Good questions indeed. Let’s see
When you got into the business, how did you do it, All by accident. i was not looking for or thinking about getting into the business. Just curious because this mat that I had been regularly using to wash my heavily soiled clothes for the last almost year did the job but nobody was ever there.
and what would you have done differently now that you know what you didn’t know back then? Purchased more than one. Trust but verify, trust but verify, repeat. Unfortunate as it may be, not everyone will look out for your best interest other than yourself.
How did you finance it? Did you use a conventional loan? Did you use some of your cash? Used my cash.
Was your first target a laundromat that owned the land, or did you buy the business and signed a lease? No target as I purchased the business that happened to be for sale using my personal funds. I funded myself. I did try to obtain funding but its not that easy. Especially as a first time business owner. Lending institutions like to see at least 2 years of business history. Bit of a catch 22. But if there are no personal resources available perseverance and commitment are key. You just have to keep trying.
Is seller financing more common than not? Sort of but be careful of the sellers, the lawyers, and the fine print. Due diligence is key
When you first purchased it, how’d you do it? By accident and the price of me being curious. LOL
Just got the ad from a website. Not a fan of the infamous website(s). Why? Simple they’re biased and have an incentive to sell you something. Make sense?
or did you actually go to a laundromat and talked/networked with people? This is a good option. Networking works. But be prepared to put up and accept all sorts of data that you will then need to process. keep the good, get rid of the not so good data.
What knowledge did you go into when you purchased your first laundromat? Absolutely none. But I ramped up real quick after the 1st meeting. Did alot of research, asked questions, visited the location. Main one? Shadowed the owner once a week for a few months.
Did you know all the questions that would come up? Or did you know a little bit and learned along the way? I think you are referring to question about business ownership and the business in general. if so, the answer is… Only knew based on my personal experience(s), good and bad but mostly bad as an end user at several laundromats across the country. if that was not your question please clarify and re-ask.
I’ve been in business now coming on 16 years. its a great business model. CAUTION – that this business is not for anyone. It takes a lot to run. Not just as easy as collecting $. The potential buyer has to be true to him / herself, if they are willing to commit and understand that it is not as easy as collecting quarters. Come in with that mindset and you will be woefully and regrettably disappointed.