Owned a Laundromat for a Year (Does it Make Any Money?) Pt. 1

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Title	:	Owned a Laundromat for a Year (Does it Make Any Money?) Pt. 1
Lasting	:	16.11
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Views	:	1,6 jt

Monthly gas bills can indicate average gross income This business has a monthly gas bill of $1500, I would definitely say its gross monthly income is around $18k - $23k per month (from the machines”)
Comment from : Lacviet Ng

Most are closed down in london due to high rates Those that do run don't much much profit high electricity costs Others are just vandalised most people have their own these days
Comment from : Rob Waters

He over paid 😂 get used machines
Comment from : GothBatty

I went in one and spent 9 dollars to wash a single load and like a dollar to dry it lol
Comment from : R kizzle

UTILITIES are a killer
Comment from : brian Robert

Please tell me I’m not the only one that caught the “Mike Cox” who couldn’t make it to the interview joke in the beginning of the video 😂😂
Comment from : Jake Keyes

Year old appliances , Maintenance and repair Average cost to repair per unit 1000 and $1500
Comment from : Glen Higginbotham

Always great content! Thanks Leo!
Comment from : Rachel Lira

so how much does it make annually? How much is 50 of revenue?
Comment from : Elevation Mentor

You have earned my subscription sir at 13:35 when you close the door and turn off the lights while the owner was still going through his interview This level of respect and courtesy is often missed Thank you for the video!
Comment from : Will

50 to 60 PROFIT…damn
Comment from : Frank Walters

wow, different culture In the whole city of Stockholm, Sweden (more than 1 million people)there is only one Laundromat
Comment from : Pontus Schroder

But if he financed the purchase his roi would of been insane !
Comment from : Sheidhishd

“Owned” Is the operative word
Comment from : Nathan

Got one thing to say about laundromats High maintenance cost Every laundromat I ever went to before I got my own washer/dryer, always had about half their washers and dryers broke down😮
Comment from : byron2521

I dont understand the US? A washing machine is cheap why do people want to carry their laudry to shop and sit and wait for their clothes to get washed? If you havre a machine at home, you can get thee washing machine going and get on with other household cleaning chores
Comment from : Professional Youtube Commenter

many are money laundering operations
Comment from : michael tabor

So you have a 50 margin without your salary?
Comment from : VRM

No
Comment from : Ian Campbell

They need bigger washers and they need them to use full tubs of water to get the clothes properly cleaned and rinsed The low water set ups are no good
Comment from : Blueberry Pitbull

When a washer + drier costs $700 and you have it in your home for 20 years, why would you want to waste time to drive to a laundromat and wait there while the clothes wash and dry? That seems like it takes a lot of time from your day
Comment from : Capcatrei

50-60? wow those are great margins!
Comment from : zoom doof

Laundromats make money for sure No doubt ROI is the best brbrBut the serious question is about how the owners become vulnerable to the landlord when he becomes greedy to sell the plaza Our fixed asset costs, installation charges, are so high making it very difficult to relocate brThese days, it’s so common for the landlord to bend the lease to his advantage to boot the laundromat from the plaza, so that he makes quick money
Comment from : Willy Francis

Mike Cox is a legend
Comment from : Best Buds With Bob

Doing a delivery wash & fold is labor and time intensive, my guess it makes sense if you are in an affluent area
Comment from : Beachdudeca

this is just cut and paste from your other video ripoff!!
Comment from : Dan F

Yeah we all have 500k for a laundry business its great business but without capital its just a dream
Comment from : jp

Isn't laundromat only in the states? I see I europe everyone has their own washing machine
Comment from : aDm

Mike Cox??? 😂😂
Comment from : Mr Thiccums

Can there be a way that your clothes are locked in the machine in a new person has a new password to get the clothes out so no theft occurs
Comment from : Anthony Smith

All Stores Please Lower the price of all Military and Local for all Brands of Laundry Mat Products and Accessories and Production Cost Now That's too much $$ The Whole World Now 🙏🙏🙏
Comment from : Deanna Spencer

the shou sugi ban wood is a nice touch!
Comment from : Bandhu ji

They hardley exist in the UK A lot have closed I have one near me But still prefer a having my own washing machine
Comment from : hybrid angel

