little need for you to visit your store.\u00a0 Apart from collecting notes and coins, overseeing maintenance issues, and checking on quality control, you can just sit back and collect a mostly passive income.\u00a0<\/span><\/p><h3><b>8. Laundromats have multiple revenue streams under one roof<\/b><\/h3><p><span style=\"font-weight: 400;\">As well as the basic washing\/drying services, laundromats can house multiple revenue streams:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Premium services \u2013 wash\/dry\/fold\/press, dry-cleaning, clothing repairs and alterations.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Vending machines \u2013 food, snacks, drinks, books and magazines, toys, technology, etc.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Arcade games.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Shoe repairs.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Key cutting.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Technology \u2013 pay-for wi-fi, phone charging service.<\/span><\/li><\/ul><h3><b>9. No experience is required<\/b><\/h3><p><span style=\"font-weight: 400;\">Because so much of a laundromat is automated, you don\u2019t need expert technical skills or even any experience in the laundry business to operate a laundromat. If you can handle the finances, manage your staff, and schedule machine technicians, you have all the necessary skills it takes to run a laundromat.\u00a0<\/span><\/p><h3><b>10. You can work with your hands<\/b><\/h3><p><span style=\"font-weight: 400;\">Laundromats are great for owners who like to work with their hands \u2013 especially those who know their way around machinery. Instead of sitting at a desk staring at a screen all day, you can involve yourself in the physical operation of your laundromat.\u00a0<\/span><\/p><h3><b>11. You can use your people skills<\/b><\/h3><p><span style=\"font-weight: 400;\">People have a lot of time on their hands at the laundromat. If you like meeting people and have good communication skills, this gives you ample opportunity to build a customer network and excellent word of mouth.<\/span><\/p><h3><b>12. High up-front costs limit competition<\/b><\/h3><p><span style=\"font-weight: 400;\">It\u2019s not cheap to start a laundromat \u2013 anywhere from $200,000 to a $1 million or more \u2013 an upfront cost that can deter many other entrepreneurs from starting a competing business. <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-94fc7ac elementor-widget elementor-widget-heading\" data-id=\"94fc7ac\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How to get funding for your laundromat<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b46824b elementor-widget elementor-widget-text-editor\" data-id=\"b46824b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">You\u2019ll need deep pockets to open a laundromat, but that doesn\u2019t mean you have to come up with all the cash. There are many ways to finance your laundry business \u2013 from the start and when you\u2019re established:<\/span><\/p><h3><b>Term loans<\/b><\/h3><p><span style=\"font-weight: 400;\">The most common type of <\/span><a href=\"https:\/\/swoopfunding.com\/ca\/business-loans\/\"><span style=\"font-weight: 400;\">business loan<\/span><\/a><span style=\"font-weight: 400;\">. Borrow up to $5 million. You receive a single, lump-sum cash injection and then pay it back in regular instalments over a fixed period of up to 25 years. Collateral may be required.<\/span><\/p><h3><b>Business line of credit<\/b><\/h3><p><span style=\"font-weight: 400;\">This is a business loan that functions like a high-value credit card. Withdraw as much as you want when you want from a loan facility up to the limit of your borrowing. You only pay interest on the sum you withdraw, not the whole line \u2013 which can significantly reduce your borrowing costs. Collateral may be required.<\/span><\/p><h3><b>Equipment financing<\/b><\/h3><p><a href=\"https:\/\/swoopfunding.com\/ca\/business-loans\/asset-finance\/equipment-financing\/\"><span style=\"font-weight: 400;\">Equipment loans<\/span><\/a><span style=\"font-weight: 400;\"> use the asset you\u2019re financing as security \u2013 so no added collateral is required. You use the equipment as you pay for it while the lender maintains a lien on the machinery. Buy washers, dryers, furniture, vending machines, technology and more. Once you pay the loan back, the lender releases the lien, and you own the equipment outright.\u00a0<\/span><\/p><h3><b>Franchise finance<\/b><\/h3><p><a href=\"https:\/\/swoopfunding.com\/ca\/business-loans\/franchise-finance\/\"><span style=\"font-weight: 400;\">Franchise finance<\/span><\/a><span style=\"font-weight: 400;\"> can cover your joining fees, location expenses, build-out costs, initial marketing, even salaries and supplies until your laundry business is home and dry. Borrow up to $5 million. Collateral may be required.<\/span><\/p><h3><b>Commercial real estate loans<\/b><\/h3><p><span style=\"font-weight: 400;\">Commercial real estate loans (also known as commercial mortgages) are used to buy properties that have a business function. This includes laundromats. Be aware that although commercial real estate loans are similar to residential mortgages used to buy homes, they differ in some key areas:<\/span><\/p><h4><b>Differences between commercial and residential real estate loans<\/b><\/h4>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a9d293b uael-header-sticky-no uael-border-yes elementor-widget elementor-widget-uael-table\" data-id=\"a9d293b\" data-element_type=\"widget\" data-widget_type=\"uael-table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div itemscope class=\"uael-table-wrapper\" itemtype=\"http:\/\/schema.org\/Table\">\n\t\t<table id=\"uael-table-id-a9d293b\" class=\"uael-text-break uael-column-rules uael-table\" data-sort-table=\"no\" data-show-entry=\"no\" data-searchable=\"no\" data-responsive=\"no\">\n\t\t\t\t<thead>\n\t\t\t\t\t\t\t\t\t\t<tr class=\"uael-table-row\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<th