![]() You want there to be no new recent competition nor any in the pipeline for the near future. Buy a Rundown Dump of a Mat Cheaply and “Raise It from the Dead” STRATEGIES FOR FINDING THE BEST STORE (Continued)ģ. I’ll conclude today by sharing the rest of my list and discussing how to value a Laundromat. ![]() In Part 1, I explored certain characteristics of laundries for sale, then offered the first two of my strategies for finding the best store. A cheap, run-down mat is usually better for an experienced mat operator who knows how to raise it from the dead. You also need to know what’s the best mat for you. I wish I had a dollar (coin) for each time I heard, “How can I find the best Laundromat for sale in my area?” There is more than one road to achieve this.įirst, you must ask, “Do I have enough money to buy and improve the best mat in my area?” Undercapitalization is one of the main causes of business startup failures. Take this survey and tell us how you want to take your money and career to the next level. "I never had it dreamed out on paper or anything, but I'm building on what I want it to be in the future."ĭON'T MISS: Want to be smarter and more successful with your money, work & life? Sign up for our new newsletter! "I never thought this would happen," Sanya says. Turning her income passive will mean learning how to find and train more employees with managerial experience, so she can spend less time in the laundromats. She'll need to spend a lot of time working on that second location before even thinking about a third one. After that, she's not quite sure what her next step will be, she adds. ![]() Sanya and her husband are already in the process of launching a second location, she says. Her plan to achieve that goal: Open enough Laundry Rooms to turn the business into a full-fledged laundry brand, and earn enough passive income from the laundromats to leave her full-time job. She'd rather spend more time with her kids, she says. Her routine is like a "jigsaw puzzle" and she typically only sleeps four hours per night, she says. Owning a business, working a full-time job and maintaining a side hustle eat up all of Sanya's free time. I've given up a lot for SudShare at this point." Using the money to buy a laundromat "I've given up family time, I've given up my date nights. "You have to sacrifice a lot to know that where you're going, the endpoint, is going to pay off," Sanya says. Today, she still fulfills 12 hours of laundry requests per day, with her husband and Laundry Room employees filling in the gaps while she's at work. Even when she returned to work in a hospital in March 2020, expecting the demand for healthcare workers to skyrocket and laundry requests to plummet, she kept her SudShare profile active. She quit Instacart and joined the laundry platform that night.ĭespite more people pinching pennies and working from home, Sanya became busier than ever on SudShare, she says. One of her Instacart customers noticed her attention to detail, and suggested SudShare. She started on Instacart, but spent too much of her time in the car and grocery stores. She didn't have time to apply for full-time roles, so she started looking for gigs that would allow her to be at home for most of the day while she finalized her daughter's care plan. In 2019, Sanya's daughter, then six years old, was diagnosed with autism. The couple even tried to buy one from an acquaintance in 2015, but couldn't afford it. It's a love she's carried for years: She told her husband when they got married her dream was to open a laundromat. Because laundry was her designated chore as a child, Sanya says she can fold a load in three minutes flat.
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