Investing in Laundry as Part of Retirement Planning
I recently met a laundry owner who mentioned that his career in laundry came about from his desire to do something meaningful that generated income in retirement. He had retired from his job at a large corporation and felt he had the energy and drive to try new business ventures that he could be passionate about. The factors he considered in choosing such a venture included:
- The amount of time he had to dedicate
- The amount of money it could make him
- How easy it was to get up and running
Owning a self-service laundry store fit his criteria for all those factors. After much research and with a moderate investment and some financing, he opened his laundromat and started his post-retirement career.
He is not alone. Many individuals looking for that second act in retirement are turning to the laundry industry for some of the same reasons thousands of owners do:
- Relatively low initial investment
- Attractive ROI
- Simplicity of the business model
- The independence that comes with finally being their own boss
Even existing laundry owners are expanding with an eye to their later years. Some owners in colder regions such as the Midwest and Northeast are buying laundries in Southern California, Arizona and Florida as they plan for “retirement” and more time in the sun. These “laundry snowbirds”, if you will, seek to live the active lifestyle of many other retirees without giving up their passion and success in the laundry business.
So the next time you think about retirement planning, add owning a laundry to the list of things to consider. It might just make your golden years even more golden!