In the world of entrepreneurship, especially within the laundromat industry, finding the
right guidance can be the difference between success and struggle. As someone deeply
entrenched in this business for over fifteen years now, I’ve learned firsthand how essential
mentors, coaches, and consultants are—but only if they bring relevant, up to date
experience to the table. This newsletter dives into the vital role of mentorship, the pitfalls of outdated advice, and how to wisely choose who to learn from on your laundromat
journey.
🧠 The True Source of Knowledge: Experience
Albert Einstein once said, “The only true source of true knowledge is experience”. This quote resonates deeply with me, especially when navigating the complexities of owning and operating full-service laundromats. While theory and textbook knowledge have their place, real-world experience is irreplaceable. The laundromat industry, like many others, evolves rapidly, and what worked a decade ago might be obsolete today.
For many years, I’ve been active on various laundromat forums such as the now defunct, CLA forum, Facebook groups, and specialized communities like Laundromat Resource. These platforms are incredible for connecting with fellow owners, sharing ideas, and asking questions. I credit a significant part of my learning and growth to these types of communities and the shared experiences within them. However, not all advice or “expertise” found there is created equal, and I had to learn that the hard way.
⚠️ Beware of “Fake Teachers” and Outdated Advice
One of the biggest issues I see in the industry today is the presence of so-called experts or consultants who no longer actively operate laundromats. Many of them might have once owned laundromats or worked in the industry, but their knowledge is often stuck in the past. Some haven’t been involved in day-to-day operations for 10, 15, or even 20 years. The industry has undergone a nearly 180-degree transformation in the last decade, thanks largely to technological advancements and changing customer expectations.
Here’s a real-world example: a friend of mine bought a laptop just two years ago, only to find out it was already outdated and unrepairable. If technology changes that fast, imagine how much the laundromat business has changed over 10 or 20 years. Hiring a coach or consultant who isn’t current with these changes can do more harm than good.
Consultants and equipment distributors often act as middlemen, sharing information from successful owners rather than providing firsthand insights. While this can be valuable, it’s important to remember that the source of the knowledge is what truly counts.
❌ Learning from Failure: The Entrepreneur’s Greatest Teacher
Our education system often teaches us to fear failure, but successful entrepreneurs know that failure is a necessary steppingstone to success. As Robert Kiyosaki points out, schools teach us to avoid failure at all costs, which can paralyze us from taking risks in business.
In reality, failure is where the most valuable lessons reside. I’ve personally learned more from my mistakes than from my successes. Most successful entrepreneurs will tell you the same: they learn more from failures—both their own and those of others—than from any triumphs. So, what if we can tap into, and learn from, the failures of others?
Fear of failure can hold many people back from even starting their laundromat business or any entrepreneurial venture. But the truth is, the worst that can happen is making a mistake. While some mistakes might be costly, they are rarely fatal. And if you learn from them and adapt, failure becomes a steppingstone rather than a stumbling block.
But what if you didn’t need to fail, nor await the time for your failures to come? What if you could accelerate time and get to the results of said failures, even quicker? That is what true, coaching or mentoring does for you and why it has become so popular in today’s business climate.
👉🏻 Finding the Right Mentor or Coach for Your Laundromat Journey
If you’re considering hiring a mentor, coach, or consultant, good for you, but you must be discerning. Here are some critical questions to ask yourself and potential mentors:
- How many laundromats do they currently own or operate? Someone who runs multiple stores today understands the current challenges and opportunities better than someone who sold out years ago.
- Are they actively involved in the areas you want to grow? For example, if you want to start or expand a pickup and delivery laundry service, find someone who is actively doing that.
- Do they encourage failure and learning? The best coaches understand that mistakes are part of growth and will guide you through those experiences rather than promising a flawless path.
My friend Jordan Berry at Laundromat Resource is an excellent example of someone who offers relevant, practical consulting. He may not specialize in every aspect of laundromat operations, but he openly communicates where his expertise lies and where it doesn’t. Transparency and honesty about what a mentor can offer are essential.
