The EXACT Data You Need to Track For Your Laundromat and What To Do With It

Jordan Berry [00:00:00]:
Hey. What’s up, guys? It’s Jordan with the laundromat Resource Podcast. This is show 173, and I am mega pumped about today. Thank you for being here. We are going to do something very different. This is not gonna be an interview, and in fact, this might be a little bit of a technical episode, which we haven’t really done a whole lot of. But, you know, one thing really struck me not too long ago was that I have been touting for years now, and other people have been saying, hey. We’ve got to use data in this industry.

Jordan Berry [00:00:35]:
And in order to grow our businesses and, you know, data is gonna be key. And one thing that I know I haven’t said, and I really haven’t heard anybody else say to a a comprehensive extent is what data exactly do we need, and then what do we do with it once we have it? So I wanna go through the entire process today. You know, I have this, well, here. Let me let me just pause for a second. Full disclosure here. I’ve spent the last 2 years putting together a comprehensive program to help people who want to achieve financial freedom, wanna leave their 9 to 5, you know, want good side income, whatever the case may be, through laundromat ownership to take you from wherever you’re at in the process all the way through building a big portfolio, if you want, or a big service business with pickup and delivery and washeriff folder, both. And so I’ve kind of broken all that down into some different phases here, and I put together this program. And the reason I’m saying that is because through the process, literally over the last 2 years of putting together this program, I’ve been, working through, okay, what data do we need and what do we do with that data, and how do we use it to help us build big businesses? And I have put together some frameworks here to help through each phase, which we’re not really going to go through today.

Jordan Berry [00:01:58]:
However, I’m I’m super excited about this program. And in fact, this program that I’ve been working really hard on, with myself, but also with the help of a lot of other people. So shout out to all the many other people, including all the podcast guests who’ve taught me so much, who’ve helped me kind of put this together. But I’ve, you know, through through that process of building out some of these frameworks, it’s really helped me get a lot of clarity on what data we actually need. So today, I’m just gonna tell you, what data that is. But here’s my sort I guess, call to action here, if you’re interested. And and if you go through this, you know, this episode today, you know, you should be able to take the information today and put it to use in your business today or when you buy that 1st laundromat day 1. There’s gonna be stuff that’s useful here.

Jordan Berry [00:02:49]:
But, again, I’ve put together this whole systematic process, and I’d like to share that with you or anyone out there at least who’s interested in hearing more about it, whether you’re looking to buy your 1st Laundromat or whether you own a Laundromat or multiple Laundromats now and wanna continue growing. If you wanna hear about this program I put together, listen, I’m I’m super excited about it. I hope that by now, you know that if I’m not a 100% convinced it’s gonna help you as an independent Lautermat owner, I would not have it on the podcast. That’s why I can say with confidence, this thing is really good and will help many, many people, not just achieve financial freedom through Laundromat Ownership, which is the goal. I know for a lot of us, include myself included. Right? Like, financial freedom, is is hugely important. And as this world gets more and more crazy, it’s only going to get more important. However, I truly, truly believe that you can build a legacy with Laundromat’s, multi generational legacy, if that’s something that you want to do.

Jordan Berry [00:03:59]:
So with all that said, if that’s something that’s interesting to you or you just want to at least come hear about the program, there’s not gonna be any pressure or anything like that. I just wanna tell you about what I’ve been building because I’ve been working really hard on it, and I’m excited about it. November 12th, I’m gonna do, I guess, kind of like a webinar or just, you know, a pitch deck, I guess, of I wanna show you what the program is, what I’ve built out, what the whole program looks like, what’s inside of it. I wanna show you all that stuff. So if you’re interested in that, again, November 12, 4 PM Pacific time, 7 PM EST, go to laundromat resource.com/legacy, and I’ll put the links here and in the show notes, which will be at laundromatresource.com/show173. But laundromat resource.com/legacy, and just sign up for the webinar. Obviously, it’s free. Obviously.

Jordan Berry [00:04:54]:
Just come check it out. Alright. It’s a no brainer. Come see what I’ve been putting together. I think it’s going to change a lot of people’s lives, and not just our lives, mine, yours, anybody who signs up for it, but the communities that we’re serving. Super excited about. That’s how excited I am. But that’s not what today is about.

Jordan Berry [00:05:13]:
Today is a small piece of that program, and we’re gonna dive into the actual the the literal data that you need to collect as a laundromat owner and what you should be doing with that data, and that is gonna help you grow your business. And that is, again, one part of this whole comprehensive program. But another thing that I want to share with you before we jump into the data is the values of this program and of Lonermat Resource, just in general, the way that I operate. I’ve got 6 core values that I wanna share, and one of those values is being manifested today in today’s episode. Okay? So real quick, let me just share with you the the six values that we have for this program, and then we’ll jump into the data for each phase of the process that you go through from going from finding even before looking for your first a laundromat all the way through, you know, grown an empire, which is, you know, funnily enough, I did a poll a little while ago about, you know, how many laundromats do people wanna own? And I asked a lot of you guys and a bunch of other people who, you know, I guess maybe aren’t listening anymore. I don’t know why they wouldn’t, but, overwhelming majore more than 90% of you said, I wanna own 10 plus laundromats someday. So this program will help you get there if that really is your goal. And number 2, these values are what drives me and what’s gonna drive this program going forward.

Jordan Berry [00:06:48]:
Okay? So value number 1 is people first, then profits. We filter our decisions through serving others well first, and the profits will follow. This whole kind of thing is a vehicle analogy here. So passengers are the priority. Right? The people makes me think of, like, self driving cars, and one of the conundrums they’re trying to solve, or maybe they’ve solved it now, but, you know, one of the conundrums they have is if there’s an emergency that happens, how do they prioritize lives, right? People lives, right? And that’s more life or death. This is not life or death necessarily, but the people are the priority. And if we put people first and we serve them well, you’ve heard that many times on this podcast, we serve the people well in our communities. The profits will follow.

Jordan Berry [00:07:40]:
I truly believe that, and that’s why it’s a core value of this program and of just me, in general, and Launder My Resource. Okay. Number 2, clarity. A clear understanding of our current reality and desired outcomes illuminate our path forward. Clarity, the headlights of our vehicle here. Right? Passengers are the priority. Clarity is the headlights. It shows us where we’re going so that we stay on the right road.

Jordan Berry [00:08:07]:
Number 3, and this is where today’s episode is coming into fruition here. Data driven. Okay? People First and Profits, clarity, data driven. Accurate data and analysis maps the path to our destination. Data and analysis are the steering wheel that keeps us on the right road. Alright? Data driven, that’s what we’re gonna talk about today. So that’s value number 3. Number 4, collaborative.

