I. Why Laundromats?
- Cash flow
II. Do YOU have what it takes?
- Common sense vs. business sense
- Bravado, Audacity, hutspa, Gravitas... GUTS!
III. Store Scouting
- New Build vs. Existing location
- Store's location in relationship to your location
- Store's location in relationship to demographic
- For you
- For your store
- For your customers
- Store's layout
- Sq Footage (size matters)
- Key leading failure indicators (some stores should die)
- Current Owner's position
- Competition (all of the above applies)
- What to look for
- What they are looking for in you
V. Lease negotiation
- LOI (how to make this tool your crowbar)
- Price per Square foot
- Abated rent and Gross rent
- 15 year minimum (offer 20 - at stand still)
(The inevitable "Vanilla" threat)
- Stick to one brand
Huebsch, Speed queen, Maytag, Dexter, ADC
- New vs. Used
- Financing vs. cash purchase
(simple) Tricks of the trade
- Coin Washers/Dryers
- Coin Vending / owning vs. %
- Coin Gaming/ owning vs. %
- Toys / candy (wear n tear)
- Machines will break down
- Do it yourself vs. a distributor vs. a "repair man"
- Hiring a full time or salaried maintenance person
- Conventional vs. Gorilla
X. Store operation
- 24 hour vs. scheduled
- Attended vs. unattended
- Coin vs. Card
(Wi-Fi driven cameras)
Air conditioning / Heating
Television / cable
XI. We are in the business of what?
XII. YOUR Exit Strategy?
YOU want a way out. YOU decided that "way out" is Laundromats. YOU started looking for information, and found a bunch of people raving about this Danny guy on YouTube. There is almost NO REAL INFORMATION online about the laundromat business because the OLD SCHOOL system is set up so that YOU will fail. BUY a laundromat from a previous owner? Who would SELL a successful cash business? BUILD a laundromat from scratch? Who has hundreds of thousands of dollars to spare? Danny was exactly where you are now 15 years ago. Learn what he knows, learn from HIS mistakes. You found this website and Danny for good reason. You want to own your own cash business. The first step? Get the acclaimed "Cleaning Up In Laundromats" DVD. Watch it. E-mail Danny. Thank him later.