EP113: Scaling Up and Optimizing Your Laundromat Business - Jordan Berry
Welcome to another exciting episode of the Migrate to Wealth podcast! In today's episode, we have a special guest, Jordan Berry, joining our host, Saket Jain, as they dive into the world of laundromat ownership and the journey towards financial freedom. Jordan shares his personal experience of turning around a struggling laundromat business and provides valuable insights on marketing, success criteria, and the key levers to pull in this industry.
In this episode, you will be able to
- Learn the importance of running a solid business
- Know the success criteria for Laundromat.
- Know more about how marketing yields results, especially with drop off laundry and pickup and delivery services.
- Learn to manage self-serve and commercial services: Scheduling different services at different times helps cater to different customer needs.
- Learn that cash flow and reinvestment appeal to investors.
Key Moments in the episode are:
- 03:19 - Being a pastor, I found new goals.
- 04:43 - Complex transition from ministry to Laundromat ownership.
- 17:35 - Honing in on a key skill for business success - attracting customers and converting them.
- 20:46 - Marketing gains in self-serve Laundromats are limited. Service side is where growth lies.
- 27:55 - Promotion of laundromats attracts savvy investors, drives innovation.
Resources/Links Mentioned In This Episode
- https://www.laundromatresource.com/
- https://www.laundromatresource.com/podcast/
- https://www.youtube.com/@InvestmentJoy
About Jordan
Jordan was a pastor for 15 years and transitioned out of full-time ministry into buying a laundromat. His experience buying his first laundromat was not a good one. Instead of replacing his salary, as he expected, his laundromat lost $2,000 dollars per month for well over a year. Desperate to find help to turn his business around, he frantically searched for someone to guide him to profitability. He found no rescue. After finally stopping the bleeding, he decided to share the hard-earned (and expensive) lessons he learned on a blog. And then on a YouTube channel. And then, on a quest to find out how the best laundromat owners operated their businesses, he started a podcast interviewing laundromat owners and other industry professionals. These platforms turned into Laundromat Resource, an education and community platform for laundromat owners and future laundromat owners to learn, share best practices, and connect with one another.
Connect with Jordan
- Website: https://www.laundromatresource.com/
- Email: jordan@laundromatresource.com
Connect With Us
To connect with Saket Jain, as well as with other Migrate 2 Wealth listeners, and get the latest scoop on new and upcoming episodes, join Migrate 2 Wealth Community on Facebook.
Follow Our Social Media Pages!
- LinkedIn: Saket Jain
- Instagram: @migrate2wealth
- Twitter: @Migrate2Wealth
- YouTube: Migrate 2 Wealth
- TikTok: @migrate2wealth
Sponsors
Bangerter Financial Services, Inc
Do you want to retire from land-lording through passive real estate? Look no further than us – we are your go-to experts for 1031 Exchanges and Alternative Tax Strategies.
Call (801) 312-9482 or visit https://1031.bangerterfinancial.com/1031guy to learn more!
Sponsor Disclosure:
Securities offered through Concorde Investment Services, LLC, member FINRA/SIPC. Bangerter Financial is independent of Concorde. This is for informational purposes only, does not constitute individual investment advice, and should not be relied upon as tax or legal advice. Investments in real estate may be speculative, illiquid, and carry a high degree of risk – including the potential loss of the entire investment. Please consult the appropriate professional regarding your individual circumstance.
Listen On
