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Utilities are going to be high; water, sewer, lots of electricity to run the machery and the lights. Rent is going to be high because it takes a fairly large lot in a high visibility location that has to be 100% paved. There will be a high mortgage for the custom build-out. That's a specialty building that you are unlikely to find one already done and ready to take over.
Employee theft will very likely be an issue. My father had coin laundries and the hired help stole an unbelievable amount of stuff: toilet paper, paper towels, laundry soap, hand soap, cleaning supplies..... Plus, they discovered that no one was checking to see that they actually cleaned three times a day, so they cut back on the times they cleaned.
Not to mention, you will have to be there every day to empty the coin boxes and service the dollar bill changer.
self storage units would be better I think. We have car washes around here go out of business. I'm not sure profit wise how great it is, but not something I would choose. I'm sure you will need an employee or two to keep it maintained unless you can yourself. Costs maybe minimal, except utilities. I think finding the right location will be tough to. Here in my town of 27k pop we have 5 or 6 car washes. One of them is always busy, it's right in town, busy street. They off self serve and non self serve and it seems that non self serve is busier. I think more people rather pay the extra and not get out of the car. My husband and I always use self serve. If you locate an area with a need for it.. It might do good.
Self Storage is actually a pretty expensive business to get into. Public storage and the large companies have gobbled up most of the smaller independent places and if they havn't that is who you are competing with to purchase a self storage place.
When I used a storage locker recently (Uncle Bob's) it was required that I pay for insurance on my goods....
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I'm no investor but immediate thought RE: self storage units = what are the insurance costs?
You have to have all that stuff covered in the event people's belongings get damaged, correct (i.e. natural disaster)?
Nope. No different than a rental. You're simply renting them space. While there are reasonable theft prevention like locks and gates there us no guarantees. When I had my best in storage they had no insurance if it was stolen or broken into. The lease specifically stated they are not liable for any theft or damage
I don't think it's as easy or as profitable as you think. Even the self service wash by me typically has a worker there most days I go either repairing stuff, refilling the vending machines, etc. As far as buying an established one because it's a cash business people probably pocket a lot of money so it's hard to get an idea of the true revenue, I would imagine higher than what you are shown on paper though. Also while it is less work than other businesses your gonna have someone run into your washing arm and need to get it repaired, back into a garage door, etc.
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