Forget Self-Serve Laundromats! (This is the Future)

Manage Your Entire Team in One App: https://connecteam.cc/4djWsST Dave Menz has always craved the idea of leaving corporate America and achieving financial freedom for himself and family. Without having the opportunity to quit his job at the time, Dave decided to start a laundromat business as a side hustle. Now he employs 40 people and operates 4 laundromats that generate $1.8M annually in Cincinnati, Ohio. The crazy part? Dave is so motivated that he was working 90-100 hours every week to make this happen. One morning in the early days of his business, he even got ready for the day and headed out the door before his wife reminded him that it was Christmas morning. Prior to Dave owning his own business, he was employed at the Cincinnati Bell, a telecommunications company, and worked his way up the corporate ladder. After a number of years though, he realized he didn’t want to be in the corporate world forever and so he took the plunge into the direction of entrepreneurship. Having no prior experience in the laundry business either, he learned as much as possible about the business and how to best serve potential customers. In this episode, learn how to optimize a simple business idea into one of your biggest money makers, reinvest revenue in the right places to scale your business, and the importance of A/B testing to meet customer needs in an innovative way. Dave also explains the importance of making strategic sacrifices for a more profitable and successful future. Above all though, Dave believes that a good business starts with a strong foundation regardless of the industry. Resources: https://bit.ly/4fNXDvu - Gain Free Access to the UpFlip Academy https://bit.ly/3Aqqd5P - Gain Free Access to Dave Menz’ Program Timestamps: 00:00 - Start 00:47 - Overview of operations 01:33 - Becoming an entrepreneur 02:52 - Self-serve machines 04:54 - Funding the startup 05:39 - Funding advice to newbies 07:00 - Steps to success 08:24 - Preventing burnout 09:02 - Dedication and sacrifice 10:57 - Revenue 12:04 - Profit margin 12:39 - Innovative (and rare!) technology 15:36 - Pricing services 15:56 - Acquiring machinery 17:29 - Fan blitz 18:57 - Future of the industry 21:15 - Misconceptions 22:29 - Customer service 25:24 - Pick-up and delivery 28:15 - Bagging the fourth location 29:45 - Finding the best locations 31:47 - Revenue across locations 32:23 - Goals and happiness 33:39 - A “passive” business 34:30 - Measuring industry success 35:59 - Scaling 37:34 - How and where to start 39:18 - Picking the right location 40:22 - Hiring and compensation 41:25 - Partnership 42:29 - Mentorship 45:06 - Supplier and service provider relationships 46:58 - A mindset of servitude 47:32 - Outro #laundromat #laundromats #laundrybusiness

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