Choosing an investment opportunity can be challenging when the economy is facing a recession. In times like these, it matters more than ever that investors put their money into enterprises with high stability. You might be surprised to learn that laundromats are one of these stable businesses you can invest in even during an economic downturn. Learn why laundromats are still good investments below.
A Recession-Resistant Business
Many people call laundromats a recession-resistant business, which means that they do well even during difficult times. Laundromats are recession-resistant because people always have to do laundry. While families save money by cutting out unessential costs like eating out, they still spend money on laundry. For the many people who don’t have the space or funds to own laundry appliances, laundromats provide a place to do this essential chore.
Low Personnel Needs
Another reason why laundromats are still good investments is that they don’t require many staff members. As long as someone cleans up occasionally, you don’t have to have any staff besides yourself. Low staff means you don’t need to pay many people, and you don’t have to take much time to train and manage employees.
Laundromats Have a High ROI
Some experts say that laundromats have an ROI of 20–35% percent, which is huge in comparison to other industries. If you’re looking for an investment based purely on the numbers, laundromats are a good choice. You’ll end up making a much higher profit than you would with similar options like car washes and gas stations.
Low-Hassle Payment Management
Many retail locations have to deal with accepting multiple forms of payment, from credit and debit cards to checks to cash. Thankfully, most people expect to use fewer payment forms at a laundromat, so you don’t need to deal with the processing fees and management for multiple types. In fact, there are apps, like ShinePay, that allow your customers to scan your machines and pay digitally.
If you’re looking to invest in a laundromat, consider installing ShinePay on your machines. Our Bluetooth devices can go inside most commercial laundry machines, instantly transforming a cash machine into one that accepts online payments. ShinePay is an easy-to-manage laundromat payment solution with an intuitive dashboard for owners that lets you track all your payments in one place. Contact us today for more information!