What are the keys to running a successful coin laundry business?
In my opinion, you’ve got to pay attention to the financial details. Those details can tell you a lot about how the business is running. It gives you an idea of where you need to attack to keep the business going. Years ago, before I became a stockbroker, I worked for a management consulting firm. And one of the things we used to tell our customers was that you can make more money by reducing your expenses than by trying to increase your sales. You know how much sales income you’re getting. Now, look around for ways to reduce expenses. At the time, in 1982, there were a lot of ways you could reduce expenses, most of them being energy-related. Part of my method of operation is to try to minimize the amount of time I spend collecting quarters and maximize the amount of time I spend thinking about how to improve the business. Unfortunately, many store owners just look at how much money they have coming in, and they don’t realize that this might not be enough to sustain their ability to re
