Sharing insights while building a $1B wealth management firm and a $100M laundromat biz│ Head of Growth - Balance Wealth │ Co-founder of The Laundry Spot.
Cincinnati, OH
Joined July 2011
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You’ve never seen a laundromat tour like this.
Truly industry changing technology revealed.
Tune in 👇
I just talked to a guy who makes $421,000 a year net profit from a laundromat.
In Hamilton, Ohio. Population 60,000.
He opened it during COVID.
First quarter after grand opening he was already on track for $400,000 a year.
By year four he crossed a million.
His biggest machine does six to seven turns a day at $22 base price. That one machine makes $30,000 a year in profit. It paid for itself in 12 months.
Even crazier his utilities run under 10% of revenue because the equipment weighs the laundry and uses the exact amount of water it needs.
His name is Tyler. He runs four laundromats across Ohio
His prices are at or below the old laundromats in town and his equipment is top notch. Customers come in, see the equipment, and never go back.
In this episode Tyler:
- Breaks down the startup cost and the five-year payback math
- Shows me the free laundry weekend playbook that ramps revenue to six figures in 90 days
- Tells me why they built next to the best laundromat in town on purpose
- Breaks down the commercial laundry play that adds $100,000 a month from hotels and fire departments
@TylerPurcell24 was awesome!
Is Throwback Thursday still a thing?
In honor of Halloween, here’s some costumes from back in the day.
So interesting to watch the pendulum swing back and forth.
“Buy this passive business. It’s so easy to run!”
To
“Don’t ever go into business for yourself. It’s financial ruin”
The hype/doom loop.
Just found out that I have these 2 events on the same night in January:
- High school athletic hall of fame induction
- 1st grader father/daughter dance
I have my initial thoughts, but what do my SMB X dads think?
(Pic from dance last year)
I need to be in Provo this weekend rocking all green ☘️
Would look beautiful against the backdrop of blue.
Down here in Dallas for a few days and my Ubers have all been F-150s and my Uber Eats order was a Ford Transit.
I guess everything IS bigger in Texas.
Having a blast over on IG.
Don’t you dare put out another business by offering a better customer experience!
Everyone wants low rates.
But you definitely don’t want what causes the low rates.
Pandemic
Great Financial Crisis
Dot Com Bubble
I did mowing and landscaping for 4 summers during high school.
Hard to beat the feeling of pulling into the gas station, loading up on Gatorade and energy drinks, nodding at your local competition, and grabbing a day old breakfast sandwich.
The smell of gas and cigarettes in the air.
Man, take me back.
I’m going to take the other side of this.
I don’t want/need to “go dark” for 2 weeks.
I love what we’re building and we operate super efficiently.
“Going dark” is performative.
As I get older I’m convinced that the most successful people are eternal optimists.
You will never be successful if you operate from a headspace of “worst case scenario” constantly.
You can and will figure it out.
Tyler Purcell - Laundry & Finance retweeted
Two years of building.
Today is Day 1 of our relentless march to fix hiring for everyone.
Hiring sucks. Businesses hate it. Job seekers hate it.
Everyone has accepted it as the cost of finding people.
The reason is friction.
-Friction to post.
-Friction to review resumes.
-Friction to schedule.
-Friction to share.
-Friction to contract and onboard.
It’s friction.
So we built a marketplace designed to remove friction.
Made by recruiters, for businesses that don’t have time to recruit.
Search a role. Match with the right people in seconds. Watch intro videos. Book interviews for tomorrow. All in under 15 minutes.
That’s Scout OS.
A searchable marketplace for busy owners and hiring managers who need great people in minutes.
Browse 400k candidates with a free profile.
Want to interview? $99/mo. Cancel anytime, or when the hire is done.
You only pay the success fee after the contract is signed: $1,999.
To celebrate our launch, half off for the first 30 days — $999.
You get 60 days of hire protection free. Payroll, assessments, and the rest are in the product.
After 60 days, $149/mo. Cancel anytime.
200+ businesses are already hiring on it.
If you complete a hire in the next 30 days, the success fee is half off— $999.
Try it. When it works, send it to a friend. You get 10% back on every hire they make for the first year.