Should I 2X My Laundromat?
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- Опубликовано: 10 мар 2023
- Our laundromat is doing REALLY GREAT, so now the question has to be asked : Should we make it bigger?
I have laundromats down to a science. If you want to do laundromats as well click the link:
investmentjoytraining.com 
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Just to let you know I would suggest that you change the door code to your storage/count room, we were able to see the code you inputted in the video
Yeah I saw that too
Yeah... Editor made a oopsie
Great catch you wouldn't want robbers in the area watch this video and know how to rob you cause you film everything
@@InvestmentJoy. Hi . Question I have is . if you coin and dollar base. Would the card form ruin your business. Since the sign say coin laundry. Lol . But does customers want coin or card form.
Double the size and renovate the exterior. I love watching your videos!!
I heard my name at 3:30 ... (I would have likely texted a meme of the dirty floors and a firing squad!) Seriously; Laundromats are all about Wash, Dry, Fold. Keep in mind if you "expand" the washers/dryers, you will need to improve FOLDING space. Too many operators ignore folding because the folding tables "don't take quarters." I am not a fan of people who say "I toldya' so." But... get rid of that office.
Did someone ask?
Nice to see you back not seen you for ages
Just been busy, tons more content soon
The fun of owning a laundromat!! Keep up the great work..
Thx
I like the quality of this video. Having more like this one would be wonderful for your viewers.
We keep changing the editing style and choices to find the right mix
@@InvestmentJoy I think you just found the right mix. Easier to watch.
I would definitely double the size since it seems like it would pencil out.
That's where I am
My dream one day here in or around Scioto county. I want to quit working construction one day. The drive from lucasville to Columbus and farther every day sucks.
If collections keep getting full in boxes then maybe you need a combo back of extra machines a row or a stacker block for sure ...sounds like a popular profitable spot
i dont really comment on videos much and never bothered signing up for youtube , just lurked
first came across your channel about 3 years ago
good things come to good people and you deserve your success
Aw thanks l!
I would expand and modernize. Seems like it would be money well spent. Be worth getting a bid to see how much it would cost - then see how long it would take to get your money back. Go Blue!
Who else does not like the sound of a lavalier mic? Microphones on the camera sound far better.
The amount of actual silver quarters you throw away is probably insane.
Perhaps. But it wouldn't be worth the time to sort them by metal. Maybe 40 dollars a day, at best
We've sorted something like $15k (60k quarters) and have found maybe 6
Just a suggestion. The office should a bit organised and have that as having screens for the security cameras and other things also to expand. Also I agree that you should go hybrid with money and card payments.
The reason watch was forst time tuned in smiled and smiled. A lot of trauma in last 14 yrs its nice to smile and feel good for somebody Marty
Looks awesome! Love to see how it’s coming along!
Yes definitely
Even though it would cost you quite a lot to renovate it would probably make more income
Also love your videos
Thieves are always looking for "frozen assets"
Yep, I need to stay frosty
Man, I enjoy watching your videos actually having inspired me to want to own a laundromat someday but the thing is it’s kind of difficult right now but when you said to double your size, almost triple it, I think you should. I think it would be a great expansion to your business and bring you a lot more profit in the long run.
Thanks for all the good content I always enjoy them quarters ☺️
Thanks!
I would seriously consider expanding your laundromat, but I would also caution against the law of diminishing returns - you know your local market the best; does local community require the extra facilities you could offer? At what point would it become excessively costly versus the income generated by the machines?
I would definitely go for the upgraded bill stackers too; at $650 a shot I know its a capital cost against your income, but you need to maximise the reliability in your vending machines to guarantee that customers can change their bills into quarters that are then pumped into your machines.
Seeing the amount of people that must be coming to this location, doubling it seems only reasonable. Would make for good content as well👍
Yeah, so far so good.... Hope it stays this way
It'd be great content!
Double the footprint of the laundry abode.. and put some security film on the windows of the place when you change out the broken glass on the door..
If you increase the size of it include a drop off service so the attendant does cleaning and provides security in the sense that someone is less likely to steal stuff or damage the place because someone is always there. Also you could go cashless machines and sell them prepaid refillable cards for cash customers otherwise they can use credit or debit cards
Great to see your Laundromat come from when you first bought it to this.