Jordan Berry [00:08:36]:
Shared knowledge and experience are the carpool lane that allows us to bypass the congestion of trial and error. That one that one just gives me goosebumps. You’ve heard me say, we go farther, faster together. You’ve heard me say, we all do better together. You’ve heard me say all kinds of things around this. I truly, truly believe that. That’s why I’ve partnered with a lot of other people in this industry. I think of Dave Mintz.

Jordan Berry [00:09:01]:
I think of the Wilfred Brothers. I think of Wally Cope. I think of the different companies that have been on this. All of us trying to work together to help all of us succeed, go farther, faster together. Right? And so this program is collaborative. And in fact, it’s it’s it’s so core to this, this program that I’m putting together that I I think when we add this data, you know, together, anonymize it, all that stuff, it’s actually gonna give a lot of us a huge leg up, and hopefully, you’ll see that kinda throughout as we, as we talk about what data we’re gonna be collecting and what we’re gonna do with that data. Okay? Individually, I mean. Okay.

Jordan Berry [00:09:48]:
So people first in profits, number 1. Number 2, clarity. Number 3, data driven. Number 4, collaborative. Number 5, growth always. Personal growth and business growth are the fuel that propel the vehicle. We’re always looking to grow, whether that’s our individual business, self serve laundry, pickup and delivery, or drop off service, or growing through adding new laundromats, growing our portfolio there, but also ourselves. We personally need to be growing.

Jordan Berry [00:10:20]:
And if your goal is financial freedom or if your goal is 10 plus laundromats, or if your goal is a $1,000,000 pickup and delivery business or whatever your goal is, we have to be able to grow in order to be the kind of people that can run those kinds of businesses. Okay? So growth always number 5. And then finally, number 6, default to action, our personal abilities, plus the power of the collective in this particular program are the safety systems that give us the confidence to act. Right? We’ve got the airbags there by having the systems to follow and by having the people around us in this program. And again, I’m not going into a lot of details about the program, but that is, defaulting to action. I can’t tell you how many times I’ve spoken with people. I’ve mentioned this before, but how many times I’ve spoken with people who have said, I’ve been thinking about buying a laundromat for years, or I’ve been thinking about doing my first investment forever and haven’t done anything yet. And a lot of times, it’s fear, it’s lack of knowing what to do, it’s lack of support that stops that.

Jordan Berry [00:11:36]:
Well, this program puts to rest all of those excuses because we’ve got the systems, the knowledge, the information, and the people around you to help you succeed and give you the best shot possible to go. So that way we can default to action and not get stuck in those learning loops. Alright. Alright. And you hear me say every single episode, go put something into action. Right? Default to action. Okay. Those are the values I wanted to I wanted to outline that because I’m so passionate about all 6 of these things, and I am everything that I built in this program is filtered through that, including, obviously, all these data sets that we’re about to go into right now.

Jordan Berry [00:12:20]:
It fulfills that data driven value, also the clarity value, and and more. Okay? Okay. So let’s dig into this. Again, this might be a little bit technical episode today, but again, this stuff will transform your business. Okay? So let’s start even before you start looking for a laundromat. Okay? We have got to know who we are and where we wanna go in order to be able to get there. Right? And and become the kind of people who can get there. Right? So here’s just I I call this phase the foundation’s phase.

Jordan Berry [00:13:04]:
Okay? And here’s what we’re looking at in the foundation’s phase here. Okay? A couple of things that we we work through and things that I think you could work through, during this phase, and in fact, in any phase. I this is something that we revisit, and we should revisit not just in the program, but just in life, that we should revisit consistently. Okay? So number 1 is what I call and not me, but, what I will refer to as your vivid vision. Okay? There’s a little book. It’s a little book called Vivid Vision. I’m gonna leave a link to it in the show notes. Laundromateresource.com/show173, or if you’re on YouTube down below there, a little book called Vivid Vision.

Jordan Berry [00:13:48]:
It’s not very long. I should have grabbed a copy of it. It’s probably on the bookshelf back here somewhere, but, it’s really short, but really, it kind of explains to you how to create a vivid vision for your future. You may have heard this on other podcast episodes. It’s not a new book, but it’s a powerful book. And what it does is it says, think about where you want to be in life, what you want your life to look like, and think about it in vivid detail and put it down on paper. This is something that I think is can be easily I’ve easily passed over it many a times before putting, my vivid vision down here. Maybe at some point, I’ll share my vivid vision with you.

Jordan Berry [00:14:34]:
That would actually be pretty cool. And and I’d love to hear your guys’ vivid vision for yourselves also, but it’s something that you actually put down on paper, on screen, or whatever, and and and draw like, what does life look like 3 years, 5 years from now, that you want it to look like. And when you do that in vivid detail, it gives you something to shoot for, and it helps you align your decisions that you’re making with that vivid vision. Okay? Now don’t don’t tune off yet. Okay? I know this is a little bit, maybe even a little woo woo for some of you guys and all that, but I do think it’s powerful, and we’re gonna get into the hard data here in a second, but I do think it’s super powerful to have a vivid vision. Okay. Number 2, is your cash flow target. Right? Some of you are eyeballing.

Jordan Berry [00:15:28]:
I want to leave my 9 to 5. In order to do that, I need $10,000 a month or $5,000 a month or $20,000 a month, whatever that number is. Right? We want to have that cash flow targets. That’s something you want to define ahead of time and then put down where you’re at now. So some of you guys, you might be, I want $10,000 a month to be able to leave my 9 to 5 and be able to live the life I wanna live in my vivid vision. Right now, I’m at $0 a month of of income outside of my job. Right? Or whatever your the case is for you. You wanna have a cash flow target.

Jordan Berry [00:16:02]:
And then number 3, Vivid Vision cash flow target number 3 is your net worth. Okay? And we’ve got built out a net worth worksheet that can help you work through that. And I know that again, that can feel like an exercise that you can skip, especially if you’re just starting your journey and you don’t really have much. It can be a little depressing, or you’ve got a lot of, like, student loan debt or things like that where you’re actually in the negative. I know that can be painful if that’s you and that’s the the situation you’re in. But, you know, I I see it similar to going to the doctor for a checkup. Right? Or if you have, you know, a symptom that’s starting to worry you, you know, and there’s that whole debate of, do you go to the doctor to find out what it is, but, you know, maybe finding out it’s something serious, or do you not wanna know? Right? And there’s people on both sides that can’t. I’m gonna make the argument that in both cases, whether it’s the doctor case or your net worth case, it’s better to know so that you can take the best possible course of action going forward.

Jordan Berry [00:17:14]:
Right? We need to know where we’re at right now, both in terms of cash flow and net worth so that we can make a path forward to get to our target. Okay? Okay. That’s enough for that foundations phase. Now in this in the program, at least, we’re gonna go from the foundation phase, and you can branch off to 1 of 2 different paths from here. Okay? So let’s start with, you can go out and acquire an existing laundromat and buy it and either fix it up and run it or just keep running it how it is. Right? Now when you’re going on that search right now in today’s market, that is easier said than done to find that actual laundromat to buy. Okay. Which is why you might wanna take the other, and there’s other reasons to take the other path too, which we’ll get to in a second.

