Making Coin Through Laundromats with Jordan Berry

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Did you know that laundromats are a billion-dollar business in the United States? Can you imagine how many quarters there are in a billion dollars?

Yes, laundromats generate a lot of money. However, not all of it becomes the profit of a laundromat owner. Owning a laundromat also comes with steep expenses like utilities and overhead costs.

So, how can you make sure your laundromat is profitable? It helps to understand the numbers behind the business, and that's what today's conversation is all about. Let's jump right into making money through laundromats!

Top three things you will learn:
- The four numbers you need to understand to determine the value of a laundromat
- Different business models in the laundromat industry
- How to make your laundromat profitable

About Our Guest:
Jordan Berry owns multiple laundromats and is a business and commercial real estate agent. He launched Laundromat Resource, determined never to let a lack of information about the laundromat industry cause someone to suffer the stress he did early on. He created a website where he could provide thorough, transparent, and relevant information for other laundromat owners and prospective owners. LaundromatResource.com became a community dedicated to teaching and learning from one another, growing together, and succeeding together.

Connect with Jordan Berry:
Website - https://www.wealthwithoutwallstreet.com/laundromat

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00:00 - Intro
03:21 - Can you tell us about the time you got into a fight in your first laundromat?
08:31 - What was your reasoning for getting into this?
10:30 - What mistakes have you made, and what success stories can you share?
16:12 - What did you do? What did this lead to?
17:55 - What went well?
20:27 - How do you track the money here?
24:39 - What other numbers do we need to know if we are trying to buy a laundromat?
26:33 - If the rent is substantially lower than 25%, could this indicate you're in gang territory?
27:04 - Is there more than one business model that a laundromat operates under, or are they all the same?
29:04 - What are the things you can do to add revenue and start making your laundromat profitable immediately?
32:01 - Are you seeing people market into those nicer areas to scale? What are the margins there compared to having them come in?
34:38 - How much time per week is required to run a laundromat business?
37:15 - How hard is it to find one to three laundromats? What would be the resource to search for those?
39:40 - What resources would you recommend for people wanting to start a laundromat business?
39:47 - What's on the horizon for Jordan? What are you looking forward to in terms of your laundromat career?

🎧 Listen Now to the full episode here 👉
https://www.wealthwithoutwallstreet.com/podcast/making-coin-through-laundromats-with-jordan-berry

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