Sharing insights while building a $1B wealth management firm and a $100M laundromat biz│ Head of Growth - Balance Wealth │ Co-founder of The Laundry Spot.
Cincinnati, OH
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You’ve never seen a laundromat tour like this.
Truly industry changing technology revealed.
Tune in 👇
I just talked to a guy who makes $421,000 a year net profit from a laundromat.
In Hamilton, Ohio. Population 60,000.
He opened it during COVID.
First quarter after grand opening he was already on track for $400,000 a year.
By year four he crossed a million.
His biggest machine does six to seven turns a day at $22 base price. That one machine makes $30,000 a year in profit. It paid for itself in 12 months.
Even crazier his utilities run under 10% of revenue because the equipment weighs the laundry and uses the exact amount of water it needs.
His name is Tyler. He runs four laundromats across Ohio
His prices are at or below the old laundromats in town and his equipment is top notch. Customers come in, see the equipment, and never go back.
In this episode Tyler:
- Breaks down the startup cost and the five-year payback math
- Shows me the free laundry weekend playbook that ramps revenue to six figures in 90 days
- Tells me why they built next to the best laundromat in town on purpose
- Breaks down the commercial laundry play that adds $100,000 a month from hotels and fire departments
@TylerPurcell24 was awesome!
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I did mowing and landscaping for 4 summers during high school.
Hard to beat the feeling of pulling into the gas station, loading up on Gatorade and energy drinks, nodding at your local competition, and grabbing a day old breakfast sandwich.
The smell of gas and cigarettes in the air.
Man, take me back.
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I’m going to take the other side of this.
I don’t want/need to “go dark” for 2 weeks.
I love what we’re building and we operate super efficiently.
“Going dark” is performative.
think your business runs without you? prove it.
go dark for two weeks. phone in a drawer. no group chat.
if day three still needs you, you own a job with sticky notes for ops.
fix it.
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As I get older I’m convinced that the most successful people are eternal optimists.
You will never be successful if you operate from a headspace of “worst case scenario” constantly.
You can and will figure it out.
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Tyler Purcell - Laundry & Finance retweeted
Two years of building.
Today is Day 1 of our relentless march to fix hiring for everyone.
Hiring sucks. Businesses hate it. Job seekers hate it.
Everyone has accepted it as the cost of finding people.
The reason is friction.
-Friction to post.
-Friction to review resumes.
-Friction to schedule.
-Friction to share.
-Friction to contract and onboard.
It’s friction.
So we built a marketplace designed to remove friction.
Made by recruiters, for businesses that don’t have time to recruit.
Search a role. Match with the right people in seconds. Watch intro videos. Book interviews for tomorrow. All in under 15 minutes.
That’s Scout OS.
A searchable marketplace for busy owners and hiring managers who need great people in minutes.
Browse 400k candidates with a free profile.
Want to interview? $99/mo. Cancel anytime, or when the hire is done.
You only pay the success fee after the contract is signed: $1,999.
To celebrate our launch, half off for the first 30 days — $999.
You get 60 days of hire protection free. Payroll, assessments, and the rest are in the product.
After 60 days, $149/mo. Cancel anytime.
200+ businesses are already hiring on it.
If you complete a hire in the next 30 days, the success fee is half off— $999.
Try it. When it works, send it to a friend. You get 10% back on every hire they make for the first year.
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As a business owner, you’ve gotta have no shame.
If you’re willing to do whatever it takes, you won’t lose.
Heck, I was dancing around, tossing a sign on the side of the road at our last grand opening like a 🤡.
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Tyler Purcell - Laundry & Finance retweeted
Most laundromats are not equipped to handle significant commercial volume.
Not enough space. Machines too small and inefficient. Disruptions to the self-serve operation.
Solving this is a core thesis of the Laundry Spot model.
Commercial accounts will be a key revenue stream for laundromats of the future.
Mid-sized local businesses (wellness centers, restaurants, hotels, factories, etc.) need laundry solutions, and most are unhappy with their current provider.
Laundromat operators can offer them superior service at a competitive price.
Self-serve will always be the foundation of a successful laundromat, but growing a large commercial revenue stream does wonders for non-peak time machine utilization, and thus unit economics.
One of our Corp stores is posting massive commercial numbers this year. Can’t wait to share.
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Even as adults, sometimes we gotta touch the stove to see if it’s hot.
(JK. This was a breakfast mishap, but it sure does hurt)
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Tyler Purcell - Laundry & Finance retweeted
We will be building out a similar concept to this at Laundry Spot.
For now, we are loading up the repository (Knowledgebase) with info, docs, SOPs, machine manuals, etc. for AI to be able to look to, read, and interpret.
Name of the game.
Reduce friction for your operators.
John Deere has released a chatbot (“JD”) that farmers can use to safely and easily query their field, machine and operational data.
Its free with farmers opting in to share their data with John Deere.
The company believes it can unlock new insights from its harvesters, crop sprayers, planters and other equipment (and monetize physcial sales).
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Seems like failing retail businesses last ditch effort to survive is to take in Amazon returns.
Kohls and now Walgreens.
I’d love to know the details on how that partnership works.
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It’s my 38th birthday today.
Here are 38 lessons I’ve learned…
Nah, jk.
Be real
Be loyal
Be kind
Have kids
Exercise
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On today’s episode of things you won’t catch me doing:
- Posting videos of me collecting money from the laundromats
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“I’m bad at texting” is the worst excuse for poor communication.
It INFURIATES me.
It literally takes 5 seconds to text someone back.
Blood pressure rising just typing this out.
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That’s a 100lb machine in the video. The largest and most expensive in that store.
She could fit her laundry in a 40 or 50lb machine.
This is one of the reasons why Laundry Spot is always attended.
One of our awesome attendants would have helped her out.
Oh and she wouldn’t need to lug those detergent and softener jugs around either 😉
Even laundromats are becoming unaffordable in America
This woman went to do her laundry, after seeing the price she actually takes her laundry and leaves. She can’t afford it
Recently there has been a large increase in laundromats being bought by institutional buyers and investors. This is one factor for increasing prices at laundromats
We are living in an America where it’s becoming so unaffordable people won’t even be able to wash their clothes….
This can’t continue
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