Having multiple streams of income is a great way to build wealth and diversify your assets. These streams should preferably be stable investments that bring in consistent revenue. When assessing those criteria, you'll find that opening a commercial laundromat can be an excellent idea with lots of consistent earning potential. The laundromat business right now rakes in $5 billion in revenue, and there is no reason that you can't contribute and accept your share of the pie.

When opening a commercial laundromat, buying the right equipment has to be a top priority. Read on to learn more about purchasing vended commercial laundromat equipment in a way that gives you the most bang for your buck. 

Create a laundromat blueprint and assess your equipment needs

You'll be ready to start pricing vended commercial laundromat equipment once you know where you're opening your business. Get blueprints and square footage of the property to know how much space you have to work with. Then, get measurements of laundromat machines to find out how many the interior space can contain. This will both help you figure out how to maximize the space with your layout and how many customers you can serve. 

Commercial laundromat spaces are about 2,200 square feet on average, so have this figure in mind when searching for a property. 

Set a price range and search for the right commercial laundry equipment vendor

Once you know how many washers and dryers you need, start scoping sizes and prices of the best models. Outfitting a laundromat startup with a full spectrum of washers and dryers should cost you between $150,000 and $300,000. 

Get inventory lists from vended commercial laundromat equipment wholesalers so that you can create a budget. Consult your business plan and compare in-house financing options among different venders. 

Seek out a small business loan to buy both the equipment and the various other items you'll need, such as detergent, cleaning equipment, baskets, and change machines. The Small Business Association (SBA) offers loans that come with an 85% guarantee, which makes you more attractive to lenders. 

When shopping with different commercial laundromat equipment vendors, ask them if their equipment comes with warranties and service plans. This form of coverage makes it so that you minimize downtime in your laundromat, which is best for your revenue as a whole. 

Use the tips in this article as you start approaching commercial laundromat equipment vendors.