Is the New Laundromat Already Making Money After Just a Month?.
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- Опубликовано: 26 авг 2024
- I took over this laundromat in September and we opened in December after repairing machines and adding machines. There is still a ton of room for improvemnt but there is decent money coming in already. I also met the old owners!
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Clue:
When the driers quit the other week and then returned to normal on their own, that was gas supply not being big enough for all machines to run simultaneously. The machines closest to the incoming supply use the gas and leave low pressure down the line causing error codes. Not enough pressure trips safety sensors and they quit until others are finished. To check this, start all driers at the same time and watch them.
Also stale snacks will end vending machine use. Check the stale dates. Word gets around.
The dryers didn't quit..they just wouldn't start at all. The never started and showed door code errors. They did it for a day or two then started working.
I been seeing dryers from 5 to 7 minutes for .25 in Colorado Springs
Thanks!
I agree find something in the middle on the dryers. It’s .25 cents for 4 mins on pretty much every laundromat in my area.
Now ti fugure out how to change them without breaking them....
@@investfourmore did the previous owners mention who they used for repairs or did they attempt to fix everything themselves? I would imagine you could source some repair manuals for these machines either online or from the manufacturers.
You’re a smart guy Mark I think the more you dive into the laundromat world you’ll continue to network and make connections. I bet there’s even laundromat trade shows might be worth attending one.
@@jrs4ex they hired guys out of Denver.
@@investfourmoreyou can probably find videos on RUclips (unless you meant you might physically break something). We have only owned our laundromat for 3 months so we had no idea but found videos online and went up on prices a few days ago. Previous owner hadn’t changed for 10 years! Also FWIW we are now $0.25 for 5 minutes.
So now you should move the back 50# to the front row.Then you will have a spot for the coke machine. I assume that the front does better because people sit in their vehicle watching. Great to see the biz is doing well.
But if you want DMV to come in to use vending machines you want it easy access
The washers in the front might be doing so well because you can watch your clothes from your car. Just my thought🤑
Wow soon you'll have to collect the quarters out of those front machines more than once a week!
That would be sweet
Thinking you should have someone with you when collecting the quarters. Safety in mind. Glad to see your business is picking up.
There is a security guard and if I yell loud enough I'm sure the dmv will hear me
Hopefully Mr. Blasty is with him at all times.
That's why he has cameras in his store.
Glad to see the 📈 going up more! It’s something about stainless steel machines you see 👀 them and you go there 😂
They are attractive!
You can keep the driers cheaper then a competitors price that way you drive in the biz. and if needed raise the price of the washers. even with a higher price washer, customers will still come in because of the cheaper driers.
Wow, congrats on the great week! Love all your updates, especially the laundromats!!
Makes tens of thousands a month from rentals, but still gets *gitty* counting quarters from old laundromats. This would be me too!
Mr Mark, you are such a nice gentleman please don’t go up just to make a profit. The cost of living is so high and I am guessing that your real estate makes money. Do u know how much God will bless u if u are helping people. When u are cheaper, then the people will come and you will get volume because u are the cheapest laundry mat. What does it profit a man if he gains the whole world but loses his only soul. Be nice to people. I respect you, I have always commented that you are a gentleman, bless people mr Mark. You will fill so good about yourself I live in Louisiana so I’m not commenting this to you cause I’m gonna use the laundry at. God has been so good to u. Think about how u are blessed. I respect you
He’s running a business not a charity
You can still make $ w lower prices. Let's not kid each other. All you have to do is be more efficient & perform your own repairs.
@raymond19001 those must be tiny portions or they are losing money
In Nashville Tennesee dryers are 1.25 to start the dryer and .25 cents for 4 minutes.
Good to know
Mark, I know I mentioned this before; you have one of your bill changers down now, without the coin hopper. It may turn out to be a warrantee, but you need to get your bill changer up to snuff. You need to locate another coin hopper like the one you have; they are the "weak link" in most machines. But set up a wiring harness that will just power it up, pour it full-$500-$700 of quarters, and let it run; the counter will tell you how many quarters. When the rotary counters work, they are a joy; after a few hundred thousand coins go through them, no joy. The hopper system I outlines lets you load it and walk away and so something else. And you always have a spare hopper and a spare bill changer, so you should always be able to get that machine up and running 50%. Good to see it doing well. The difference between front and back, as you saw it, is true in car washes also, and I think you are correct- most people prefer not to get hemmed up and unable to reach the exit. Btw, thirty or more years ago, every bank had a big rotary sorter counter- you could spill $50-$100 in mixed coins and it would count and sort into bags. They were heavy five figure machines in the '80s. And those need a rebuilds about every other year at a busy bank- about $1500, I was told. And these are mid '90s and "00 numbers. And after Katrina most banks here quit wanting to handle shovel loads of coins; all had to be counted and rolled or counted and weighed into the new plastic treasury bags, but all of the count was done outside of the banks. We ginned up a couple of spare hoppers to work on a table top- they are 110v , most of them. Streamlined my process; I used them also to audit the other machines by taking one side off line and pouring the hopper into my "traveler" and counting it to compare counts and make sure I had no short or long counting going on. The first costs you business and the second makes you false profit.
