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View Full Version : How much do you make per hour?


jen
01-06-2007, 09:43 PM
Hi there! Has anyone calculated how much money you make for yourself running/owning your laundromat (per hour that YOU would physically spend doing laundromat related items - i.e. paperwork, cleaning, wdf, collecting, etc.)? And, can you tell me if you have a attended vs. non-attended mat? I'm assuming that the owner still checks in to clean or collect for the unattended ones, but if not, just mention it in your reply.

JamesD
01-06-2007, 10:30 PM
$1.28 - attended!!

galaga
01-07-2007, 07:32 AM
If you are warry about that,you may not run your own business.
I never think about how much I make an hour in my own store,I just know when I am working on my other business,stay home watch football,vacation...my stores are still making money for me.
When I spend 4,5 hrs to put a arcade game together,do a bearing job for washer,I am making nothing before it is on location,once it is on loacation,it will make money for me for years.
You will spend a lot time in the beginning,hope spend less later.

Howard
01-07-2007, 10:49 AM
[ QUOTE ]
Hi there! Has anyone calculated how much money you make for yourself running/owning your laundromat (per hour that YOU would physically spend doing laundromat related items - i.e. paperwork, cleaning, wdf, collecting, etc.)? And, can you tell me if you have a attended vs. non-attended mat? I'm assuming that the owner still checks in to clean or collect for the unattended ones, but if not, just mention it in your reply.

[/ QUOTE ]

If you naturally think of it this way, then in all likelihood you should get a job working for someone else rather than running your own business.

jen
01-07-2007, 12:22 PM
I realize that it takes a lot of time and work to run any business - but I am trying to determine if laundromats make sense for me. I know you don't get rich owning 1 mat, but if it's a nice side income - without having to spend an exorbitant amount of time - then to me it would be worthwhile. I'm not just looking for the satisfaction of owning a business, I want to make money!

fishmanz
01-07-2007, 02:45 PM
Lets see, last month I worked 240 hours and my wife worked 240 hours. Thats 480 total and we came in at $400 less than we needed to break even so , if my math is correct, we came out at negitive ($1.20 ) per hour worked. Still want a laundromat? /ubbthreads/images/graemlins/grin.gif

galaga
01-07-2007, 03:51 PM
This year is the 17th years I am in this business,still like this biz,if I don't make good money,I won't be in for this long.
Nobody can tell you that you will make it or not,I saw people make money in some not so good store,some people fail in the greatest loaction,if you really care about your "personal time",own a business will not be for you,not only laundromat.

Jefflange
01-07-2007, 05:32 PM
Fish,
How long will you keep your mat if it makes no money?

Howard
01-08-2007, 03:53 PM
[ QUOTE ]
I realize that it takes a lot of time and work to run any business - but I am trying to determine if laundromats make sense for me. I know you don't get rich owning 1 mat, but if it's a nice side income - without having to spend an exorbitant amount of time - then to me it would be worthwhile. I'm not just looking for the satisfaction of owning a business, I want to make money!

[/ QUOTE ]

Jen, I am not trying to pick on you, but I take exception to this statement as well. You can live like a king by owning one laundromat, or possibly own five and be seeking public assistance. It all depends on how well the store does, and no one can tell you that without knowing what you are considering.

teancum
01-08-2007, 05:21 PM
I think the right question is "how many hours do you spend working on your mat on an average week?" and then you have to combine this with what you think you will make with your specific mat. Obviously putting in every last minute of your time and only making $1,000 per year isn't a very good investment while making $2,000 per week for only a couple hours per week is excellent.

I don't spend every last minute at my mat but sometimes I do. I suspect everyone does sometimes. Owning a business is a lot like owning your own home - you have to deal with every little problem because no one else will.

buster
01-09-2007, 08:18 AM
-$133.33

Let me help you with the math. Coming up short about $2000 per month....spend about 15 hours there......or less....it's unattended. Can't keep this up much longer.

Good luck to you.

galaga
01-09-2007, 01:38 PM
This is so funny!Do most people lose money in this board?or people make money don't want to talk about ?

noreaster
01-09-2007, 03:11 PM
I spend about 2 hrs a day Mon-Fri and between my wife and I we spend about 20 hours on the weekend. After expenses, we clear about $800-$1000 a week, I like my numbers and even though we could exploit the wash and fold bussines more, we are comfortable with the setup.

keepitclean
01-10-2007, 08:36 AM
[ QUOTE ]
This is so funny!Do most people lose money in this board?or people make money don't want to talk about ?