What's new with your trailer park?
Will update soon
In the coin pusher there is a spot were penny nickels dimes go it mit be overflowing if not cleaned out
I'll have to check
I love the idea of doing a free day with the church. What about using one of the other organizations that maybe deal with women shelters or the like
I am sure they would ontetested too.
Working on having those regularly w/ the local churches
How often are the dryers at 90+% capacity? No need to expand if 20% of the dryers are not in use during peak rush hour.
But if you do grow go only electronic on the new ones.
During the better days it's at 100%, the issue is that if I can serve 12x clients at once, and 15 want to use the mat at that time, 3 leave and go somewhere else. It isn't cheap to get them to come into the door to try my laundromat in the first place.
Why wouldn't you go gas? They're cheaper to run.
@@InvestmentJoy 100%,you have to expand then. Are the upgrades going to accept coins? It's a timesuck for sure but the collection vids are how we "keep up" with your life stories.
I think the reason you see very few silver quarters is because they more noticeable being larger than dimes. I used to work cashiering at a family dollar in a poor area and would see much more silver dimes and wheat pennies (even got an Indian head one once) than silver quarters.
I've found maybe one dime so far, I've got a few thousand dimes I need to go through.
Nickles though... Man get a ton of good ones.
If that was me dumping the quarters in the bucket when they fell all over the floor I would have had to insert a beep in the video lol
😮your a personnel young man enjoy the videos makes me a little envious am older the oppurtunity wasant there when i was young
I just love that you drive a beat up old vehicle like I do. Most millionaires drive some exotic car. Personally I'd never buy a new car anymore.
Richest guys I know dive moderate vehicles
You guys just shown the password to the back room??? At 4:30
Mean Gene Latrine was where one of my old bosses kept all the money
you showed the combination for the laudry matt door, you might want to change it so they wont come in.
We already did but....
@@InvestmentJoy just wanted you to know so you don’t loose anything, thanks for the videos !
you better change to code on your door lock as you showed the password when you opened the door.
I was just about to post the same! 😬
:(
Douple the size if its possible and put 1 or 2 more big washers and renovate the outside part:)
Hope so!
2x the SIZE please I love your videos :)))) if im ever stop buy I want to fix that glass on your door lol :) you deserve it your a harder worker!! KEEP it up
Let me know :)
your jacket reminds me of Barnie
I had a friend that had a car wash, he said he was so sick of quarters. He has since torn down the car wash and built an apartment complex on the land since housing is in short supply. Either way, he's set.
Yeah , they get pretty boring after a while.............to most people (I still like em!)
watching fom australia. time to double up.
Nice!
On a step bu step approach it will work
Cold Hard Cash!!!
Add cashless Payment options.
You should get a Juke Box in their one of the newer ones that you have on the wall with a touch screen you can make Good money and the newer jukeboxes with a CPU can have 1000s of song's and just take up a little space on the wall.
I've considered it, had a few people threaten to break it if i got it....an odd bunch.
It’s over $2000 baby!!!!
$2354 I was right baby!!!
Do you have a video of how you got started with your businesses?
There's a few on here
Don't stop believing that faith all people will have it 🙏
I would only increase the size if ,during peak times you're turning customers away .
Very much so
no money safes cold hard cash in the freezer in Ziplock bags😁🤣
Just be cool and don't tell anyone
it's really weird when your voice over is only on the left audio channel at the start of the video.
I'll make a note
i would fill the soda machine my self and keep it full daily
and why did you not check the other chip machine when you did the other one?
Yes I do think you should double the size of your laundromat $$$$$.....
Expand. Maybe make a vending machine area. Do you have laundry soap and dryer sheets in your vending machines?
Yes, we have these items in the vending machine.
Seems like physical cash and change would be such a massive headache. Why not just switch solely to card/Apple Pay? I feel like most people at least in the US don’t carry nor do they want to carry physical currency. It’s a hassle and not to mention it’s honestly filthy. I’m sure it depends on the demographic, income level and area but man it seems like it’s worth giving it up. No jams, no constant cycle of filling and emptying machines, less complaints, less chance of anyone trying any funny business since everything is cashless. Idk just my personal opinion!