Lady that used to own the laundromat had a story to tell you. But at least they are doing the clothes at their old place. Great to hear making more money. Don’t give up with vendors wait to see when the kids are out of school might be used more then you think.
You didn't say what your BIG bill was from the new laundromat repair company. (Unless I missed it)
Woo hoo!! 💃🏾🎊🎉🥂
More money!!! 👍🏽
.25 for 8 mins is pretty good. I was at one here locally and it was .25 for 5 mins. But I will say it did not seem to dry very well. Or it was the pillows.
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Ours is 3.25 for 60 mins no option for less time due to laundry card use. Yet that one hr doesn't dry a mixed load well.
Take a load of your clothes to the competitor every once in awhile. Then you can kinda catch on to their vibes and prices
We need an update on the old bar building! Not the one you sold but the 1st bar!!
I’d stick to the ones you have mark family time is so important. I wish you could make more money at the small one but not sure how you’d do it. I recently watched another laundromat person but it’s not half as much fun as watching you. Plus you do other things too which is always good for drama and normality ! I’m sticking with you so your lumbered with me ! Love the laundromats!!
Awesome! Thanks for the kind words
I think you have it right. Figure it on a 28 day basis. Then you get an extra month every year that doesn’t get counted for.
Did the cash hopper machine guy get back to you yet?
No!
Did you tell DMV yet that there are snacks in the Laundromat yet?
No
I’ve gotta give Colorado credit I’ve lived in 5 states and when I was in Colorado my experiences with the DMV were exceptional. I don’t think I ever spent more then 15 min in one, very efficient. In Connecticut you have to book an appointment and then you still wait an hour plus to be seen. And that’s an improvement. I used to have to take the whole day off to register a car or trailer. Nothing like sitting in a DMV all day like cattle
@@jrs4exit's a lot better getting there in the morning before they open the doors. Otherwise you'll be there for hours.
@@investfourmore one simple pop in greet and tell them you might have turned your vending machines around. Now their way back in a corner before seeing if that traffic was a boost. Oh well. You need marketing help!
Thanks for the video, im interested in opening a laundromat but seems like its really hard to get started
The design of the landromat looks similar to one i came across in montreal. But looks like it was put Up front for the reason you mentionned. Whish i could buy a landromat too.
Just an idea. I would open a new laundrymat at the market/liquor store. You have the space, the water, machines and people on site. Don't know about gas. Same hours as the other stores. 10 washers and 10 dryers. Then run a profitability competition between it and the Kersey store. I bet I know which one will win!
Awesome video Mark I look forward to Friday to see how the laundromat (good) is doing!! It’s great that you had a pretty good week there and you got to meet the old owners. May I suggest though galvanized buckets you can get them anywhere they will hold the wait of the quarters just a suggestion. Looking forward to see what next week holds and the other laundromat as well.
most businesses go out of business within the first year. If you can turn a profit then you're doing pretty good.. costs can be taken off of taxes but you have to earn that money to be able to deduct the costs. It is not easy.. Only something like a McDonalds where they do most of the work is going to be profitable consistently .. but even they are having problems.. people aren't eating out anymore because of inflation and then states like CA tell owners they have to pay $20hr for employees and its not easy.
Suggestion: When editing videos, turn the volume of the coin machine down and your volume up. Can't even hear you over the machine. And turning my volume too high to hear you gives me a headache because of the loud coins.
That's a very good start for the new year.
For the big washers at the back you need to put I sign up pointing down over them as people won’t drag a big load of washing to the back for no reason
Just talked about the laundromat business. On average it .25 for that many minutes. Some ppl will just take their laundry home and let it air dry. My daughter and I was having a discussion about laundromats.
That is true
I have been to laundromats across the country as I used to travel about three weeks out of the month around the country for work. Some fun things I found in laundromats, were social events for singles and mothers with small children. That could be something that might bring in extra customers on weekday mornings or evenings. Not sure if it would change the revenue so much as much as it would spread out the intensity of the demand on the space and the machines.
Based on the figures you presented at this time I don't think you want to raise prices just yet, I would say wait a year, get a steady stream of income established where you can average out your highs and lows and add in the repairs in to see if .25 or .50 raise would have an adverse effect. But right now you are barely meeting your target, now come spring and summer sales could decline. The weather will play a big role in your profit margin so don't leave that out of the equation either.
