- The Millionaire Syrup
- Posts
- Three Businesses That Never Fail
Three Businesses That Never Fail
Success Made Simple
Millionaire Syrup
March 05, 2024
|
Three Businesses That Never Fail
Success Made Simple
Laundromat
To get started, you'll need around $85,000, with a $15,000 down payment. Once you're up and running, you can expect to make around $7,000 per month. After covering expenses, you can net around $3,000 to $4,000. This income comes from various sources like laundry, vending machines, arcade games, snack machines, etc. While you'll need some upfront cash, you can also explore seller financing options. The time commitment for setup and daily operations can vary.
Laundromats have their pros and cons. One of the biggest cons is the initial cost of owning a laundromat. Even though it may seem like a $15,000 down payment isn't a lot, for someone new to the business, it can be a significant investment. Another downside is the risk of competition due to its popularity on the internet.
If you're renting the building for your laundromat, it's important to secure a long lease. Setting up a laundromat involves significant expenses for city permits, infrastructure, and plumbing. Plus, the machines themselves can be pricey. So, it's crucial to factor in these expenses when planning your business model.
Vending Machines
Starting a vending machine business is pretty affordable. You might spend around $600 for one machine or even get one for free with a deal like a laundromat purchase. A snack vending machine could cost you about $800 used, but new ones are pricier, between $1,500 and $3,000. Overall, you could be all set with $1,000 to a few thousand dollars.
For placing the machines, if you own the location, there's no cost. Otherwise, you might be charged a fee for the spot, like $35 to $50 monthly or have a cut of the profits taken, say 10-20%. Your inventory costs, like the drinks and snacks you stock, will be about 35% of the sales price. That's how you make the profit – by selling items at a markup from what you paid. It's a time investment to manage, but it can be a steady income source.
Car Washes
When you buy a car wash, you're essentially purchasing a business that offers services like washing, detailing, and sometimes even oil changes. Customers pay for these services, and you can earn revenue from their visits.
The cost is around $675k and it has the potential to make $250,000 in gross income, with a net profit of around 35-40%.
Car wash businesses tend to attract customers with more disposable income, which can be a positive factor for generating revenue. Additionally, car washes have the potential for scalability, meaning you can expand and open multiple locations to increase your earnings. Some car wash owners even choose to invest in real estate by purchasing the land where their car wash is located.
For More Watch
Links
Stocks
Learn how to invest in stocks (Link)
Sign up for Webull and get $75 free in stocks (Link)
Shop Apparel
Shop the Latest Collection (Link)
Our Top Bank for 2024
Sofi - Create an account and get $25 (Link)