The laundry industry continues to boom in 2023 as more people are renting and using laundromats and laundry rooms than ever before.
In this article we will break down the state of the laundry industry and offer you tips on the changing shape of the industry in the coming years.
35,000 Laundromats Nationwide and Growing
What once was a trend only with people starting out in life is now something that’s used by people of all ages and generations.
As of 2023, there are 35,000 laundromats nationwide that are generating about $5 billion in combined gross annual revenue.
Most coin laundries range in market value from $50,000 to $1 million (or more), but this of course depends solely on the location and demand for laundry services in the area where the laundromat is location.
Coin laundries by far continue to be one of the most successful cash flowing businesses because they can generate cashflow between $15,000 and $300,000 per year, plus they don’t require a lot of employees or overhead to manage them.
What’s even more ideal, the average laundromat can see 20-35% ROI, 95% success rate, and it’s not uncommon for equipment to last 10-15 years.
No Major Laundromat Chains or Franchises Nationwide
Yes, the laundry industry is a great place for investors to be in 2023 because it’s a service that everyone needs and the demand for laundromats continues to grow each year.
Besides the statistics mentioned in this article, another major reason to consider investing in a laundromat is there currently no major laundry chain or laundry franchises nationwide.
This means that an investor can start a 1,000 to 5,000 square foot laundromat in a great location and not have to be concerned about competition that retail, hospitality, dining, and other businesses face when they are starting up.
With more than 90% of laundromat users becoming repeat customers, it’s easy to see that a laundromat makes a smart, cash flowing investment for any investor during these changing economic times.
Also see: Suppliers Directory, Laundromats for sale, Success Stories