If snack machine not doing well, it might be the pricing. When I used to go, took my own snacks as cheaper. However, hot drinks were popular. Some people air dry their laundry at home, or semi dry. Putting up prices may stop people using them. But its all trial n error. You are still reading how your customer base uses the laundry. Weird how the ex owner was there hahaha. Great week. Wishing you app the best. Like the new layout v
Some losers stole $2300 from the change machine at the Lula Laundry Mat in Georgia December 29th. They were apprehended! They were using a 12 year old for a look out!! Can you believe that!!
Poor kid 🥺
Dryer should be 25 for 6 minutes!
I use 2 different laundromats and one is a quarter for 3 minutes and the other is 6 minutes for a quarter.
Thats actually pretty sad. You should be making that much total each day on weekends. Not in a month. You are not making a profit. You are losing money. One machine breaking down and needing a part would take up a months profit for you. Even on my worst month, I still made 4 grand. I'm glad your making a go of it, but coming off two years of laundromat ownership myself, this is really scary to me. Glad your fans are supporting your channel with their positive comments, but I'm a realist, and those numbers need to increase.
Just curious, does your place take the prepaid cards instead of quarters? I wonder if having to use quarters is a deterrent to some?
@@KatieAllison77 My mat has both coin and an app to pay for the laundry. Plus we have Wash Dry Fold service with pick up and delivery. Coin isn't a deterrent in my area. In fact most people prefer cash. It's the younger generations that are coming out of college that tend to use the app instead. And card payment systems are hated by the public in general, unless it's a card payment system like using our debit/credit cards.
Some suggestions: first, when doing a voice over on the videos, it would help if you lowered the volume of the video and raised the volume of your voice talking. Between the sound of the keys and quarters and the buckets and the quarter machine, it's so hard to hear you. Next, if you have any extra washers or dryers available, why not put them at the store, might as well make a little extra something to help any bad days the liquor store may have. For the church rental property, may want to advertise or hope some kind of car repair shop can rent there or some kind of store like Autozone and then a repair shop next door. It is a decent size no matter what goes there. But one thing i think might help is if you added a paved parking lot to that property.
I lowered the volume about 70 percent! But I can do more
Why does no one get a coin scale... Especially when your primarily dealing with one coin.
I have a scale too
HEY Mark I have a question for you. I don't seem to remember or I have missed this. Are the machines in the new laundromat yours or the landlords? And also I think you should move the big machine you have in the back to the space you have in front.You are making a killing with the front machines, add one more in the empty space if possible.
I just raised my dryers up, midway through last year I raised the vend price but not the extend price. The first quarter is the vend price but the 2nd quarter was the extent which was set at 8min still. I didn’t know the difference, now they are both at 5min/quarter
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@@investfourmore sorry, I meant vend price and extend price. 1st quarter vs 2nd quarter.
Do a combo auto repair/parts store,and laundry mat at the church complex .The downtime for the auto work can be spent doing laundry.Bring the machines over from the smaller one and sub lease that space.Can you do a lease agreement at the new one for a business that runs theirs in the off times but deals with any laundry mat issues that come up so your still making down time money?
Arent you going to install debit and credit payment systems?
13:36 theres an orb your place is haunted!
Do you haul those buckets to the bank for your deposits?
No. I haul them to my office to count and then back to the laundromat to fill the quarter machine. Seems logical 😅😅
@@investfourmore So you never show up at the bank with tons of quarters? 😁
They get recirculated back into the coin machines, and the cash is kept, even though the cash is not income but the quarters are.
@@readtherealanthonyfaucibyr6444 Thank you both for the info ☺️👍🏻
@robinmoore7202 I did with multifamily coin op quarters once haha. Actually I made someone at my Office do it
You need to set your dryers. At $1 to start 4 minutes. And 25 c per 4 min after that.
The laundrymats where I live, are Laundrymats with tanning beds in a separate room. They have wash and fold service with the attendants working all the time. TV's mounted, nice snack machines. They are very clean, and all the machines work. This is in Indianapolis. After going there, I don't know if I would go to a place that was just machines. Not sure if you mounted a TV if people might come more often or not. FYI The place is called Laundry and Tan Connection.
Some people love tvs and some hate them. But if that aren't there people have phones and tablets
Mark your opening statement makes you sound like a "Laundromat racist". LOL "Good Laundromat versus the Bad Laundromat." Glad for the continued upswing in income. Continue to have fun and learn.
If I owned a laundromat, I would put a couple of slot machines in my businesses....I guarantee you would make much more in them....
do not build a laundromat.
I can't count the number of times you say "it would cost so much". I understand you're cautious but if you want to make some real money you have to spend some real money. I know your real estate makes money but pissing around with these small businesses is just wasting your time. Build big earn big. You have enough insight now to do it right.
Why do people worry about others money. You have no idea of what your saying because you miss the cash cow in front of your face. 🤦♂️ 🤦♂️
@bobcatculv3574 I own a very successful large business. Yes I probably missed a few cash cows along the way but I learnt you have to spend money to make money.
InvestForMore Profits
Correct! James, that’s the point of being in business, right?