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 donโt 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 donโt require many staff members. As long as someone cleans up occasionally, you donโt have to have any staff besides yourself. Low staff means you donโt need to pay many people, and you donโt have to take much time to train and manage employees.
Laundromats Have a High ROI
Some experts say that laundromats have an ROI of 20โ35% percent, which is huge in comparison to other industries. If youโre looking for an investment based purely on the numbers, laundromats are a good choice. Youโll 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 donโt 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 youโre 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!