@John Warren Yes, machines can be very expensive, the largest barrier to entry is definitely the high upfront investment. I've seen new large stores in good locations costs up to $200,000 to ramp up + having investment capital on hand, but there are opportunities to get into existing locations with the construction already completed, as always, have to search hard for the good deals!
@Dennis M. The ROI, if done correctly, is much higher than rentals, but also a higher up front investment and more hours to commit to the investment. You have to pay for equipment, construction, cosmetics, etc. On a good store, I see CoCROI between 20%-30% at the minimum.
@Bhaskar Pusuluri There are specific areas of the country that are perfect for the business, depending on the right demographics. I would look for high rental unit areas, low median incomes, etc. I think the C and D neighborhoods exemplify these ideal demos. Also, I think a lot of people get scared of apartment complexes with in-house laundry, but many people actually prefer going to a laundromat if nearby.
There are franchises, but they take a large fee. I would recommend working with an equipment manufacturer instead, they can supply the insight and training without the large rake or upfront fees of the franchise. Also, the franchisors look for high net worth individuals, which is another large barrier for people looking to just get started.
