I am making some loyalty cards for my customers (e.g. 10 washes get your next wash free), and was wondering if a) anyone had any experience with these types of inexpesnive loyalty programs, 2) word choice you used, and 3) mistakes I want to stay away from.
I'm a brand new owner of a laundromat in a dense, fairly well off neighborhood of Chicago. A lot of young renters and older single professionals. The store is about 65-70% WDF and 30-35% self serve. Didn't have an option to negotiate before purchase (or I didn't ask) and now I'd like to try and get some relief. The lease is almost three years through with another two to go. There are also two five year options after that. The charge per square feet is about $23 per year, which is actually about mid-range for the area I'm in for retail space but it is really hitting my margin. I think my landlord might be open to at least discussing some alterations to the lease, but maybe he'll just tell me to screw. The mat needs work and I'd like to get some new machines but the financing for the machines is dependent on the lease length. I'd like to show him how I'll be improving the location, plan on being there a long time, and all the benefits I bring as a tenant and to give me some concessions for a short time until I can negotiate a new lease.
Has anyone done this? Any help or advise would be greatly appreciated.
We have talked at length in the past about buying and or starting a laundromat in an IRA. There are some members of the CLA that have used this strategy using companies that manage these transactions. There have been cautionary tales about the lack of a definitive IRS blessing.
This article from today's New York Times discusses the long-term tax implications of owning and selling such a company-
cringes at stories such as one in Planet Laundry this month about a new 9,200 square foot laundromat in Philadelphia. I know I've ranted about this before, and I know that Planet Laundry is more about promoting business than a journalism endeavor. Nonetheless, if you're in the business of soliciting my interest as a laundromat owner, I'm far more interested in reading about how things are faring with a new laundromat three years down the road, than one that just opened its doors.
I understand PL can't do a steady diet of stories such as these. But a couple a year -- revisiting a new laundromat that was previewed three years ago -- would be of great interest to laundromat owners, I believe. What did they learn? What worked? What didn't work? What would they do differently?
This particular laundromat has all the bells and whistles. Maybe it's a home run. But as most of us know, opening a new laundromat rather than rehabbing an existing joint is a significantly uphill battle. And they make a point in the story to say the new owners want to open 8-12 more similar laundromats ... in Philadelphia! Really? Regardless of whether you serve steaming hot cups of Starbucks and have nice computers to use, at your core, you're a laundromat. Where is all the laundry going to come from? It's not like thousands of customers are sitting at home on a pile of laundry saying, gee, if only there were a great laundromat out there, I'd do my laundry. No. They're already doing it somewhere. Prying them away is going to be a major challenge, regardless of how big and bold you try to be.
Just a couple a year. Revisit one of these spanking new laundromat a few years after the fact and tell us the story.
I am aware of multi-store owners, does anyone have a chain that does wdf at all stores? Those that do, are you the general manager that checks in on each store daily or do you have someone that does that? I have had no trouble from store number 3. But I think that is because I worked out a lot of kinks in 1 and 2, are there any new issues for four or more that I should know about?
New Here, just seeing what some of your thoughts are from Multiple store owners.
I have 6 stores, and we just signed on #7. The day after we signed a PSA for #7, two stores, have become of interest to me because of price. I am able to finance the two new stores through the mfg, by using my exsisting stores as collateral.
So, I guess my question is, are there any multiple store owners out there that use your current stores to aquire new stores? & At a certain point do you think you can be TOO financially invested in one industry? When I do something I usually go overboard and go GUNG HO, so before I end up with 12-15 stores, I would like some of your thoughts.
I have almost ZERO debt on my stores I own now. (roughly 60K debt) My NET is pretty nice on my six stores, I don't need the revune, but if I don't do it someone else will, and by me doing it, it makes me a stronger competitor with my other stores. IMO
Hello I'm new to the laundry business I bought my first mat in June 2012 and i'm hooked. My friend fathers wants me to take over his existing company laundry services in his 180 unit 2 bedroom rental complex and i'm willing to do it but I never did a lease for something like this. The terms are he pays for all the utilities gas, electric, water, sewage, and a cleaning service once a day. All I have to do is bring in my equipment and service it and I get a 60%. If any one has ever done this kind of lease and would like to share it or there knowledge I would really appreciate.