data-sort=\"0\" class=\"sort-this elementor-repeater-item-d015979 uael-table-col uael-table-head-cell-text\" scope=\"col\">\n\t\t\t\t\t\t\t<span class=\"sort-style\">\n\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\"><\/span>\n\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t<\/th>\n\t\t\t\t\t\t\t\t\t\t\t\t<th data-sort=\"1\" class=\"sort-this elementor-repeater-item-29d44cb uael-table-col uael-table-head-cell-text\" scope=\"col\">\n\t\t\t\t\t\t\t<span class=\"sort-style\">\n\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\">Commercial<\/span>\n\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t<\/th>\n\t\t\t\t\t\t\t\t\t\t\t\t<th data-sort=\"2\" class=\"sort-this elementor-repeater-item-e1a9c83 uael-table-col uael-table-head-cell-text\" scope=\"col\">\n\t\t\t\t\t\t\t<span class=\"sort-style\">\n\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\">Residential<\/span>\n\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t<\/th>\n\t\t\t\t\t\t\t\t<\/thead>\n\t\t\t\t<tbody>\n\t\t\t\n\t\t\t\t\t\t\t\t\t\t<tr data-entry=\"1\" class=\"uael-table-row\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<td class=\"uael-table-col uael-table-body-cell-text elementor-repeater-item-bfdc974\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\">Primary borrower<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<td class=\"uael-table-col uael-table-body-cell-text elementor-repeater-item-8078a38\" data-title=\"Commercial\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\">Business entity<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<td class=\"uael-table-col uael-table-body-cell-text elementor-repeater-item-e6d777b\" data-title=\"Residential\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\">Private individual<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr><tr data-entry=\"2\" class=\"uael-table-row\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<td class=\"uael-table-col uael-table-body-cell-text elementor-repeater-item-d3ce1c1\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\">Type of property<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<td class=\"uael-table-col uael-table-body-cell-text elementor-repeater-item-85ad7ad\" data-title=\"Commercial\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\">Commercial property<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<td class=\"uael-table-col uael-table-body-cell-text elementor-repeater-item-3a01c0d\" data-title=\"Residential\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\">Private residence<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr><tr data-entry=\"3\" class=\"uael-table-row\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<td class=\"uael-table-col uael-table-body-cell-text elementor-repeater-item-d94db4e\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\">Loan repayment period<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<td class=\"uael-table-col uael-table-body-cell-text elementor-repeater-item-20b13bd\" data-title=\"Commercial\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\">10 to 25 years<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<td class=\"uael-table-col uael-table-body-cell-text elementor-repeater-item-86d6d1a\" data-title=\"Residential\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\">15, 20 or 30 years<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr><tr data-entry=\"4\" class=\"uael-table-row\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<td class=\"uael-table-col uael-table-body-cell-text elementor-repeater-item-4c2a51a\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\">Maximum loan to value (LTV)<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<td class=\"uael-table-col uael-table-body-cell-text elementor-repeater-item-9b5570c\" data-title=\"Commercial\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\">65% to 85% LTV<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<td class=\"uael-table-col uael-table-body-cell-text elementor-repeater-item-9a49764\" data-title=\"Residential\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\">95% LTV<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr><tr data-entry=\"5\" class=\"uael-table-row\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<td class=\"uael-table-col uael-table-body-cell-text elementor-repeater-item-6183153\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\">Interest rates<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<td class=\"uael-table-col uael-table-body-cell-text elementor-repeater-item-f774e64\" data-title=\"Commercial\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\">Higher than residential<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<td class=\"uael-table-col uael-table-body-cell-text elementor-repeater-item-baaae72\" data-title=\"Residential\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\">Lower than commercial<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr><tr data-entry=\"6\" class=\"uael-table-row\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<td class=\"uael-table-col uael-table-body-cell-text elementor-repeater-item-6a4edd6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\">Fees<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<td class=\"uael-table-col uael-table-body-cell-text elementor-repeater-item-1899e0a\" data-title=\"Commercial\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\">Higher than residential<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<td class=\"uael-table-col uael-table-body-cell-text elementor-repeater-item-5843333\" data-title=\"Residential\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\">Lower than commercial<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr><tr data-entry=\"7\" class=\"uael-table-row\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<td class=\"uael-table-col uael-table-body-cell-text elementor-repeater-item-2ec4c2a\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\">Pre-payment penalties<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<td class=\"uael-table-col uael-table-body-cell-text