How and where to begin…

[Eric Jacobsen]

I have decided that I’d like to own a laundromat within the next five years. I work a full-time job now and have about 15 more years to go before even thinking about retiring. I’ve located at least four laundromats in my area that I plan to visit. I’d like to see if any of the current owners have an interest in selling their business within a few years. I’d like to learn the daily routine of running the business to see if it’s something I could do.
Does this approach seem feasible or should I approach it differently? How and where does one begin to learn about the reality of the business without knowing anyone who is involved in it personally? I suppose I’m looking for a mentor or a hands-on opportunity. I don’t want to jump into such a large investment without first having a firm understanding of it. Everyone has to start somewhere….

[James Monroe]

This website, with all of its resources, is the best place to start. Set up a call with Jordan, watch his youtube/podcasts, these forums, etc. Plenty of resources to educate yourself. I’m in the same boat; brand new. Write things down, take notes, print out his free ebook and forms. As your educating, take action at the same time!

[Eric Jacobsen]

Thanks for the encouragement! I’ve been watching and reading a lot of things from the channel and this website so I suppose I’m on the right track and in good company!

[Jason Dodge]

I agree with what James said. I would add that you can start using laundromats weekly. Go to a different one each week and do some wash. The owner may stop in while your there and if they do approach them. I always talk with people who have an interest in the business when approached.

[Eric Jacobsen]

I have spent several months watching videos and reading articles. I’ve even made up business cards to hand out to people I come in contact with. I’ve held back from going out though because I didn’t want to be viewed as a threat to an owner’s business. I’m also not even close to knowing how to walk into a bank and ask for a $250,000 loan.
Basically, I feel stuck.
Thank you for your advice. I will go out and do some laundry and hope that leads me forward.

[Chris Stark]

Eric, look into ROBS (rollover for business startup) to leverage your 401k to acquire your laundromat. It is an option. There are numerous videos on YouTube that explain the mechanics of this technique. Just be aware that this approach doesn’t mitigate the risk of starting a laundromat business as your retirement monies will hang in the balance.

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