Jordan Berry [00:18:02]:
But you’re going to acquire an existing laundromat. Here’s what I recommend. And again, I have done now well over a 1,000 consulting calls, okay, with people who are either looking to buy their 1st laundromat or who have laundromats, trying to improve it, scale it, grow it, etcetera. Right? I’ve done over a 1,000 consulting calls myself personally, not counting our team, which has done a bunch also. Right? So alarm at resource.com/coaching if you wanna talk to somebody on the team about your particular situation. But, we’ve done over I’ve done over a 1000 consulting calls, and here’s one thing that I’ve found is that there is a somewhat predictable pattern of how many how okay. Let me let me back up. There’s there are, having this information will help you.

Jordan Berry [00:19:02]:
Right? Okay. Let me let me try to explain this a little better than I am right now. Okay. So in order to find an existing Laundromat, you need to reach out and talk to the right people, about that. We’ll talk about that in a second. Then out of all the people you talk to, we’ll call those touches. Right? So that might be brokers, that might be existing laundromat owners, that might be, distributors, that might be listings online. Right? Those are all touches.

Jordan Berry [00:19:33]:
Out of all of those touches, a certain number of those will come back as potential leads. Okay? And let’s say you reach out to 50 Laundromats. Maybe you’re going to get 3 or 4 leads. Right? 3 or 4 people who are interested in finding or in selling their laundromat or they have a laundromat to sell. Right. So 50 of those touches leads to 3 or 4 leads. And if you do 3 or 4 of those leads, maybe you make an offer on 2 or 3 of them, right, or or all 4 of them. Maybe you make an offer, and then out of those offers, maybe one of them gets accepted.

Jordan Berry [00:20:12]:
Right? So we wanna be tracking how many touches are there, are we making? So that might be talking to brokers, like I said, owners, etcetera, online listings, distributors, Facebook posts, whatever. Right? How many of touches do we have? How many leads are we getting from those touches out of those leads? How many offers are we making? And out of those offers, how many of those are turning into actual deals? Okay. So those are that’s the data that we wanna be collecting, as we’re doing this. And why is it important to track that? It’s important to track that, number 1, because I’ve talked with a ton of people who are like, I can’t find a laundromat anywhere. And I’ll say, okay, well, how many, how many brokers have you have you talked to? Well, I talked to 1, and I called, you know, 1, 2, 3 of them, and they never called back. Okay. Anything else you’ve done? Well, I, you know, I went into a couple of laundromats, but the owners weren’t there. Okay.

Jordan Berry [00:21:12]:
Did you do anything? No. I just I looked around and I left. Right? So what I found is the people who’ve been successful, especially in this market where it’s tough to find Laundromats right now, they are doing much, much more than that to find that deal. Right? And so tracking that will help you determine if you’re doing enough because you’ll say, man, I’ve reached out to 50 Laundromats and only 2 reached out and neither one of them are deals. Well, all that tells me is that you’re gonna need to reach out to more than 50, or you’re gonna need to reach out more than one time to those 50, or probably both. Right? So again, touches, leads slash deals to analyze. You want to analyze all those leads, right? Touches, leads, offers made, and deals that those turned into, or closed deals. Okay.

Jordan Berry [00:22:07]:
So on the fine side, that is what we’re looking for, data wise. Okay? And, again, we’re using that data to determine how much action we need to take in order to, get that deal. And if you track that data the first time around, it’s actually gonna come back and be helpful for you, a little bit later, which we’ll talk about. But, also, within this program, the more people who are actually doing that, the better idea of the numbers that we’ll have for the collective so that when you come in, we’ll be able to say, hey, on average, you need to reach out to 57 Laundromats to get one deal. This is what the numbers say. Right? So as we’re all tracking them together, we’re going to get better and better data that’s going to help all of us. So that’s that collaborative thing, that we’re talking about there on the acquisition side. Okay.

Jordan Berry [00:23:00]:
So again, once we do the foundation, we start getting ready to buy that 1st laundromat. We got the 2 paths. The one is the acquisition, which is buying the, an existing laundromat. The other direction you can go is build from scratch. Now that can be very intimidating and overwhelming for a lot of people, and I will say up front that if you don’t have enough money, that’s going to be difficult. And if if I need to put a number to how much money is enough money, I’d probably say around $150,000 or more of liquid funds to put towards, buying or building a laundromat from scratch. So if this is you and you’re in that category, you’ve got a $150,000 or more, to put towards the laundromat, then building may be a great way for you to go, especially if you’re having problems finding an existing one. Now here’s something I’m super excited about is that we actually have a full service offering here.

Jordan Berry [00:24:01]:
I mean, we can teach you how to find, locations to build off, to build on and stuff like that, but we actually have a full service offering here, which I’d love to tell you a little bit more about. But it’ll go through location analysis where we’ll find a few locations, hopefully, around 5 plus locations that would be suitable for a laundromat. We’ll help you figure out which one’s the best. We’ll help you write up LOIs to landlords if it’s a rental, and, and help propose rents for, you know, rental contracts and terms for those rents, for you with those landlords and or help you negotiate an acquisition of a property, if even better, if that’s the case. We’ve got a general contractor’s license in all 50 states that has experience building laundromats there. We’ve got help for you. We’ve got a project manager who’s gonna help oversee the build out, and also we can help with the machine mix. Right? So basically, it’s a done for you model will help you build your laundromat.

Jordan Berry [00:25:13]:
So if you’re in that category where you’re at a $150,000 or more and you’re interested in the build out option, this might be a great avenue for you to go, to get that laundromat built out, have a nice new store in the perfect location, right there. And we’re not gonna go through too many of, the stats there, but, the data you need to be looking at there is a lot of demographics analysis. You wanna see, you know, how many people are in the area, what the density of that area is, how much of that population is a renter demographic for self serve, and also for self serve, how many of those people are below at or below median income. If you’re looking more towards, pickup and delivery or drop off laundry, we’re gonna look at, you know, how many of, of the population are above median income. Right? So some of that demographics analysis there that we’re gonna do to ensure that the location is a good location. And then also we’re gonna use that, that demographics analysis to help you, figure out the machine mix. Right? What size machines, how many machines, all that stuff. Right? Pricing, all that.

Jordan Berry [00:26:31]:
So, that’s those are your 2 paths. Right? You can buy an existing one or you can build one from scratch. And again, we’ve got that done for you model, which I’m super excited about, and we’d love to tell you more about if you’re interested in that. [email protected], if that’s something you’re interested in. Okay. Now let’s say we’ve gone through that. We’ve done our we’ve done our internal work. We’ve created our Vivid Vision.