🏃🏻➡️ Running Your Business vs. Working in Your Business
One of the biggest shifts I’ve made in my career is moving from working in my laundromats daily to running the business strategically as CEO. I don’t fold laundry or repair machines every day anymore, but I am deeply involved in managing operations, growing our services and leading my team.
Currently, I operate multiple stores along with a pickup and delivery service. My GM and I took on the task of hiring and training an assistant GM back in 2022 to support our expanding team and it was one of the best decisions we’ve ever made. This kind of growth requires leadership, delegation, and up-to-date understanding of the industry’s trends and technologies.
If your goal is to own a single laundromat and manage it yourself, that’s perfectly valid. Understanding your goals will help you find the right mentor or resource tailored to your needs.
⌛ Why Experience Matters More Than Tenure
Some might argue that decades in the industry equals expertise. While experience is valuable, the quality and relevance of that experience matter more than the number of years.
I purchased my first store from an operator who at one point owned 12 laundromats and he was my inspiration for expansion. While a nice guy, I quickly grew to believe that if HE could find financial success in the laundromat industry, then my future was bright. I was right. He was quite possibly one of the worst operators of laundromats that I’ve seen. In fact, I firmly believe if he were operating today, he’d be in big trouble. The laundromat industry has changed drastically since I entered in 2009, with new technologies, modernized payment systems, and a new level of customer expectations shaping the landscape.
Someone who has been in the business for ten years and actively operates multiple stores today may have more relevant insights than someone who owned laundromats 30 years ago but haven’t been involved since then.
When seeking advice or mentorship, focus on:
- Current involvement: Are they actively running laundromats?
- Specific expertise: Do they specialize in areas you want to learn about?
- Willingness to share failures: Do they openly discuss what didn’t work and how did they adapt?
- Do they have the heart of a teacher? Believe it or not, many people can do the thing but are terrible at “teaching, doing the thing.”
🤝 How to Engage and Learn More
My goal in sharing this is to help you avoid costly mistakes and find mentorship that truly adds value. Here are some ways you can engage and learn more:
- Subscribe to relevant channels and communities: Stay connected with those actively sharing their journey and insights.
- Ask questions and seek transparency: Don’t hesitate to ask potential mentors about their current operations and experience. Bonus points to you for actually making the investment to go see their operations before making a commitment.
- Learn from multiple sources: Facebook groups like ours, industry magazines like American Coin-Op and Planet Laundry, and in person networking events can be golden opportunities.
- Reach out directly to owners you follow: I welcome questions and ideas via our website www.laundromatmillionaire.com, as well as on my social media pages.
Remember, your questions might not be unique, and chances are, others want to know the same answers. That’s why I create content addressing common challenges and strategies in the laundromat business.
🤔 Final Thoughts: Experience is the Ultimate Teacher
I started and will end this newsletter with this quote from Albert Einstein:
“The only source of knowledge is experience.”
I feel this quote perfectly encapsulates the essence of entrepreneurship, business ownership, and yes mentorship as well. Don’t be fooled by outdated advice or consultants who haven’t stepped into the trenches recently. Seek out mentors who are living the business today, who encourage you to embrace failure as part of growth, and who are committed to helping you succeed in the modern laundromat industry.
Whether you’re just starting out, aiming to acquire multiple stores, or expanding into new services like pickup and delivery, surround yourself with relevant experience. Learn from your mistakes, adapt quickly, and always push forward.
I started this newsletter with a simple question: “Do I need a mentor to make money with laundromats?”
Simply put the answer is no. You don’t “need” a mentor if you want to travel a slow, bumpy, painful, and expensive path to success. Maybe a better question is why would you want to?
Now a different question. Do I recommend one? Yes, absolutely! If you take the time to find the right mentor or coach for you, that coach should easily pay for themselves many times over.
If you want to connect, get advice, or discuss your laundromat journey, feel free to reach out via our website or social media. I’m here to help you navigate this exciting and evolving industry.
If you’d like to learn more about our different one-on-one coaching programs, learn more here. https://staging3.laundromatmillionaire.com/one-on-one-personalized-coaching-2/
Please always know that Carla and I are rooting for you.
You can do it. We can help. 🙏❤️
– Dave