elementor-repeater-item-b46dcd8\" data-title=\"Commercial\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\">Common<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<td class=\"uael-table-col uael-table-body-cell-text elementor-repeater-item-a54d25d\" data-title=\"Residential\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\">Rare<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr><tr data-entry=\"8\" class=\"uael-table-row\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<td class=\"uael-table-col uael-table-body-cell-text elementor-repeater-item-d04c5fa\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\">Minimum score<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<td class=\"uael-table-col uael-table-body-cell-text elementor-repeater-item-d94dd11\" data-title=\"Commercial\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\">Usually 600+<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<td class=\"uael-table-col uael-table-body-cell-text elementor-repeater-item-a5f385d\" data-title=\"Residential\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\">Can be as low as 500<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t<\/tbody>\n\t<\/table>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6e01f40 elementor-widget elementor-widget-text-editor\" data-id=\"6e01f40\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3><b>Commercial construction loans<\/b><\/h3><p><span style=\"font-weight: 400;\">Commercial construction loans can be used to pay for building a new laundromat or the expansion, refurbishment or conversion of existing laundry premises. Use this type of loan to construct or improve the building where your laundry business is located, or to cover the build-out costs to make your new store shine. Note that construction loans typically pay out in instalments as each phase of the work is completed rather than all at once. The loan is typically paid back when construction is complete, often by converting the debt to a less expensive commercial real estate loan.\u00a0<\/span><\/p><h3><b>Merchant cash advance<\/b><\/h3><p><span style=\"font-weight: 400;\">Once your laundromat is up and running, you can look for new ways to increase your income \u2013 vending machines, game machines, a dry-cleaning franchise and more.\u00a0 If your business takes payment from customers by credit or debit card, you can use a merchant cash advance to cover the set-up costs of these lucrative extras. Borrow against the value of your card sales. As they increase, your borrowing limit goes up. Pay the loan back with a fixed percentage of your card sales on a daily, weekly or monthly basis. No added collateral is required.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-be64ab0 elementor-widget elementor-widget-heading\" data-id=\"be64ab0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Get started with Swoop's business funding platform<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-91eaf44 elementor-widget elementor-widget-text-editor\" data-id=\"91eaf44\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Working with business finance experts can make all the difference when you\u2019re seeking cash to fund your new laundromat. Contact Swoop to discuss your borrowing needs, get help with your application and compare high-quality business loans from a choice of lenders. Get the cash you need to make your laundry business sparkle. <\/span><a href=\"http:\/\/app.swoopfunding.ca\/stage\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Register with Swoop today<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-39dc8861 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"39dc8861\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/app.swoopfunding.ca\/stage\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Apply now<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"author":26,"featured_media":0,"parent":0,"template":"","start-a-business-sectors":[339],"class_list":["post-31881","start-a-business","type-start-a-business","status-publish","hentry","start-a-business-sectors-business-ideas"],"acf":[],"featured_image_urls_v2":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","image_blog":"","image_podcast":"","image_banking":"","image_blog_internal":"","image_blog_medium":"","image_single_banking":""},"post_excerpt_stackable_v2":"<p>Laundromats are a strong and steady industry, supported by a growing\u00a0 population and more people living in apartments and condos where in-home laundry facilities are becoming rarer. The fact is, people need clean clothes and if they can\u2019t do them at home, laundromats are the only game in town.\u00a0 Get a quote However, opening a successful laundromat is no slam dunk. On average it costs $200,000 to $500,000 to launch a mid-size laundromat \u2013 and that\u2019s one without all the bells and whistles, such as pay-by-card machines, wash\/dry\/fold\/press services, vending machines and TV facilities to keep your customers entertained. On&hellip;<\/p>\n","category_list_v2":"","author_info_v2":{"name":"Chris Godfrey","url":"https:\/\/swoopfunding.com\/ca\/author\/chris-godfrey\/"},"comments_num_v2":"0 comments","_links":{"self":[{"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/start-a-business\/31881","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/start-a-business"}],"about":[{"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/types\/start-a-business"}],"author":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/users\/26"}],"version-history":[{"count":10,"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/start-a-business\/31881\/revisions"}],"predecessor-version":[{"id":38588,"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/start-a-business\/31881\/revisions\/38588"}],"wp:attachment":[{"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/media?parent=31881"}],"wp:term":[{"taxonomy":"start-a-business-sectors","embeddable":true,"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/start-a-business-sectors?post=31881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}