Are you considering starting your own laundromat business? If so, you’ll need to know what it takes in terms of equipment and costs. Opening a laundromat can be an expensive endeavor, but with the right financing plan and some research into laundromat equipment prices, entrepreneurs can make their dream a reality.
In this guide, we will cover everything from typical laundromat equipment prices to how Charter Capital can help finance the purchase of necessary laundry machines and commercial equipment. So if you’re ready to begin planning for your laundromat business venture, let’s get started!
What Does a Laundromat Do?
A laundromat, also known as a launderette or self-service laundry, is a facility that provides coin-operated washing machines and tumble dryers for customers to wash their clothes. In most laundromats, there are also vending machines offering detergent and fabric softeners.
Customers go to laundromats to save time and hassle, avoiding the need to have their own washer and dryer. Customers pay a fee per load of laundry and can use machines for as long as they need. Many laundromats operate on a 24-hour basis, seven days a week.
Essential Laundromat Equipment
When planning a laundromat business, the most important step is to figure out what equipment you need. The list of laundromat equipment can vary depending on your individual business needs, but here’s a quick overview of some essential laundromat items:
Washers and Dryers
A laundromat must have a variety of machines that offer different sizes and power options, including industrial-grade machines. The typical cost of an industrial-grade washer is around $2,000 to $3,500 each, while an industrial-grade dryer typically costs around $1,000 to $2,500.
Coin Changers
Customers will need a way to convert coins into laundromat tokens or cards that are used in the machines. Depending on the type of coin changer you purchase, the price can range from $300 to $2,000.
Vending Machines
A laundromat must offer vending machines with laundry supplies, including detergent and fabric softeners. Depending on how many vending machines you decide to install in your laundromat, prices may vary from around $400 to upwards of $8,000.
Miscellaneous Laundromat Supplies
These may include hampers, laundry carts, folding tables, chairs, and more. Some laundromats even have TVs and vending machines with snacks. Prices for these laundromat supplies can range from a few hundred dollars to several thousand dollars depending on the items you choose.
Most laundromat businesses start with at least 10 washers and dryers, which can easily cost from $20,000 to $50,000. This figure does not include the cost of coin changers, vending machines, laundromat supplies, and other costs associated with opening and running a laundromat business.
Popular brands for washers and dryers are Speed Queen, Huebsch, and Maytag, and these cost around $2,000 to $4,000 per machine.
Financing Your Laundromat Equipment
If the cost of laundromat equipment is too steep for you to cover upfront, there are financing options available that can help spread out payments over a longer period of time. Financing provides the opportunity to purchase laundromat equipment without the upfront financial burden of buying it all at once.
You can finance the laundromat equipment alone or the total cost of setting up your laundry business. There are many different types of laundromat financing available, including asset-based loans and merchant cash advances.
At Charter Capital, we specialize in laundromat financing solutions, providing our clients with flexible payment plans and low interest rates. We understand the importance of laundromat equipment and the big investment it’s likely to be, so we make it easy for entrepreneurs to get the machines and tools they need.
We know that laundromats are an important part of many communities and want to help business owners get the equipment they need so they can provide a valuable service to their customers. So, when you’re ready to finance laundromat equipment, Charter Capital can help make it easy.
We’d love to hear from you and discuss laundromat financing options that make sense for your business. We have helped connect entrepreneurs with reliable lending partners who can be your funding ally in the years to come. Charter Capital’s experienced financial brokers have been assisting business owners in getting the equipment they need for more than 40 years.
We look forward to seeing you succeed, as well. Contact us today to learn more about financing your laundromat equipment.