A young Aussie has revealed how she’s pulling in a staggering $120,000 a year from an unlikely source, proving that sometimes the biggest financial wins come from the most unexpected places.
While many grapple with the rising cost of living, 26-year-old Lyanne Nguyen, a medical researcher from Adelaide, has tapped into a booming market, transforming the once-humble laundromat into a lucrative side hustle.
Nguyen, who works full-time in medical research, alongside her partner Andy Chiem, opened their Adelaide laundromat two years ago.
Their motivation was clear: to build additional income streams and secure greater financial freedom and flexibility for their future.
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While many grapple with the rising cost of living, 26-year-old Lyanne Nguyen, a medical researcher from Adelaide, has tapped into a booming market, transforming the once-humble laundromat into a lucrative side hustle. Source: @lyannenguyen/TikTok
“We’re not trying to become the next millionaires or anything, but we’re trying to build multiple streams of income rather than solely relying on our 9 to 5,” Nguyen told Yahoo Finance.
The couple meticulously explored various business opportunities before settling on a laundromat, recognising its inherent stability.
Nguyen pointed out that laundry services remain essential regardless of economic conditions, making it a resilient business model.
Her success story highlights a growing trend across the nation, as savvy entrepreneurs discover the surprising profitability of modern laundry facilities.
Furthermore, the relatively passive nature of the operation meant they could manage it effectively around their demanding careers and other life priorities, including travel and eventually starting a family.
After extensive research into suitable areas and contacting suppliers, Nguyen and Chiem secured a location in a suburban Adelaide area, approximately 30 minutes from the CBD.
The initial investment to establish the business from scratch was just under $300,000.
The substantial outlay covered the purchase of modern washers and dryers, the complete fit-out of the space, and all necessary plumbing and electrical work.
Lyanne Nguyen and her fiance Andy Chiem opened a laundromat business as a side hustle. · Source: Supplied
Despite the significant upfront cost, the business quickly exceeded their expectations.
“Within that first month, we were turning a profit. We were actually quite surprised,” she revealed, noting that pre-opening flyers had generated a strong initial customer base.
Washing up a healthy profit
Nguyen has openly shared the financial performance of her laundromat, providing a transparent look at its earnings.
In a recent example from April, the business generated $10,932 in total revenue.
This figure included $9,742 from self-serve washers and dryers, supplemented by $1,190 from wash, dry, and fold services provided to a commercial client.
After deducting expenses totalling $4,609 for the month, which encompassed $2,925 in fixed costs (such as rent, outgoings, insurance, internet, and accounting software), $1,450 in operating costs (including gas, electricity, and transaction fees), and $235 for other expenses like cleaning and general supplies, the net profit for April stood at a healthy $6,324.
The upfront costs were just shy of $300,000. Source: Supplied
While the business is largely automated, it’s not entirely hands-off.
Nguyen and Chiem typically dedicate between four and six hours per week to tasks such as cleaning the premises, reconciling transactions, and general administration.
They also employ professional cleaners for regular maintenance, but beyond that, the laundromat operates without additional staff.
Last year, the couple’s laundromat generated $120,000 in revenue, with running expenses accounting for approximately 40 per cent, resulting in an impressive annual profit of roughly $72,000.
The laundromat boom
Commercial real estate agent Shay Fairhurst has observed a significant increase in interest from individuals looking to open laundromats.
“I’m not particularly 100 per cent sure what’s behind the drive for it, there just seems to be a massive appetite at the moment,” he told Yahoo Finance.
“I don’t know if there’s someone out there on Instagram or TikTok advising people to open laundromats, so everyone’s just jumping on the bandwagon. I don’t know.”
Industry analysis from IBISWorld supports this anecdotal evidence, indicating over 5,000 laundry and dry-cleaning businesses currently operating in Australia, with the number of new businesses increasing by 3.8 per cent.
The sector’s revenue is projected to grow by an average of 2.3 per cent annually over the next five years, reaching an estimated $2.6 billion by 2028-29.