You can open a laundromat business with no money down either by getting a business grant or by starting a laundromat business from home and growing your profits for investment. Learn more about these options below.
How to Open a Laundromat With No Money Down
A laundromat can be a relatively simple business to run since most functions of a laundromat are self-service. But, can you start a laundromat with no money? When it comes to how to buy a laundromat with no money, you can be relatively certain that no one will give you a laundromat for free. However, there are a few ways you can get a laundromat business started for little or no money down. Your options include business grants or starting a laundromat business from home.
How to Start a Laundromat with a Business Grant
Unlike loans, grants are funds given for a certain purpose that you don’t have to pay back. It may be possible to start a laundromat for free by using grants, although you will probably have to secure more than one grant.
Here are some of the grants that may be available for starting a laundromat:
- Small business grants: The United States Small Business Administration (SBA) provides grants to some types of businesses, although it sometimes requires anyone applying for a grant to come up with part of the funds. In most cases, SBA gives grants to nonprofit, educational, or government businesses, but you can still apply for a grant from the SBA. If the SBA is unable to approve a grant, it can provide other small business resources that may help. Learn more about SBA grants at SBA.gov. You can also search for other possible government grants at grants.gov.
- Local grants: Some city, county, and state programs, as well as some banks and credit unions, offer grant programs for small businesses. As an example, the Bank of America Charitable Foundation gives out several hundred million in grants each year to support community development activities, including small business startups. You can contact your local bank to find out about any grants offered, or your local Chamber of Commerce to learn more about city, county, or state government grants.
- Grants for the disabled: Governments and private organizations may offer grants for people with disabilities. Some programs, such as the U.S. Department of Veterans Affairs’ VR&E Self-Employment Track, are specifically offered for disabled veterans.
- Grants for women: There are some grants available exclusively for women entrepreneurs, which can fund the startup costs of a business such as a laundromat. Examples include the SBA’s Women’s Business Centers (WBCs) and the Amber Grant.
While it can take time to find and apply for appropriate grants, some of these programs may provide at least some of the funds needed to open a laundromat.
How to Start a Laundromat From Home
Another option for opening a laundromat with no money is to start a laundry service from home and use the profits from your home-based business as a down payment on a small business loan or laundromat franchise loan. If you already have a washer and dryer, you can start a laundry business from home with no investment and save your earnings to build or buy a laundromat facility.
There are a few ways to start your own laundry business from home. One way is to set everything up yourself, including establishing yourself as a business and landing clients through marketing. You’ll need to make sure that your home has an easily accessible place for customers to drop off and pick up laundry, such as a garage. You may also consider starting a laundry delivery service from home, which involves picking up and dropping off clothes for customers in addition to washing them.
Another option is to work with an existing home laundry care service to offer laundry services from your home. Laundry Care is one such service — a national network of home laundry service providers. Note that you must provide pickup and delivery service when working with Laundry Care, so you’ll need a vehicle in addition to a washer and dryer. There is also a startup fee of $95 to join the network. However, working with Laundry Care eliminates the need to find customers yourself, as the service provides clients for you.
While there is no simple way to open a laundromat for free, there are a few methods you can use to start a laundromat business with no money upfront. These include applying for business grants or starting a home-based laundry business and rolling the profits into a small business loan for a laundromat.
Looking for more ways to start a business for free? Check out our list of work-from-home jobs with no startup costs.