Business
Today, we update you on the status in its first 2 months of the third laundromat we’ve opened. We begin by sharing the process of obtaining the property. We purchased the building in May of 2018, closed the deal in the following December, and we just got it up and running in April of 2020. We then encourage the listener to consider this an example of how long this process can take and prepare accordingly. We share the details and delays in getting the building ready to run the laundromat, including the structural and extensive plumbing renovations to get the building ready. We talk about our plan and its ramp rate to revenue, and how we did in month 1 compared to this plan. We share the statistics of our earnings by day and by month. We also share the progress of the other two laundromats according to the model. We share the growth of our wash, dry, fold operation. We attribute that growth to switching our website to the service offered by CurbSide Laundries (https://www.curbsidelaundries.com/), using their advertising. In addition to this, we are advertising on https://nextdoor.com/. We talk about the growth of Laundromat #3, discussing adding security measures like bars on windows and bollards in front of the store to adapt to the local circumstances. We talk about our efforts providing a good experience for customers and then asking them to leave a Google review. We talk about adapting our delivery service communications protocol to customer needs. We talk about the best way to handle customer complaints, including giving refunds in credit for the store when possible. Purchasing and Preparing the Property, Payment System 0:41Revenue in Month 1 5:34Wash, Dry, Fold Earnings; Website and Advertising 10:04Other Details About #3; Google Ratings 13:48“We build a plan that has a ramp rate to revenue...month 1, that’s where it starts. Month 1 is 10% of the target where we will ultimately end up when we get to a production run rate.” 6:03Reach Out To Keith, Get Help and Resources: https://dincpie.com/