[/ QUOTE ]

You shouldn't laugh at people who had the courage to admit that things are not going well. And also just because 2 posted that don't assume that is the majority.......the majority of members here will not response to a personal question like this. Many people don't want to brag that things are going great and others don't want to admit that they have a stinker and can't turn it around. Will you see Duane, Howard, Pete or other laundry pro's say "ya, I am making $500 an hour....thanks for asking!??!?" No, they know this would give the wrong impression.

Jefflange
01-10-2007, 11:21 AM
I think there are many laundries loosing money or just keeping their head above water. This is a mature business that is saturated in most areas. Time and time again I see new stores open and go for sale a year later when the place is making no money. Most of the time the sellers lie about what they are making and look for a sucker to buy.
After reading some of posts here it seems that for many people this is more of a hobby than business.

wdbgelaundromat
01-10-2007, 01:59 PM
I think the big question is The return on Investment. I think a lot of people who are looking at this business want to know how fast they are going to make their money back. My opinion is that The laundry business is a long term business. When you are building a new laundry or even buying an existing You are going to need many years to make a good ROI. Isn't that why laundries try for long ten year leases and such?

Howard
01-10-2007, 03:39 PM
[ QUOTE ]
I think the big question is The return on Investment. I think a lot of people who are looking at this business want to know how fast they are going to make their money back. My opinion is that The laundry business is a long term business. When you are building a new laundry or even buying an existing You are going to need many years to make a good ROI. Isn't that why laundries try for long ten year leases and such?

[/ QUOTE ]

I agree with you about looking at things based on return on investment - but that does not necessarily mean you have to be in it for 10 plus years. You need a long-term lease because the business has little value once you no longer have the right to operate it at its location. And the cost to move equipment and rebuild infrastructure is huge.

That said, I would be highly skeptical of any business that did not have an ROI of at least 20%. You may say wow that is high, but actuall I would expect much more. You have to look at the return versus the risk, and any small business has risk. If I can invest money in the market and make 8-10% with almost no risk I need to make significantly more in an operating business to compensate me for the risk. As a general rule of thumb I don't like to invest in any tangible asset unless I can get my money back in about 4 years or less.

galaga
01-10-2007, 03:39 PM
You shouldn't laugh at people who had the courage to admit that things are not going well. is. Many

[/ QUOTE ]


I am not laughing at anyone,if anyone feel that way,I am sorry.I just think this original question was funny.
I have some business work out for me,some didn't.This happen to everyone in business.

fatboy
01-15-2007, 08:06 PM
Dont' forget the "cool factor". It's just cool to own a mat: You can do laundry anytime you want; you never run out of soap; you can do 12 loads at once; and it makes great conversation at parties. Where else can you come home from work smelling like fresh laundry?

Also consider that (a) your tax liability can be significantly reduced by owning a business, (b) assuming your business is successful then you build equity in the business itself, and (c) if part of your expenses are paying a mortgage on your building then you are building equity there, too.

petefritz
01-15-2007, 10:58 PM
[ QUOTE ]
[ QUOTE ]
This is so funny!Do most people lose money in this board?or people make money don't want to talk about ?

[/ QUOTE ]

You shouldn't laugh at people who had the courage to admit that things are not going well. And also just because 2 posted that don't assume that is the majority.......the majority of members here will not response to a personal question like this. Many people don't want to brag that things are going great and others don't want to admit that they have a stinker and can't turn it around. Will you see Duane, Howard, Pete or other laundry pro's say "ya, I am making $500 an hour....thanks for asking!??!?" No, they know this would give the wrong impression.

[/ QUOTE ]

We are talking real income. not taxable? ( The difference being sec 179 ded and such, etc, not RO)
On cash flow or cash made?
For me it gets a meltdown sort of anylasis, but if straight out for a small/med owner it should be at least $50 an hour, like the repair guy charges!

Laundry_Mike
01-16-2007, 05:50 PM
I pay myself a biweekly salary, but like others have said, the hours you put in as an owner will vary, but on an average, I'm like Pete - average about $50 an hour for the normal hours that I devote the business, and it provides me with health insurance, and a vehicle. If the business makes money during the fiscal year, I'll contribute a bonus to my profit sharing account. (rather than pay corp. income tax on it)