Hi all, I hope everyone is doing well! I am interested in the potential of buying a cashflowing laundromat as a side hustle while I work my full-time job.
I know everything differs based on the specific laundromat that you find, but based on your experience - is this a feasible idea, if you find a laundromat that cashflows enough to cover hiring someone to manage the place? Could I work on understanding and improving processes, putting new systems in place, improving other aspects of operations - with a few hours per day? (say, 15-20 hours per week?) I'm assuming this would differ based on whether the manager was already working for the business, or if I hired them. I work remotely and my schedule is flexible, so I could shift around my full-time job based on the needs of the laundromat.
Eventually, the goal would be to get the business to be pretty passive (1-2 hours per week), but I'm wondering about the transitional period. Is it possible to take over a laundromat as a side hustle, and if so what factors would be important to analyze in a given deal? What has your experience been? And how long did it take you to take the laundromat from purchase to 1-2 hours management per week?
Thanks a bunch in advance!
I know everything differs based on the specific laundromat that you find, but based on your experience - is this a feasible idea, if you find a laundromat that cashflows enough to cover hiring someone to manage the place? Could I work on understanding and improving processes, putting new systems in place, improving other aspects of operations - with a few hours per day? (say, 15-20 hours per week?) I'm assuming this would differ based on whether the manager was already working for the business, or if I hired them. I work remotely and my schedule is flexible, so I could shift around my full-time job based on the needs of the laundromat.
Eventually, the goal would be to get the business to be pretty passive (1-2 hours per week), but I'm wondering about the transitional period. Is it possible to take over a laundromat as a side hustle, and if so what factors would be important to analyze in a given deal? What has your experience been? And how long did it take you to take the laundromat from purchase to 1-2 hours management per week?
Thanks a bunch in advance!
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