Why shouldn’t I own a laundromat?

[richardy]

@jcon1150 I had some ideas on locations, but I would have to obviously spend a lot of time scouting them out. And probably pull some data from a demographic company just to be safe. Utility prices are concern with being in a high priced electricity state. I hear you trusting people, that was a primary concern as well. I was thinking along the lines of trying to keep it as low as possible and try to rely on cash free payments, but I understand that of course has its negatives as well. Hence, my statement about being low as I don’t think you can eliminate cash entirely in some marketplaces. For example in very low income places they are going to primarily have cash and want to use that but college campus Apple Pay might be king. I have definitely thought a lot about this and think I have a lot of the bases covered but I know that I’m missing something. You know how it is, you don’t really know how something truly isn’t until you actually experience it. I don’t know what I don’t know.

 

[613jono]

@richardy Would solar power be a thing that would benefit you?

Would you consider a laundry cafe? Like a place that people could do their laundry and work on their laptops?

Laundry pick up and delivery service?

Diaper service?!

2nd hand clothing shop next door with clothing donation bins?

 

[richardy]

@613jono The only problem with solar is that the capital investment will be much larger. It would probably increase the budget by three or four times. Reasons being that would have to buy not at least a real estate and I would have to buy the solar panels. I am a big pro solar person and have panels at my home but definitely changes the reality of things by trying to do it on a business of this nature. It would be one hell of an array to even offset half of the electricity needs. The ROI is definitely not overnight.

 

[brightfuture2172]

@613jono > Would you consider a laundry cafe?

OMG I had never considered this and I would go there like, every day lol

 

[greentwiga]

@richardy I was also going to say something about laundry + something else like drinks/food/lounge could be cool

Maybe look to see if there’s apartments in certain areas that don’t offer laundry in unit or on site and try to find a location near by. Word of mouth would spread quick

 

[richardy]

@greentwiga Yeah, that was definitely part of the plan as far as finding places to have a need. Totally agree on the drinks and food aspects. Captive audiences are always willing to pay for something like that.

 

[leahhope]

@richardy Just having tables to sit and work at and decent wifi could be a big selling point?

 

[richardy]

@leahhope A guy on my team recently needed tires and went to Costco during the work day for them. He commented on the fact that it was hellish working there with no WIFI and no comfortable place to work (he camped in the food court). And that was only about an hour.

 

[stefanm]

@richardy They don’t want you to hangout, they want you to go shopping

 

[leahhope]

@richardy I get that. Trying to make good use of that time.

I now take my laptop into the doctors office and even the exam room and work while I wait for them, since it can be a half hour or more of just sitting there at a time.

 

[richardy]

@leahhope I’m constantly working from my phone in waiting rooms for that same reason.

 

[juliegrande]

@richardy Hire a business consultant with a good reputation and long standing in the community. Ask them to look for a free to own situation. Failing business owners are exhausted, emotionally and desperate… Approach some and offer you take the business, and its debt, and they walk away free and clear.. Alternatively, a consultant can find landlords who are fed up with missing rent from their laundromat tenant… offer to take over and little to no money down.

I have done both of the above more than once. Taking advantage of people while they’re struggling isn’t the highest of moral ground - but the climb to the top includes walking over the already failed.

 

[christine237]

@juliegrande Interesting, how do you recommend finding a good business consultant? I’ve never worked with one and would have no idea how or where to begin a search. Much less how to determine whether they are good or not.

 

[juliegrande]

@christine237 Find where those who are successful hang out, most of them will have hired a consultant at some point. Rotary club. Chamber of commerce. Etc. honestly, I’m not exactly sure.

Make sure you have two things setup - redundancy and education. Don’t cheap out and believe you can do it yourself. Spend the money to hire professionals, learn from them, and hopefully do it yourself in the future. Consultant. Accountant. Attorney. Etc. you’ll fill all these hats eventually, but learn from the pros first. As an owner, you want to be smarter and know more than -everyone- around you, so get yourself to that point ASAP.

Secondly - redundancy. You’re undereducated and under experienced in what you’re trying to do, which means it’ll be easy for businesses to take advantage. Always have one hand watching another. Attorney supervised accountant and the results from business consultant. Accountant oversees your payroll company. Always talk to each professionally about what the other(s) said. Talk to the accountant about your attorneys plans, vice versa - they are in similar-ish type jobs and one will speak up if something doesn’t sound right. Silently give a customer free service to supervise the staff/facility and report back to you. And you oversee it all. This gives you the best chance of keeping everyone honest.. Your consultant can help you find all these, just make sure there is no relationship between the two, no commission, etc. and what supervises your consultant is your common sense. The trust you instill in your consultant will be the most vulnerable point of your plan.

Hire a location specializing, whatever that job may be called.

And this isn’t a joke. Watch bar rescue. There is a lot to learn that will apply to every business. That’s where I learned to hire someone to find a geographical vicinity for your business.

Work ON your business, not IN your business.

MOST IMPORTANT - Run your business from your business, not from your home. The cozy is tempting, but you can’t run an operation from a computer screen or cameras. More importantly, let home be home. Set hours you work, and maybe some more hours you’re “on call”. Like work is 7a-530p - but you’re available on call from 6a - 9p. Beyond that, you’re not working. The loss of production is nothing compared to what you’ll lose when you burn out.

 

[tony3232]

@juliegrande The other way to look at it is that the more people that do what you did, the more the sellers will get for their business.

The less people doing it, the less they will get.

You were helping them get a slightly better deal and/or speeding up their sale by increasing the number of people willing to buy

 

[shoeman99]

@juliegrande The pissed off landlord sounds like a incredible way to have lead generation.

 

[stanczyk]

@richardy I wouldn't do it w/out an attendant.

Otherwise you have people wrecking the place, overloading machines, eating off the folding tables like they were kitchen tables, and my pet peeve, putting their toddlers with diapers and shoes onto the folding tables where people fold their clothing

Best one's I have been to had an attendant, and/or someone who also did bring-in laundry and ironing (making extra $$ that way).

 

[richardy]

@stanczyk That seems to be a common view among the people I have responded. Thanks for your feedback.

 

[jrsj21152731]

@richardy equipment breaking down, people breaking your equipment, dealing with complaints nonstop, people stealing shit, people stealing other people shit that somehow makes you responsible, making sure to remove undesirables who will just inhabit your space, dealing with perverts, and that is the stuff that comes off the top of my head.

 

[richardy]

@jrsj21152731 That stuff I pretty much expected. Thanks.