Lower income people still carry cash, alot of people like to save change and use it for laundry
Hello I like your contact wish I could start up my dream business but I'm just a bus driver
Spend time and learn
@@InvestmentJoy thanks and trying to learn how to start a youth center
add more machines keep the vending machines full of product daily any time a selection is out its money OUT of your pocket.
i would do it daily like collection of the quarters etc better lighting put in tv and a radio for music
Expand and make more videos
Working towards it!
Double the size would mean more machines and more money 💵
That's the hope!
I hope all goes well for you can't wait to see how it comes along
@@SpringTrap12341 Thanks!
i would keep afew coin operated machines, when yiu upgrade, for the customers whom dont have cards
that's the general goal
I imagine it takes a long time to make a profit if just starting out.
Add another location.
I'd say double the size. That said I would be happy with $60k a year profit after taxes, and have made $65k per year in the past, but I hated my life even now I'm busting my ass working way too many hours for $35k a year and hating it because I literally barely make enough to feed me and gas to and from work I haven't paid a utility bill or had utilities for over 6 months and I'm looking at loosing my family home. I gotta get back to work thanks for the entertainment during break Brandon.
Have you gone through Dave Ramsey financial peace university? Usually can take it free, between that and optimal w2 income those are first big steps to get out of a financial mess/hardship. Back when I was a kid, dad was working 60-70hrs a week for $30k/yr in todays money
@@InvestmentJoy happy to see you mention dave ramsey. im currently on baby step 2 and can't wait to finish. Set for Nov 2023 hoping to be done before then and finally start investing! Have a few businesses in mind that I had to put on hold because of debt. "Cant start a business/invest when you owe other people money" - Dave
really taking in alot from your videos thank you man and see you at the top once im out of this debt! passive income for the win!
@@ezduzit201 I'm a pretty solid fan : People get trapped in consumer debt and spend too much of their life trying to impress people that aren't worth the time.
I don't agree with 100% of what Dave says, but I'd say i agree with like 85% of what he says, and of that 85% I think he's fantastic in terms of his communication.
Out of that potential $10k for the whole month, how much of that do you actually net after all expenses and payments? $5k?
Around $3k but excludes benefits like depreciation, appreciation and principal curtailment
Do you really think bigger would bring in more money? I mean, how often are all the machines in use?
I think he should open more locations to be more convenient
Enough that I worry and thus made the video
Just curious how do you deposit all those quarter to the bank. do you have to put in the quarter rolls.
No, you don’t have to roll them. If you bring them in loose, the bank will do it themselves
Hope you changed the door code.
Showing your code on video is bit risky.
Increasing the size depends on utilisation, if 100% sure.
Yeah....changed it...........editor didn't cut it out
I design playgrounds and right now I’m working on one for Utah that’s 28’ tall.
Put solar panels
Cold hard cash literally 20:53
Chilly cash
Of course you keep money in the fridge. It's Cold hard cash
It's logical, right?
Would it be more beneficial to make 1 larger laundromat or have a 2nd location in the same vicinity (within a cpl miles radius). I think that is the bigger question. Because once you start a 2nd location you can work to get a larger audience of customers and thus marketshare. You can open a new larger location but you'll still only attract those in that general vicinity. Having 2 locations means you have opportunity to attract many more customers.
One bigger bat due to the logistical size, having two small locations is much harder to deal with.
@@InvestmentJoy Both have pros and cons. You just have determine for yourself your end goal. Do you just want 1 larger facility or do you want to expand and grow your customer base 2 fold. Sure its more work for multiple locations. But thats also where you determine to go coinless and alleviate some of that "harder work".
@@famousamoso7 It's greater fixed costs for 2 locations as well.
What’s the law on coin pushers in Ohio? Going to buy a few for my friends arcade in Portsmouth.
It's a very Grey area, mostly down to local laws vs state. State says you need a permit.. No permit exists
@@InvestmentJoy it’s hard to get a straight answer on them. Southbound flea market has 3 of them in Piketon. I may ask them about it.
