Laundry Owners Warehouse, is a “One Stop Shop” with over 74,000 replacement parts, a full line of soap and supplies, and a wide variety of used commercial laundry equipment, all in stock and available at LOWlaundry.com.
Laundry Owners Warehouse also sells new commercial laundry equipment and is a proud member of the Dexter Laundry family, “Made in the USA” since 1894.
The internet has been on fire about laundromats.
A common theme amongst the content has been that it's a great "Passive" business to own.
Is it passive? Can it be made into a passive business?
Let's have a baseline for the business for our conversation today.
What business are you in?
I look at the garment care business in two simple buckets
- Laundromat business: The majority of your business is focused on self-service
- Laundry business: Your business provides services for the client (PUD, dry cleaning, drop-off service, etc.)
What is the definition of passive income?
I searched the internet and looked at numerous sites on the matter.
One thing I noticed in the definition of the majority of them:
"Passive income is any money earned in a manner that does not require much effort." - Britannica Money
Much effort jumps right out at me as I read them. How much effort are you putting into your garment care business?
Do you consider it passive? (sound off in the comments)
Looking at the business through this lens, I believe most of our industry is not running a passive business.
Many owners/operators are involved in their businesses with some regular frequency — some daily. They are a key part of the business operations.
I don't think that falls into the "does not require much effort" bucket.
Is there anything wrong with that? Not at all.
That's one of the beauties of being in business. You can create the structure you want for it, your family, and yourself.
The question is, can you make it somewhat passive?