Lloyd breaks down three things before you buy a laundromat: hire good people, stay involved with marketing, and invest in durable machines so you can charge premium prices. It's not passive income.
Chapters
Don't buy a Laundromat unless you know these three things. Lloyd, what are your three? Number one, I would say you got to find great people and invest in good people. The customer experience depends upon quality employees. Number two, if you're looking for a truly, truly passive business, it's probably not for you. I was looking for a semi passive business. I think that's realistic. But you have to be willing to put in some time. I have a background in marketing. I want to spend my laundromat time doing marketing. Third thing, be prepared to invest these machines. They have a lifespan, and this is incredibly important. Charge a premium price, then you're going to fail. People retool, they bring in new machines, and yet they're trying to be like the bare bottom, you know, laundromat in terms of pricing or not charge more than other people. I want to be the premium brand, right? I want to charge the premium price. But if you're unwilling to really sit down and understand the financials, understand what it costs you to operate it, and understand, therefore, how much you should charge, you're probably going to have a hard time succeeding.
