People are always looking for extra ways to make money that others are not pursuing. One surprising way that you can expand your profitability range with a side hustle is by opening up a small laundromat in a spare area of your home, especially if you live in a college town.
Why a Small Laundromat May Be a Smart Side Hustle
Living in a college town as a non-student is often a lot of fun but can be expensive. Even if you have a nice job and own your own home, you may be tempted to get a side hustle to make a bit more cash by opening up a laundromat in your garage or in spare rooms that you don't use in your house.
College students very rarely live in houses or apartments that contain high-quality washing machines and dryers. As a result, there is a high demand for commercial laundromats in a college town. And if you live in a residential area near a few dorms or apartment complexes, you can expect to attract a lot of people to your laundromat.
Even if your laundromat has just 10 washers, you can anticipate that they will be used regularly by nearby students or other residents. And if it costs $2.00 per wash and a wash lasts about half an hour, you can make $4 per hour or $40 per 10 machines.
And that doesn't even factor in the dryers, which will have a similar profitability rate. You could potentially be making $80 per hour at peak capacity. While you're not likely to operate at a peak rate all the time, the huge potential for profitability is there.
The Best Models to Consider
As you're not working with a lot of excessive room in your house, you need to maximize your commercial laundromat efficiency as much as possible. For example, large top loaders are a good choice because they can fit next to each other side-by-side in a way that makes it easier for people in your neighborhood to use them.
Just as importantly, you need a group of high-quality driers that can quickly dry a large amount of clothes very quickly. Typically, a good drier should take 2–3 loads from your top loader. Four or five dryers and about 10 top loaders should be enough to get started, though that number can vary depending on the size of your garage or spare rooms.
So if you are looking to start a laundromat that will attract nearby college students to your place, make sure that you don't cheap out but instead buy the best commercial laundromat equipment available. In this way, you'll keep a steady clientele and make good bucks faster than you'd expect. Contact businesses like Metropolitan Laundry Machinery Sales Inc. for more information about purchasing commercial laundromat equipment.