Jordan Berry [00:26:54]:
We’ve got our cash flow goal. We’ve got our net worth, tracked, and we know where we’re at right now. And we have either found an existing laundromat, or we’ve built one out, and now we’re ready to go. Okay. Now the next phase of the process is we’ve got to optimize that laundromat. One thing that I’ve noticed, well, this is not really any big, huge insight here, but here’s what’s great, Right. If you have Laundromat, you can scale it, which we’re going to talk about here in a second. But if you scale it through adding more locations, here’s the thing is that, yes, profits replicate, and you can kind of take a copy of your existing laundromat and move it to other locations.

Jordan Berry [00:27:46]:
By and large, you can do that. However, the other thing that I found is that not only do profits replicate, problems also duplicate, Right? So if you don’t optimize your laundromat, number 1, it doesn’t make sense to have a laundromat that’s not optimized and then go out and get another one because now you’re splitting your attention and working on more than one at a time. I did that in my when I bought my 2nd laundromat, and all it did was split my time, and I think it it lengthened out the amount of time it took for me to get that first disaster of a laundromat. Go listen to episode 1 if you haven’t heard about that. That first disaster of a laundromat up and running and profitable. Right? So it just divided my attention. So we wanna optimize your laundromat next. Now what does that look like for you in terms of data? What data do we need to collect to know, if we’re on the right path to optimizing or if we’re there or not? Okay.

Jordan Berry [00:28:44]:
Now here’s a few things that we need. Okay? If you’re familiar, if you’ve gone to any of the webinars I’ve done or have taken the free course that’s on the website there, which is a great course, by the way, not because of me, but because of you guys have helped me figure out what people need to know. So, I guess kind of pat myself on the back, but mostly patting you on the back for helping me out with that. Okay. The 3rd pillar of due diligence is trajectory, right? And when we’re doing our due diligence, if we’re acquiring an existing laundromat, especially we’re looking backwards to see what the trajectory of the business has been. Has business been going up? Has it plateaued? Has it been going down? We wanna have a firm understanding of why, whatever the answer to that is, why that’s the case. Right? Well, we wanna continue to track trajectory after we acquire it. Right? So that’s some of the data that we need.

Jordan Berry [00:29:45]:
So we wanna know the income trajectory. You know, is income going up? Is it plateaued over, you know, the first 30, 60, 90, 120, 180, 365 days? Has it been going up? Has it plateaued or has it been going down? And why so that we can diagnose the problem? And if there is one and, and figure out how to, you know, fix the problem to optimize it. Or if it’s going up, how do we do more? How do we put fuel on that fire? Right? So we wanna know the trajectory, the income trajectory, the expense trajectory. And one thing that I see a lot when I talk with, do consulting calls with existing laundromat owners a lot of times is that the income trajectory maybe is going up slightly. But a lot of times I see if and especially if we’re not keeping up on pricing, the expense trajectory is going up faster than the income trajectory. So we wanna look and see between the two of those, what those curves look like over time, and know the expense trajectory. So we’re looking at the expenses over time and seeing what they’re doing. Now we’ve got a lot of fixed expenses with laundromats, which is a great thing.

Jordan Berry [00:31:02]:
You know, rents typically, like labor, stuff like that, insurance costs, but we’ve got some variable costs, and usually that’s utilities. Sometimes it’s rent, when the lease comes up or an option comes up, something like that. But we wanna see that trajectory of income expenses and then the difference between the 2, which we call the net operating income. Right? So we wanna see the net operating income over time. And again, that net operating income, which is expenses or income minus expenses before loan payments, that is actually the basis of the value of the laundromat. So that’s something we definitely wanna have a firm grasp on because we wanna see that number getting bigger if at all possible. Right? Okay. Now the other data point that I don’t think I’ve ever seen anybody do this before, is I wanna know how much it costs me per pound to do laundry, how much it costs my customers, how much it costs me for my customers to do their laundry per pound on self serve laundry.

Jordan Berry [00:32:05]:
Right? I wanna know per pound, how much is it costing? Because I think a lot of us are basing our pricing off of, some vague notions or our competitors’ prices or whatever, but a much, much better way to do your pricing is to say, okay, how much does it cost me when I factor in all the expenses, when I factor in utility costs, when I factor in repairs and maintenance costs, when I factor in rent, when I factor in labor or all the expenses. Right? When I factor all that in, how much does it cost me per pound on average to do laundry and then for self serve laundry? And then what margin do I wanna build into that? Right. So if I know how much it costs me, if I know I’m just going to throw out random numbers here because pricing’s all over the place. Right. If it costs me, you know, for for £30 a laundry, just to make it easy. Let’s say it cost me, you know, 10¢ a pound, for to do laundry in a 30 pound machine. Right? That means it cost me $3, which is pretty high. I don’t know.

Jordan Berry [00:33:17]:
But cost me $3 when all expenses are factored in. And then let’s say, you know, I wanna build in whatever the margin is, you know, on that. Let’s say I wanna build in a let’s say I wanna build in a 25% margin. Right? So that means I need to charge $4.50 no. That’s 50% margin. $3.75. Is that right? I’m doing a mental math here. Put me to the test, but I think it’s 75¢.

Jordan Berry [00:33:44]:
I need to build in. I need to charge $3.75 to make a 25% margin if it costs me $3, of all my expenses for a 30 pound wash. Does that make sense? So we wanna know how much per pound it’s costing so that we can build in whatever margin we want there in order to figure out what our pricing is. That is the best way to price your, to to price your laundry. And and the reason for that is because as those expenses change, we’re gonna rerun that calculation, and we’re gonna do it periodically throughout the year so that we can ensure that our pricing is is staying in line with the margin that we want there. And that takes out some of the, you know, the the influence, the peer pressure of competitors and stuff. And if we’re significantly higher than everybody else, then we either need to adjust our margin or probably more likely, we need to increase the experience, the customer value that we’re giving to our customers so that we can charge that amount of money. Okay.

Jordan Berry [00:34:57]:
So that is our self serve pricing. We’ve got a calculator built out to help that. That’ll be in part of that program, but you can kinda do some, you know, back of the napkin math to try to figure out that self serve price. We’re not gonna go into a lot of detail there. But also, we wanna look at our employees. Right? And, you know, in this program, one of the things we have is employee scorecards to, help us figure out how our employees are performing and so that we can give them constructive feedback when we need to, because that’s one of the most difficult things to do. And if we’re tracking the right data, then we can give great feedback. Now, on self serve only, Laundromat’s a self serve attendant only, it’s difficult to come up with data driven tangible things.

Jordan Berry [00:35:45]:
Right? It’s hard to quantitize, or quantify cleanliness. Maybe maybe there’s some ways to do that. Right? But you can do things like, for example, review mentions. Right? And align benefits with, hey, if you get mentioned positively, that’s key, positively in a review on Google or Yelp or whatever, here’s an incentive for it. Here’s a bonus right now. You’re aligning the business interests with your employee interests and incentivizing the employee to do that. Right. So we can track things like that, on the self serve side.

