From UpFlip.
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
