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In today's, we're chatting with Mike Mans, a laundromat industry innovator and mechanical engineer turned laundry entrepreneur. Mike will share his hands-on experience on how to keep your laundromat bustling with up to 4 turns per day and why being a jack-of-all-trades in maintenance might just be your key to cost-saving.

In a riveting discussion, Mike gives us the lowdown on why buying beats building in the laundromat world, the role of hybrid payment systems, and branching out into profitable side hustles like tanning and car washes. He'll also tackle the nitty-gritty of financing, from SBA loans to local banking partnerships.

Brace yourself for insights on the seasonal challenges of car washes, why a clean store is worth the extra cost, and the practicalities of competing in a town with a population of just 15,000. Plus, get ready for a surprising twist—Mike's unexpected passion for drag racing!

In this episode, Jordan and Mike discuss: 
00:00 Mike offers laundromat buying course with tools.
08:34 Pandemic rules favor renters, leaving landlords vulnerable.
10:35 Entrepreneur sells dry cleaning business, enters laundromat industry.
16:48 Replaced old top loads with new Maytags.
24:22 Affordable luxury beds, high profit margin business.
27:43 Tanning businesses still thriving in Minnesota area.
36:47 Overall, revenue is higher due to variety.
43:16 Cash flow struggles led to valuable lessons.
44:57 Seller withheld financial information, causing doubts.
49:12 Hopeful about buying more locations, wary sellers.
55:54 Competition in Laundromat business in Minnesota.
01:04:11 Rural store prices higher but quality better.
01:09:17 Managing businesses: occasional visits, mainly for maintenance.
01:11:07 Learn equipment maintenance to save repair costs.
01:15:48 Facebook has many helpful laundromat-related groups.

Show Notes

https://laundromatresource.com/show149

Resources

Email: [email protected]
Website: royalwashhouse.com
Website: thelaundryroomnh.com
Facebook: facebook.com/mike.mans1

Show Sponsors

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