Jordan Berry [00:36:23]:
Okay. And then, the the last thing I’ll say about this here is I know I’m not really going into any detail right now about how to actually optimize your lawnmower. Maybe that’s another episode down the line, but we’ve built out a framework called the 9 Re’s, and that framework will actually walk you through the process of optimizing. So if you wanna hear more about that, come check out the webinar on November 12th, on rent resource.com/legacy. Okay. All right. So let’s say that we have worked on ourselves and we’ve got all our initial metrics. We know where we want to go.

Jordan Berry [00:37:02]:
We know where we’re at now. We have either found or built a laundromat. We have optimized our laundromat now. We’ve tracked all the income and expense data, and the trajectory, the the net operating income trajectory. Oh, the other one that I, I didn’t mention, for optimization, and this one’s huge, right, is we wanna keep track of our return on our investment. Okay? And that looks like us, number 1, knowing how much it cost us. So we need to keep track of how much it costs us, not just acquisition price, but how much we put down, what repairs are, you know, capital improvements we made. Did we buy new equipment? Did we do renovations? How much was our capital outlive for all that? How much did we leverage? Right.

Jordan Berry [00:37:54]:
So we wanna know all of that, and then we wanna keep track of our income and expenses and our net income over time to be able to compare to our initial investment, and that’s gonna help us to determine and track our return on investment on our on our laundromat purchase. Right? Okay. Now we’ve got all that optimized. Everything is looking good. We’ve maybe we’ve gone through the 9 re’s, framework there and everything’s looking great. Now we’re like, Hey, I’m looking great. I’m ready to do more. I’m ready to scale this thing up.

Jordan Berry [00:38:32]:
Now the path diverges again. Okay. So you’ve got 2 different ways that you can scale in this business, which is awesome by the way. And in fact, you can do both of them obviously. But if you’re gonna do both, let me just tell you what they are. So the first one is you can scale through service. Right? So that’s adding wash, dry, fold, or pickup and delivery, and or you can scale through portfolios, what I call portfolio, right, which is adding multiple locations and building out a portfolio of laundromats. That’s at 10 plus that everybody is looking for.

Jordan Berry [00:39:04]:
Right now, I will just say real quick, if you’re planning on doing both scaling through service, you wanna have wash, dry, fold, pick up and delivery, and you wanna have multiple locations. That’s awesome. I’m a huge fan of that. Go for it. But I recommend that you scale through the service side first before you start adding multiple locations. For similar reasons, of what we talked about before, is not only are you going to be able to to to duplicate or to replicate your processes in multiple locations, but any problems you have will also duplicate. Right? So we want to go through the process of optimizing your, wash, dry, fold, pick up and delivery before we start adding it all over the place to other locations. Right.

Jordan Berry [00:39:54]:
And probably you have a lot to gain from having that service perform really well before you start adding more locations to it. Right. And so I might point to somebody like Ross Dodds. Who’s done a really good job of that. He’s got pickup and delivery service, which, you know, if you talk to him and it gives him some headaches, here in LA, but, he’s got that pickup and delivery service. He’s moved it now into a separate location, from a self serve laundries, and then he’s got multiple self serve laundries here also. Right? Whereas, you know, you might look at the Willowford brothers on the other hand, shout out to those guys as well, who they don’t do wash, dry, fold, pick up and delivery. All they do is just win, win, win, win.

Jordan Berry [00:40:42]:
All they do is win, but they also win by adding multiple locations, self serve locations, and just doing that super well. So you can have both models, working super well. And if you look at somebody like, Waleed up until recently, Waleed Cope, or Rick Rome, who’ve just killed with just mostly wash, dry, full pickup and delivery. Right? That service side of this. And there’s lots of people who’ve been on, you know, I think of Mark Vlastcamp, who, you know, he excelled with pick up and delivery, with before he even owned, laundromats. Right. So so you’ve got multiple ways to go here, but let’s start with the scaling through adding service. Okay.

Jordan Berry [00:41:25]:
Now here’s where we getting into some some big boy data, here, data tracking. Now I wanna go through so every in the program here, I don’t I’m not trying to pitch the program here. I’m trying to give you actual good data points, but the program here, every phase has a scoreboard for you that you’re gonna be filling out as you go through it and keeping track of all this data. Right? I want to talk you through, the service, scaling through service scoreboard. Some of the what we call KPIs, key performance indicators that I have, established here. And I do want to say real quick, I’ve worked really hard. I think I’ve got a really good, metric here, for all of these things. But if there are things that I mentioned or that I don’t mention that you think are important to track, I would love for you to just reach out to me.

Jordan Berry [00:42:19]:
Drop me a line, [email protected] and say, hey, here’s another thing that I’m tracking, or here’s another way to think of it. I would love to hear that because, listen, I see this whole thing as, this whole program in my whole way of thinking, it is constantly evolving, changing, and improving. And I’ve got I’ve got no pride wrapped up in this. I am willing to be wrong on stuff. I’m willing to be missing stuff as long as I am working towards, and we together collaborative, right, are working towards making this thing better and better. We’re all going to benefit from it. Okay. So let me walk you through some of the KPIs, the key performance indicators that I think you need to be tracking if you have a wash, dry, fold and or a pickup and delivery.

Jordan Berry [00:43:07]:
And I will say that I think you need to be tracking these things in, separately. Right? Track the wash, dry, fold and track the pickup and delivery, and in know your numbers for both, because what I’ve seen happen to some owners is that they have a really thriving and profitable wash, dry fold, and then their pickup and delivery is actually either breaking even or not making money, but creating a lot more work. Right. So we wanna know that both are working, both are working well. And if there’s a problem with 1 or the other, we wanna be able to isolate that problem and diagnose it and fix it, or cut the program or whatever we need to do. Okay. We’ve got we’ve got the ability to make good decisions because we have good data. Okay.

Jordan Berry [00:43:55]:
Here are the key performance indicators I think you need to be tracking for, wash, dry fold, and pick up a delivery again individually. So number 1, I mean, you wanna be tracking the number of wash, dry, fold customers that have and I’ll I’ll say each of these are every month you wanna be tracking these numbers every month. Okay? So the number of wash dry fold customers that place at least one order during the month. So I wanna know how many actual, customers there are placing an order. Okay. Then I like to look at also the change in that number over time. Right? So if January, we had 20 orders. In February, we had 22 orders.

Jordan Berry [00:44:41]:
That’s a plus 2. So I wanna look at that change. Right? And then if March, we had 17 orders, that’s a minus 5. So I wanna be tracking that as well. And again, we’ve got a scoreboard that helps you kind of track all this stuff, but you can track this on your own too. So, number of wash, dry fold or pickup and delivery customers, and then the change over time. The next number you wanna know is pretty obvious one. You wanna know your monthly income from each right wash, dry fold or pick up delivery.

