Daily Business Operations Questions

[Jorge Badim]

Hey all, I am in my due diligence period now weeks 2 of 4. I will be a first time laundromat owner in 6 weeks if all goes well.

So I have been joining the current owner on coin dumbs and am noticing this particular laundromat does not have any systems in place.. no checks and balances.. no clear method of straight accounting etc.

He does a coin dump 2x week (Mondays and Thursdays, I noticed he does not count the coins, is this normal? He collects all the coins.. tops off the cash machines and then only counts the cash. Then at the end if there is leftover he just keeps it and takes it to the local Constar machine and that’s spending cash for the next few days. This “spending cash” is adding up to about $300-$400 weekly. I guess here my main concern is the “lack of knowing the true revenue” by not counting coins but what do I know maybe thats the norm.

After week 1 the coin collection was $2800, in addition to that there was about $850 in WDF. This is a small town of only 8500 people total, it is mostly upper middle class folks who own homes. There is a handful of rental buildings but it seems only what is required by the town for affordable housing. This laundromat has been in place for 25 years and is the only one in 2 town radius. The next town over has similar demographic. The WDF uses quarters for the machines so some of those coins from the collection are from WDF (about $30-$50 a day).

Rent is VERY high because of the location and demographic. We are talking $4300 month in rent, what are your thoughts on that?

They are saying NET profits are 40-50k a year on a 150k gross revenue. (this is factoring in the extra spending cash weekly). Machines are all about 20 year old Wascomats. Store looks to be in fairly good shape otherwise. Even the 20 year old machines look decent.

I have a lot of DD left to do but in your opinions how is this shaping up so far?

[Danel Sasper]

I think the lack of proper coin tracking could be a risky practice. Even if the current owner does it this way, implementing a more structured revenue control system would help you get a clearer picture of the business’s actual income. I’d also recommend setting up better management systems, including phone systems for handling customer inquiries and organizing operations, especially if you plan to expand services like wash and fold (WDF). For example, I came across some helpful solutions in a blog about multi-line phone systems, which could make handling calls and customer requests much easier.

[Zoya Shah]

GoPromotional Products provides essential tools for success, just like addressing daily business operations questions helps streamline workflows. Equip your team with customized planners, notepads, and pens that encourage organization and efficiency. These branded items are perfect for meetings, workshops, or everyday use, ensuring your logo stays top of mind. With GoPromotional Products, you can foster a productive environment while promoting your brand, making it easier for teams to tackle challenges and drive success daily.

[Naten Wiliams]

Hi all! Companies often require fast, efficient, and reliable solutions to ensure the smooth operation of their offices, and the company staples advantage can provide this. Everyone who becomes their client can be sure that they will not have to go to stores to buy office supplies, computer equipment, and everything else since the company will deliver everything on time. In addition, the company guarantees that each client will receive the most favorable prices, and this helps many to save a lot.

[Alexzander Greenfield]

Jorge,

I’m reaching out as a business owner myself who is design a new product/app designed to boost foot traffic and revenue for laundromats, which will revolutionize the laundromat sector. I’m interested in learning more about your specific needs and challenges, and other pain points like other owners on this forum to gather some more intel while building this app. It would be helpful for you as you are beginning your journey, would you be available for a few minutes to connect on 12 questions? If preferred I can post here for you to reply direct.

Any feedback from any of you is greatly appreciated.

Would like to also extend above to the other contributors on this thread as well (Danel, Zoya and Naten).

[Ben Grings]

Daily business operations require consistent focus and efficiency, especially in service industries like laundromats. Addressing challenges, such as various fraud detailed here, is crucial to maintaining smooth workflows and customer trust. Proactively tackling these issues can significantly improve overall performance.

[Author]

Posts