The local demographic to the Laundromat will essentially give you an idea of potential for a Laundromat business. One should always drive around to look at the competition but also get an idea of the neighborhood driving around at least a mile radius. Ideal neighborhoods tend to be those with a higher concentration of apartments with working class families who do not have washers at home. College areas, working class neighborhoods or those with younger populations are also good locations. In order to get an specific idea, one should purchase a local demographics report and look for more data.
As a rule of thumb these are some of the factors favorable to Laundromats:
- At least 25% renters with higher percentages the better
- Older neighborhoods with higher concentration of apartments, at least 20 years old.
- At least 35% working class with higher percentages the better
Sources: Laundromat123.com
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