Jordan Berry [00:45:11]:
How much money came in, Gross. How much money came in? And then the next number is you wanna know your average monthly spend per customer. Right? So you wanna know on average, if I get a new customer, how much are they gonna spend, per month? And as your business grows and as you track this for a longer and longer time, you’re gonna get a more and more refined numbers so that you’ll be pretty confident. We’re gonna talk about marketing and numbers you need to track here in a second, but you’ll be pretty confident that if you get a new wash, dry fold, or pick up and delivery customer, they’re going to be spending on average this amount of money per month. Right? And the more data you have and the longer you keep it, the more accurate that number will be. And again, the collaborative side of things, if we can anonymize it so that people don’t aren’t sharing their individual stuff, but if we can anonymize it and pool all that data together, we’ll collectively have a pretty good idea, of the average monthly spend per customer. Okay. The the other number that I like to track is average orders per customer.

Jordan Berry [00:46:25]:
So let’s say you had the 20 customers and, you know, 10 of them placed, you know, 2 orders in the month and the other 10 placed 1 order in the month. Right? So then we’ll have an average, order of 1 and a half per customer in that month. Right? Does that make sense? So I wanna know, you know, the number of customers, but also the number of orders per customer. And we wanna know the average order value. How much are they spending per order? Okay. That’s different, than the average monthly spend per customer because remember, some of them placed more than one order. So I wanna know how much the order value is, and then the other number that we need to track or another number. Again, this is a lot of data we’re tracking here, but another number we wanna track is your churn rate, and your churn rate is how many people are leaving your service every month.

Jordan Berry [00:47:22]:
Right? So if you’ve got a 100 customers and, and every month 10 of them are leaving, you’ve got a 10% churn rate. Right? My notes are falling here. Every month, you’ve got a, you know, a 10% churn rate, which obviously we wanna get that number as low as possible. We’d love to get customers and then never lose a customer. Right? That’s the ultimate goal. But if we can’t do that, we wanna get as close to that as possible. K. So that’s your churn rate.

Jordan Berry [00:47:56]:
The next number we wanna track is your customer lifetime value. K. You wanna know how much is a customer going to be worth? This is going to help again in the marketing side of things, which we’ll talk about in a minute. On average, if you gain a new customer, how much are they going to be worth? Right. Are they going to be worth? You know, if they’re gonna be worth, if they’re over the lifetime from when they start to when they stop being your customer, you have a pretty good idea. They’re gonna be worth $1500 or whatever the number is. Right? That gives you a lot of super useful information. It tells you how much you can spend to acquire a new customer, how much ad money you can spend to get a new customer.

Jordan Berry [00:48:43]:
It tells you, how where where to put resources to acquire those new customers, all that information. Right? Then, the, then the last three numbers all have to do with how many pounds, of laundry are being processed. So, you know, how many residential pounds are processed from wash, dry fold and pickup and delivery? How many commercial, or small, you know, small business, pounds of laundry are being processed and then your total number of pounds processed. And one of the reasons we want to track that number 1, because that’s gonna help us figure out what our our capacity is, how many people you need to schedule, all that stuff. But also, what that’s gonna allow us to do is when we input, into the scoreboard at least, or you can do this also too, but when you input how many laundry hours were used to process, you can track the last number I have for you, which is pounds of wash dry fold processed per hour. Okay? Now, you know, just to kind of give you a ballpark about that, average pounds per hour is about 20 to 30 per employee. You know, from from again, this is informal data from just kind of what I’ve seen, and I’ve I’ve I’ve heard of some laundry processors doing up to £40, maybe even a little more, but on average, 20 to 30. But again, the more we’re all tracking this data, the more we’ll all be clear about what the benchmark is.

Jordan Berry [00:50:27]:
Right? You know, the longer you’re tracking that, you can see, okay, the benchmark is £25.5 of laundry per hour. And as you’re tracking it, and you can actually track this, which we’re gonna talk about here in a second, per employee, you’ll be able to see, hey, you know, Jordan, you’re only processing £18 of laundry per hour. Our average is 25 and a half. What’s going on here? Are you slacking off? Do you need something that you’re not getting? Are you just doing all socks? Like, what’s the deal? Everybody just tossing you all the small stuff, baby clothes and socks taking longer to fold or what’s the deal here? Right? So when we have that pounds of wash, dry fold or pick up delivery process per hour, it’s going to help us, to be able to determine the performance of our store, but also determine the performance of each individual employee. Okay. So those are the key metrics that I’m looking at number of wash, dry fold customers with at least one order, the change, the monthly change over time, the monthly wash, dry fold income, average monthly spend per customer, number of orders taken, number of orders per customer, average order value, the churn rate, customer lifetime value, pounds of laundry process for residential, pounds of, of laundry process per for commercial, total pounds of laundry processed, and pounds of laundry processed per hour. Okay. Okay.

Jordan Berry [00:52:10]:
So that’s those are the key performance indicators I’m looking at for a wash, dry fold and pick up and delivery. And again, if I’m missing any, I would love for you to reach out and tell me, I would love to just, incorporate that into the tools that I’ve been building, but also I would love to give an update, you know, at a future episode and just say, Hey, great feedback I got. Here’s some more data that we need to look at. Okay. Alright. So we also have employee scorecards, so that we can track individual employee performance again so that we have benchmarks, to compare our employees to and to make sure that they’re doing what they need to be doing. And, you know, one of the hard things is that it can be tough if you’re seeing like, you know, on average, my employees are doing £18 of laundry, per hour. If we have a more collaborative effort here, collaborative mindset, I can see that, oh, my gosh, the average of everybody else is 25.5.

Jordan Berry [00:53:10]:
Why are my people underperforming? We can diagnose the problem and begin to address it and get that average up. Right. So employee scorecard. Here’s basically what we’re tracking is we want to know how many hours they’re working and how many pounds of laundry they process in those hours. Right. And you can track that on a weekly or monthly basis, whatever, however, best fits your needs for that. But again, that’s gonna give us our pounds of laundry processed per working hour. Okay.

Jordan Berry [00:53:45]:
So that is the laundry processor scorecard. And also for the driver, here’s here are the numbers we’re trying to get to. Percentage of on time pickups. Huge. Right? If customers are expecting us to be there, we wanna have a really high number, that percentage of on time pickups, percentage of on time deliveries. We also wanna have that laundry going back when customers expect it. And then the number of orders picked up and delivered per hour. Okay.

