433: Simple, Local Cash Flow: Are Laundromats the Ultimate Side Hustle?
The Side Hustle Show
Nick Loper
4.7 • 1.6K Ratings
🗓️ 25 February 2021
⏱️ 46 minutes
🧾️ Download transcript
Summary
Are laundromats "the ultimate side hustle," like my guest Jordan Berry described?
These simple, local, cash-flowing businesses have been around forever, but surprisingly this is the first time discussing them in detail on the show.
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Jordan is a former pastor turned laundromat mogul. Along the way, he's become an advocate for the industry through his website and podcast at LaundromatResource.com.
Jordan got the idea to buy a laundromat after his wife told him about a family friend quitting his day job in tech after buying one.
It wasn’t just the income potential that intrigued Jordan. He wanted a business that would generate passive income -- and yield better returns than real estate.
Jordan has been able to achieve both of those things through buying laundromats.
Tune in to hear:
- why a laundromat makes a great side hustle and investment vehicle
- some of the expensive mistakes to avoid
- where to look for financing and some creative marketing and monetization ideas
Here's a look at the 10 most compelling reasons why owning a laundromat is -- according to Jordan -- “the best investment you can make."
Full Show Notes: Simple, Local Cash Flow: Are Laundromats the Ultimate Side Hustle?
Transcript
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| 0:00.0 | Well, what's up? What's up, Nick? A little over here. Welcome to the side hustle show because |
| 0:03.9 | if you mind the Nichols and Dimes, the dollars to take care of themselves had tipped to |
| 0:08.3 | been young for that one and early mentor of mine in my house painting days. This week's |
| 0:13.6 | side hustle is about minding probably not the Nichols and Dimes, but definitely the quarters, |
| 0:19.8 | and about how those can add up to some serious cash flow in a laundromat. Owning a laundromat, |
| 0:25.9 | I think is one of these stereotypical side hustles that have been around forever, |
| 0:30.4 | and yet here we are in episode 433, and we haven't talked about this yet. Simple, local, |
| 0:36.4 | cash flowing business. I want to say this was one of the examples in the Rich Dad Poor Dad |
| 0:40.5 | cash flow board game where the object of the game is to escape the rat race by buying or building |
| 0:47.0 | cash flowing assets. Isn't that the game? We're all playing financial independence, right? |
| 0:51.3 | In any case, laundromats definitely an interesting way to help you get there when side hustle show |
| 0:56.4 | listener Jordan Berry reached out about his experience in the laundromat business. I was excited |
| 1:01.7 | to learn more and share it with you. Stick around in this one to hear why a laundromat makes a great |
| 1:06.8 | side hustle and investment vehicle some expensive mistakes to avoid, where to look for financing help, |
| 1:12.4 | and some creative marketing and monetization ideas to really accelerate your ROI and build equity |
| 1:19.1 | at the same time. Notes and links for this episode are at side hustle nation.com slash laundry, |
| 1:24.3 | and you can find Jordan at laundromatresource.com. This edition of the side hustle show is sponsored by |
| 1:30.8 | Skillshare. If you want to accelerate your learning curve on the skills that matter most to you, |
| 1:35.4 | I think our sponsor Skillshare.com is worth a look, because no matter what 2021 has in store for us, |
| 1:42.0 | you can spend it creating something meaningful with the help of Skillshare's online classes. |
| 1:46.8 | Skillshare is home to thousands of premium on-demand classes designed to fit your schedule on |
| 1:51.5 | topics like design, social media, SEO, productivity, and tons more. As a side hustle show listener, |
... |
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