Many investors come to me and tell me what they are looking for when it comes to purchasing an existing coin laundry. The facts are that nothing in life is perfect, so my advice in this article is just one word: “compromise.”If you buy an existing laundry, you need to be realistic and willing to look at the business you are considering as what it could potentially develop into, which, hopefully, is the perfect laundry in your own eyes.Anytime you purchase an existing store, you will have lots of room for changes and improvements, which is why buying an up-and-running laundry is a better opportunity for your bottom line. Every location out there, with very few exceptions, isn't being operated at even close to 100% of its full potential, and that means you can make a lot more money by turning it around and go on to have a financially rewarding experience.Now, if you have just started looking to purchase, you will very likely agree that the laundries you see all have plenty of room for improvements. That’s not at all a negative — it’s a huge positive — but only if you are willing to make those changes to capture the large chunks of revenue just waiting for someone — anyone — to go out there and get it.ARE YOU READY TO MAKE MONEY?There are people with a burning desire to go after their dreams of financial independence and people who merely work paycheck to paycheck. The laundry business is a “go-get-you” business, meaning that there is no shortage of people who wash clothes, because it’s one of the basic necessities of life.Keep in mind that the average coin laundry customer’s family spends $700 per year in the store, so if you want to make money, it’s all about how many families you build as your client base. Don’t get stuck on a base number or be satisfied with a certain number of families as customers. If you continue to drive your campaign for new customers, you will build your revenue by leaps and bounds.As you take your first step, don’t do it without working with a coin laundry expert who specializes in the brokering of coin laundries. There are plenty of coin laundry equipment salespeople and distributors out there, but only a few who specifically specialize in the brokerage game, so do your homework and chose the most experienced people.Remember that you will only get out what you’re willing to put in. There’s no ceiling to what some people make in this business, because they’re not afraid of hard work and going out there to draw the customers to their business. The marketplace continues to become more aggressive, and with super-sized laundries grabbing the financial opportunities in this industry, you must follow a well-laid out plan of attack, and you must execute it effectively to bring home the bacon!I personally have many clients who have far exceeded their projected revenues and have done so by following a well-written plan that was created with the sole intent of going out and grabbing more and more business on a daily basis. Although there is no such thing as a perfect coin laundry in today’s marketplace, please, look at the glass as half full and realize that you have the opportunity to fill that glass if you are willing to compromise.Every day is a marketing day, and every day you have the opportunity to give yourself a raise. Take control and make the decision to be the CEO of your own destiny.
Have a question or comment? E-mail our editor Bruce Beggs at [email protected].