Jordan Berry [00:54:19]:
And then also you can, you could track things like Google and Yelp reviews and their mentions in there to incentivize them again, align rate service for your business with your driver’s interests there. Okay? Percentage of on times pickups, percentage of on time deliveries, orders picked up and delivered per hour and number of reviews. Okay. So that is if you want to scale through service. That was a lot. I know that that was a lot. You can go back and like rewatch or relisten to that, multiple times. That was a lot of stuff.

Jordan Berry [00:54:55]:
But keeping track of these numbers again, it’s just going to help you optimize your business better, but also it’s going to help you prepare your business to be able to scale. You’re going to perform better. You’re going to make more money doing it. And then if you want to, you’ll be able to transplant this model and all this data and knowledge you’ve accumulated into multiple locations, if that’s something that you wanna do. Okay? So let’s go into that and talk about scaling through building a portfolio. Now this actually, funnily enough, is gonna bring you right back up to that first fork in the road because if you wanna scale your portfolio, you’re probably gonna do it either through acquiring another or more laundromats or, and or building, or laundromats. Right? So it’s your scoreboard actually is gonna look pretty similar to, that, that initial scoreboard, thereof. Are you tracking the number of touches, the touches, leads, offers, and deals on the acquire side, and then all the demographic stuff on the build side, actually on both, really, but on the build side in particular.

Jordan Berry [00:56:10]:
And again, we’ve got a killer program to help you take take a build from finding location all the way through grand opening, if that’s something you’re interested in. Okay. Now the other thing I wanna mention with both of these 2 scale options, right? Whether it’s, whether it’s scaling through adding a service or scaling and or scaling through building a portfolio. I mentioned way early on that the kind of person that I need to be, that you need to be to be able to run a bigger business is different than the kind of person that most of us are when we’re buying or building our first location. Right? There’s a lot we need to learn about the business, but there’s a lot of growing that needs to happen also. And I’d love to tell you about how, how we’re building that into the program on November 12th, not to keep pitching that webinar, but I’m just super excited about this, but I’d love to tell you about how we’re building that into the program here. But one thing that we do, and I I recommend you do this program or not, like, forget that for a second. I recommend that you do this at now and at every phase.

Jordan Berry [00:57:29]:
And again, it kinda goes back to that doctor, you know, do we do we find out what’s wrong or do we not? But I’m always gonna be of the I’m gonna lean towards finding out good news, finding out bad news, and then moving forward, creating a plan and going forward from there. And again, one of the beauties of this program is that you don’t have to do it alone, which is the scariest thing, I think, whether that’s a doctor’s diagnosis or building a business. But one of the things that that we need to do if we’re if we’re planning on being the person who has a bigger business is we need to get better at leaning on other people, giving them tasks to do, and for us to be doing higher value tasks. Right? Higher value tasks. For example, I spent a lot of time early on in my first laundromat, mopping, dusting, sweeping, wiping down machines, cleaning the store. Right? Nothing wrong with that whatsoever. However, I couldn’t do that if I had 10 laundromats. I couldn’t do that for all the laundromats.

Jordan Berry [00:58:51]:
Right? It’s just not possible. There’s not enough time in the day, nor do I really want to, nor would I probably be able to get 10 if I was doing that. Right? So it’s a much higher value task for me to be reaching out to sellers, to be, you know, making offers to be doing deals, to be coordinating with my project manager, to help me build out stores. It’s much higher value to be doing those things than it is to be sweeping and mopping. Okay. As you start to grow. Now, again, that’s not to diminish those roles or anything like that. And if you’re somebody who is doing those things, there’s nothing wrong with that.

Jordan Berry [00:59:37]:
And then it goes back to that first phase, right, that foundational phase of what’s the goal here? What are the goals? What’s the vivid vision? If the vision is, hey, I just kinda wanna sweep and mop a couple of laundromats every day or every week, and not have to work a 9 to 5 and make a similar amount of money. That’s great. Like, align your actions with that. But if your goal is, I want to build a big Empire, I want to build a legacy. I want to make X amount of money. That’s a big number somewhere. Then you’re going to have to work on handing over lower value tasks and spending more and more of your time on higher value tasks. Okay? So to help you do that, I built out and I think that you should do.

Jordan Berry [01:00:26]:
This is something you could just do on your own too, but I built out a little tool to help you do what I call a personal time audit. Okay? And this is where for a period of time, maybe it’s a week, period of time, you track how you spend every minute of your day. Okay? You can use tools like rescue time that can help track your online stuff, and you can sync that to your phone, tablet, computer so that nothing goes on, you know, tracked. Yeah. Untracked. And then couple that with, like, a calendar when you’re offline so that you’re keeping track of every minute of your day so that you can see here’s the reality of the situation. I’m spending 6 hours a day on social media or whatever. Right? Like that this is a reality of where I’m at or I’m spending, you know, 12 hours a week sweeping and mopping.

Jordan Berry [01:01:30]:
Right? Once we do this personal time audit, we have a clear vision of how we’re spending our time, and then we can start to address any problem areas where we’re wasting time. Now I want to be clear. Things like resting, things like hanging out with friends and family, you know, even things like social media, those are not always wasting time or watching Netflix. It’s not always wasting time, right? It can be recovery, but we need to be honest about ourselves or with ourselves about the time that we are wasting, right? So that we can achieve our goals, the goals that we laid out in our vivid vision so that we can do that right. So if we do a personal time audit, which is uncomfortable sometimes and a little scary because it’s a little rough to see. I’ve done this multiple times before and sometimes it’s just not pretty what I’m spending my time on a little much too much time on YouTube or whatever. But in order to help us become the person we need to be to be able to run a bigger business, but also to help us build that bigger business, we’ve got to be spending our time on the things that matter. Okay.

Jordan Berry [01:02:47]:
So that personal time audit, you can do it, just track it in a spreadsheet or hand write it in a journal or use apps or a combination of all of those to track your time and see where it’s going so that you can start to identify these are time wasters. These are lower things that I can outsource, and these are higher priority skills or actions that I can be taking that I need to spend more time on? Maybe you’re spending 20% of your time on high output activities and 80% of your time on low output activities, and you want to start to try to reverse that ratio. Right. But that’s part of keeping track of that stuff. Okay. That’s all I want to say about scaling, and what data you should be tracking. I want to talk lastly about marketing. Okay.

Jordan Berry [01:03:43]:
And again, marketing is something that is now starting to boom in our industry here. There’s more and more people doing marketing, which is great. It was not really a thing. Even just a few years ago, not many people were marketing, and advertising. We’ve got a partner that we work with on the marketing side. They’ve got a quick tip on the marketing front for you. So I’m gonna let that play, and then we’ll close this thing out.

Jon Berry [01:04:09]:
Hey, Laundromat Owners. John here again with business marketing resource. Are you looking to spend some extra profit out of those machines of yours? Let’s talk about a quick marketing tip that could make a huge difference, bundling your services. Now think about this. When customers come in to do their laundry, they often have other needs. Right? Maybe they could use some detergent, fabric softener, or even a snack while they wait. Why not offer them a bundle deal? Imagine this, you get a free dryer sheet pack when you purchase 3 loads of washing. Or how about a loyalty card that gives them a free snack after every 10 washes? See, by bundling, you’re not only giving customers more value, you’re also boosting your sales with those little extras.