I like this guy, it’s clear he cares about his customers convenience and having a great experience, I wish him well
Comment from : Matthew Sullivan

Maybe for me
Comment from : Abdul Blessinger

Your electric bill would be a he11 of a lot higher than 500 bucks a month where I live
Comment from : moncorp1 Inc

50 profit margins? Time to start burning down some laundry mats
Comment from : Donald Grinker

The Cameraman is giving me an headache
Comment from : Allen Limson

Meth lab underground?
Comment from : billy lo

where I live, people break and try to steal from laundry machines all the time
Comment from : Just_Your_Local Guard

What about the expenses associated to the upkeep and maintenance of the actual machines?
Comment from : robotgrass A

This year seems slow , especially financially 😔 I feel like inflation is affecting majority of us God will help us 🙏
Comment from : Dean Swain

And if you are partnered with a cartel you can pretend to be successful
Comment from : Peter Sunn

closest i can get to a laudromat is owning 2 dry cleaners now mind you my parents originally started this 30 yrs ago i came full time in 2004 to the present and yes its a very profitable business only problem with dry cleaning is its very demanding and you cant get away unless you have the right kind of help to run the business like every business post pandemic good work is very hard to find i am looking to retire one of these days but i am going to set something up where i can not work as hard as i am now but i will say i have made a very good living in this family business
Comment from : mannyva01

So, they sunk 700k into the laundromat and became profitable in under a year? Not bad
Comment from : Geminias

This is quite valuable info, thank you! Looking around for something to take on, this looks interestingbrbrI'd offer a comment - when you're branding UpFlip, you would look much better in a polo-style shirt that has a collar, and the logo on the front and/or rear of the shirtbrAnd please don't take this wrong, it's fix-able In the black 'trenchcoat-looking garb and t-shirt (with the unsee-able UpFlip branding) you look like a homeless personbrbrHave I seen a lot of homeless people? Yes I have I spent most of my life in the San Francisco Bay Area brbrIf it's cool outside, you can wear a heavy full-sleeve sweat shirt with UpFlip branding on it and a dress shirt with a collar underneath for a very casual presentation, or switch to 'business casual' or suit and tiebrbrI have an MBA from UC Berkeley In one of our "Organizational Behavior" courses in grad school, we studied how appearance affects business results of individuals When you're presenting, you cannot go too far to present a pro appearance In a business setting, suit and tie In a 'business casual' setting, more options The trench coat with turned-up collar and t-shirt underneath, my goodness, I would have talked you out of that if we were about to make a team pitching presentation to prospective customers Please don't take this hard, it's meant to help brbrI think most people would be fairly surprised to learn the affects of physical appearance on business outcomes I turned a page after that OB course and it really helpedbrThanks for the great video! Cheers
Comment from : GregChase

Just the furniture in this place costs more than the entire laundromat at the end of my street Apps, digital, rewards? You're lucky to find something that actually works half the time
Comment from : Alcoholic Nerd

None of these people start business from scratch
Comment from : Cory_from_Cordesville

Those speed queen machines break easy
Comment from : Cory_from_Cordesville

700k?
Comment from : mimi M

Beautiful venue In 2017, the washer went belly up here, where I rent No problem I went to the laundromat with a two week bundle of laundry ( 1 person) In two hours, my laundry was done for two weeks I kicked it up a notch - going 1x per week $10 out the door for washing / drying / no repairs / no procrastinating - ie multitasking around the house, leaving laundry in the machines to do other things At the laundromat, I throw in the wash, go next door to Target, shop, put stuff in the car Go back and dry the clothes - The shopping center has other stores Put gas in my car, go thru car wash, come back to laundromat and pull out clothing, piecemeal, in the last 15 min of drying Fold, pack 'em up On my way Laundry's done for a week Do I miss my washer at home? Nope Plus I can wash bedding, small rugs, blankets I meet the nicest peeps, too
Comment from : Lynda StarWriter

It's interesting he mentioned they wanted to be located near other businesses so that people can run errands Most laundromats I've seen over the years have signs that you can't leave Cause the longer you leave a load in a machine, the less money it's making and the more annoying it is to other patrons
Comment from : smc1377

