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Owned a Laundromat for a Year (Does it Make Any Money?) Pt. 1

Can you make money in the laundromat business? The answer is a confirmed yes—to prove it, we interviewed Justin Pike of Ferndale Laundry. Today, he’ll give you the inside scoop on owning a laundromat that he opened just before the pandemic. Business partners Justin Pike and Mike Cox opened Ferndale last December. In retrospect, it seems like an inopportune or unlucky time to start a laundry business. But by focusing on their community instead of a quick payoff, their business is growing every day. In part 1 of our interview, Justin will tell us how they’ve built their business during a pandemic and let us know how a business can team up with local agencies to help their growth and the community at the same time. We’ll learn all about Justin and Mike’s background and about some of the ups and downs associated with a business partnership. Justin will share his advice on choosing a location for a coin laundry business, how to research the market, and provide insights on financing a laundromat. He’ll also explain what it means to retool a location in the automatic laundry industry—which generate around $5 billion in annual revenue nationwide. If you’ve ever wanted to know how to grow a business during a down market and when things are out of your control, this is an interview you don’t want to miss. Be sure to like, share and subscribe to our videos and watch Part 2 here ►    • Owned a Laundromat for a Year (Does i...   Resources: https://bit.ly/4dbpvb8 - Start or Grow Your Business with UpFlip Academy https://ferndalelaundry.com - Find Out More About Justin and Mike’s Laundromat Business Timestamps: 0:00 Intro 1:39 Meeting Justine 2:35 Initial budget 3:43 Profit margins 4:40 Expenses 5:34 The washing machines 7:10 Advertising 8:06 Break-even 9:47 What’s behind the door 10:45 Position of the washers 12:08 Benefits and difficulties of partnership 13:25 Location 14:08 The App 15:55 Outro #laundromat #laundromatbusiness #laundrybusiness