Jon Berry [01:04:45]:
And it’s easy to set up. Just a few signs around your laundromat and a quick mention on your social media. Speaking of which, if your laundromat isn’t online, you’re missing out. That’s where we come in. At Business Marketing Resource, we specialize in helping laundromats like yours build a strong brand, create a professional website, and get the word out to your community. Imagine your laundromat standing out both in person and online with a professional look that brings in new customers. If you wanna learn more, visit us at build with bmr.com today, and let’s start making your laundromat the top of the town.

Jordan Berry [01:05:16]:
Okay. Huge shout out to business marketing resource and all the tips that they’ve been providing and will continue to provide a huge shout out to those guys. Give them a call if you’re looking at, looking at doing some marketing or building out a website or branding for your business, whether it be laundromats or anything, but they do specialize in laundromats over there. Now I have what’s called what I call I made this up, I think, or I did independently. I’m not saying it’s not a thing outside of me. It’s not all that revolutionary, but I made it up even if somebody else also made it up what I call the marketing quadrant. Right. And it’s, on one side is, online, offline, and the other side is free and paid, right.

Jordan Berry [01:06:03]:
Or the top or whatever vice versa. Right? It’s a quadrant online, offline, free and paid. You can do, you know, all all four of these things kinda together. Right? And let’s just I’m gonna break it into the 2. Right? I’m gonna break it into paid and organic. Okay? The free. Right? Paid and organic. Now, I wanna talk about for paid ads, what do you need to be tracking in order to determine the performance of your paid ads? Because paid ads should be driving business to you and should lead to revenue.

Jordan Berry [01:06:39]:
Right? And again, if we know some of this data, it’s gonna help us make better marketing decisions. Okay? So obviously, if we’re going let’s start with paid ads. If we’re doing paid ads, we need to know our ad spend. How much money are we actually spending on our ads, and any management of those ads? Okay. Number 2, we need to know out of that spend ad spend, how many leads are we generating? Out of the number of leads regenerating? How many of those are converting to actual sales and out of those sales, how much revenue is generated? Okay. Ad spend leads generated conversions, revenue generated from those conversions that will help us to determine 3 things. Number 1, cost per lead. How much does it cost us per lead that we generate, in our ad spend? Number 2, cost to acquire a customer.

Jordan Berry [01:07:38]:
Maybe you’ve seen it as CAC, c a c, cost to acquire a customer. Right? How much money does it cost us to get one of those customers a conversion to the customer? Right now. If we know that our cost to acquire a customer is, let’s say, $20 and we know that the lifetime value, if we remember back then, if we know that a lifetime value of a customer is $1500 well, guess what? It’s a no brainer. We should throw more money at this, right? And get as many customers as possible because we’re making a lot more money than our ad spend. Right. But if we know that our, you know, our lifetime value is $100 because people are coming to our laundromat. It’s a zombie mat and they’re leaving and they’re never coming back unless they absolutely have to, and it’s costing us $50 maybe it’s still worth it, but maybe we should go back to the optimizing our laundromat and get it running better so that they stick around longer and the lifetime value goes up. Right.

Jordan Berry [01:08:46]:
Okay. So cost to acquire a customer. And then the third thing it’ll tell us is our spend per revenue ratio. Right? Your ad spend, how much money you’re spending on ads per how much money is coming in based on that ad spend. And again, if that is a, bad ratio, then we need to either fix our ads or there’s something going on in our funnel or offer is not the right offer. Right? So we can diagnose the problem and fix it. Okay. Same thing whether whether it’s online or offline.

Jordan Berry [01:09:23]:
Right? Online, we’re thinking of like Google, Facebook ads, Instagram ads, maybe it’s a geo fencing, something like that, right? Offline ads, we want to know the same number of ad spend, leads generated conversions, revenue generated, cost per lead, cost to acquire customer, spend per revenue ratio. Okay. But let’s talk about organic because this one’s kind of interesting to you. This is like posting on your Facebook, posting on your Google Business Profile, Instagram, stuff like that. Could also be offline with cold calling, offering promotions, email marketing. This is kind of organic type stuff. Right? So here’s what we need to track for that. Number 1 is management costs.

Jordan Berry [01:10:08]:
So that’s if you hire somebody to manage your social media, there’s a cost associated with that. And also I would argue that if you’re the one doing yourself, nothing wrong with that at all, but I would keep track of the time that that takes and assign a dollar value to that time so that you have a management cost there. That way, even though it’s not costing you actual dollars, it’s costing you time. If you ever wanna hire it out, you’ll have a benchmark number of the rest of this data based on the management costs. Okay? So management costs, leads generated again, how many people are coming in through your LinkedIn bio or whatever revenue generated from those conversions. And again, cost per lead, cost to acquire a customer, and revenue, spend to revenue ratio. Okay? That is marketing. Again, hopefully, you found this, useful.

Jordan Berry [01:11:08]:
If not, I know it was kind of a long episode, a little bit technical. We went through a lot of ground. We covered a ton of ground there, and kind of quickly even though it took a long time. So let me know, number 1 if I missed anything that I I should be tracking. Number 2, let me know if this was at all valuable to you. If not, it’s okay. I won’t take it personally. I’m always just trying to figure out ways to help you run your business better.

Jordan Berry [01:11:38]:
That’s the goal not to, you know, feel good about something. So that’s the goal. And then number 3, join me November 12th. Again, lawnmowerresource.com/legacy for, this webinar that, I guess the webinar or presentation, that I just wanna explain to you what I’ve built. Mostly because I’m super excited, but also and mostly I’m super excited because I think that it’s gonna help a lot of you it’s gonna help a lot of you build great businesses, and it’s gonna take away a lot of that fear that some of you have for getting started or for moving forward. So again, law and rat resource.com/legacy. Listen, no matter what, even if you don’t join me on the presentation, webinar, whatever deal, no problem. No matter what, put this stuff into action.

Jordan Berry [01:12:33]:
Start tracking the data. No matter where you’re at in the process, you could be just starting the process. You could own 50 laundromats. It doesn’t matter. Start tracking the data, put some of these things into use. I guarantee, 100% money back guarantee, you will see improvements in your business if you do this. So okay. I know that was a change of pace.

Jordan Berry [01:12:58]:
Again, I know I’m also long winded, so I apologize for that. But hopefully, there was some really good stuff in there for you. I know I’m super excited about it. 100% convinced how powerful this is. Hopefully, you are too. And I’ll see some of you guys, if not every single one of you guys, nudge, nudge, wink, wink on November 12th. Peace.