That laundromat looks nice and clean Not all laudromat's are clean I like the idea of the app
Comment from : A Olson

I have heard too many partner story horror stories I was involved in a business with a high school friend I was serious about the business He was the money man But he just wanted to "F" off all the time so I left He got a few other people to help him and the business died So I get it
Comment from : Dan Klein

4:30 okay🤭 he is surprised 😂😂
Comment from : Mubasshira Kureishi

What about repair costs?
Comment from : Rich Coffman

Wonder if demineralised water would save on maintenance costs It'd save on a bit of detergent as well
Comment from : Dwwolf

A condo hotel locked up the washers and driers and installed a laundromat We won't go there again
Comment from : Bill Crane

Dude seems employed
Comment from : ad mobile4

So 50 to 60 is average Gross profit? brHmm br That's interesting
Comment from : Rob D

Yes I really enjoyed this filled with lots of good information Am looking forward to part two
Comment from : Les Erickson

George Jefferson owned a laundromat
Comment from : TheReal Darrell

Great series showing the inside dynamics and financials of a business! Great questions a d details provided These seem like really good business owners Thanks for providing this video & keep the high quality content coming!😃👍
Comment from : Robert Dais

Laundry Matt
Comment from : calculusentropy

Awe I've always wondered about this Hate doing laundrybut have a weird appreciation for laundromats
Comment from : CT

It all depends on location If someone is making money don't mean you will to
Comment from : DanTheMan

I’m proud of the guy for being brave enough to do this interview You can tell he’s a man of few words 🤫🦾and lots of action!!!
Comment from : Sandy Cheeks

😮IDK why I thought 🤩going behind that door would be like stepping into an MTV crib 😂
Comment from : Sandy Cheeks

You need launder mat 😎 💵
Comment from : Prabin Paudel

How much revenue per month?
Comment from : Kong Jun

I would imagine owning a Laundromat in a low income area would be a good business venture
Comment from : Swing Ger

This owner was well honest with every decision he made with his business Props to him !
Comment from : micaela

Why do they donate unmatched socks?
Comment from : Gerry Attrik

In the Philippines there is a system like laundry mat but using only card, no more coins I think better to do that way
Comment from : gil Nebres

Сharity needs old socks?
Comment from : mahno730

4:30 Fifteen or fifty percent profit margin? I can't understand what he is sqying
Comment from : Brett DeLong

Why am I so fk up
Comment from : Mdot

Reduce risk
Comment from : Rolls Royce

Video has great and interesting information but good LORD stop moving the camera around when interviewing people It's so distracting
Comment from : Samantha Travitz

Why is the interviewer wearing a vampire cloak? 🤣🧛‍♂️🦇
Comment from : Yoda LayHeeWho

This guy is avoiding telling us his actual profit margin and profitability
Comment from : Budd Knapp

Great video on the value center
Comment from : Tom Townsend

Do laundry places get robbed or vandalized?
Comment from : Stella N

Which country are you located and state
Comment from : Mike

What is the price of big washing loudry machine
Comment from : Mike

Mike Hawks? No way
Comment from : Andrew Willis

Mike who couldn't make it?
Comment from : CrackalackinWombat

tremendous value
Comment from : doron uzan

half a million start up cost
Comment from : Bitcoin Mike

Considering trying my hand at this whole Laundromat business in Lakewood WA These vids are very insightful, thank you!
Comment from : Tac Oma

Hehehe Mike cox 😂😂😂😂
Comment from : carlos solis

I dont know why washing machine and dryer the cheaper one around 1000 for both why people still go out there for washing it
Comment from : T h

I agree with all the praise about this video and the laundromat and owner! One other thing: the design of this space is so on point It shows how much they care about the customers Not those plastic chairs, but stylish leather-looking couches? The wood trim Every detail thought out Well done
Comment from : Kate Alexander

I would like to know What point of sale and CRM systems they are usingbrWhen he said he is running a two month cycle of water, does this mean he is recycling water? If so, how does he do that? I can't imagine recycling and cleaning laundry water
Comment from : BrownieLove Mike