For Indiana, it’s a big no. Especially if you have higher denominations in the coin pusher. They consider it a form of gambling. Our laundromat had one, they recently pulled it out of there. I haven’t been to the local Flying J to see if they pulled those, as well. They’ve been trying to fight it in court a little, no luck there. I think the only ones you can legally have are the ones that push tokens, like at Dave and Buster’s or other arcades.
@@lindawolffkashmir2768 yeah and the token ones are crap in my opinion. I want to win quarters lol. Tokens you can exchange for cheap gifts I guess and probably make the owner more cash.
What's the best way to acquire a loan to purchase a building to build a laundromat?
I like private money generally beyond all else
Where should you put you’re profit the money you want to reinvest into the business a savings account making little interest? or stocks? or even a CD? Just wanted to know what to with that cash to reinvest in the business in seven years to re tool like danny says to do.
Cash sweep account with M1 held (Generally) in S&P 500 tracking ETFs
The more you give The more you get God is Good
How many snoots may i snimmoot before i skoot to boot to doot to woot to trute magoot?
How much did you pay for the laundromat.
What would be your estimated increase of income by increasing the laundry size? I would worry that the increased equipment cost might not be the best thing right now. However, I'm not in the industry. Would love to see how you would go about the process. Love the content, thanks.
The HOPE would be about a 125% increase in terms of revenue/income if i increased size 100%, simply due to points where customers leave if the location is maxed out usage-wise (People don't want to wait in a laundromat, ever).
I might be mistaken but it looks like you just full on leaked the code on your doorlock
that looks like a pain in the ass
I keep money in the freezer because I like cold hard cash.
Boom tish!
I think it would be a great investment overall
I'm 15 years old, located at indiana. I'm trying to start a business, I think, starting a vending business
Will have a free webinar tonight if you're interested
Cold Hard Cash
i would clean thar office up in no time it should not be like it is if any one saw it it says you dont care to them
So should I just get a personal loan instead of a business loan since Im A beginner? because the business loan didn’t work
Did you do research as to why they didn't work out? Sometimes denials are easy to resolve, sometimes not but it's worth the effort!
A Hell of a Lot cleaner than the one I go to in my town. Missing Tiles, Machines covered in Soap and Dirt. Bathrooms... One bathroom now.. always dirty and out of Toilet Paper and and and Almost Half the machines not working. A Brand New Vending machine that Never works or is out of snacks.. tho I never use it because I can walk to the Grocery Store just 50yrd away... TV constantly Stolen and on the Shitty Cartoon Network.
And Now the P.O.S Scam Bots will post a Reply...
I should buy this crummy place
@@InvestmentJoy Please! :D But He won't sell... I only go to it because it Half the Price to wash my cloths than the other only other one in town. $4 Wash and Dry at this one, $8+ at the other one and still not dry yet...
@@ravenlorans everybody will sell for the right price the big trick is finding out what his price is
@@InvestmentJoy Well If you are/were serious and want to Travel to Florida.. I would ask for you...
you used to show the yearly statement. RUclips must have taken off.
I'm trying to get back to the point I do quarterly statements : They used to perform super well for me, till they didn't.
Back to the Steelers video corporate in a m
Do you have credit card payment systems and contactless payment systems?
Machines are here, just need to put em on!
@@InvestmentJoy i am looking forward to results. I have seen other laundry channels that have cashless payment options still have the majority pay with quarters. Why do americans like to pay with quarters?
Cold hard cash. LOL
Why not keep COLD CASH in the freezer??? Lol
How do I find one for sale , I want to own one
Gotta be careful on 'for sale ones', i'm not a fan of buying on-market
I like money
I know that feeling!
If youre only looking for silver coins. Thereare errors and varieties
Kk, I'm just going to pretend I didn't look at the input of the code to the storage/money room.
Thx
Yee watch out for sus activities at night when there's a burglar nearby or sum.....
20 it will give you 2256
What state are you from i would go thru your quarters look for errors rarites. If not may b interested in purshasing them for a little premium
Wo I ld you b able to help start a u tube channel
Would it be better to buy a second location rather than double the size of your existing location? Is there enough traffic at the current one to justify doubling the size?