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Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Commercial laundromat has a lot of liability and environmental exposure . Save some grief, no employees, no schedule / interruptions (as in x-times/ week), internet or cyclical or discretionary business erosion.
Add stability... Varied income streams and flexibility and ease of management, not requiring your own physical contribution (stuff happens... My very successful dad went into FT nursing care at age 49 (severe stroke). Lost (7) businesses which had required his personal management.
Simplify,
decide when enough is enough,
smell the roses (not those on top of your casket)
Curious about the subj. I would like to retire from my corporate job at 45, worst case at 50. I should be on track to do so... but given my significant life expectancy (come from a long line of centenarians) I am figuring I'd like to buy a business at that time. Something that would not consume more than 2-3 days a week worth of attention at run-rate and would generate stable, non-cyclical cash flows for at least 15-20 years. I am interested in ideas - what kind of business is good for that? (i am thinking industrial laundromat) and experiences - did other people do that? What were the unexpected downsides?
I wonder if there will be vending machines in 15-20 yrs.
I'd go with the storage or laundromat; maybe car wash.
I'd suggest rather that one big storage place, several smaller ones. For one thing, you don't want more storage than the local area can use, and you can build one at a time.
I'd go with the storage or laundromat; maybe car wash.
Definitely car wash. We talked about this on the Business forum.
But not an ordinary coin-op car wash. Build one with bays for oversized vehicles. Think about how many recreational vehicles there are in your area, not to mention Sprinter vans, work trucks, etc. Basically anything that would exceed the height limitation for an underground parking garage.
I got the idea when I stopped at a car wash in Tehachapi that had a tall bay for big vehicles and a raised platform on one side so you could wash the roof of your RV/whatever as well.
Definitely car wash. We talked about this on the Business forum.
But not an ordinary coin-op car wash. Build one with bays for oversized vehicles. Think about how many recreational vehicles there are in your area, not to mention Sprinter vans, work trucks, etc. Basically anything that would exceed the height limitation for an underground parking garage.
I got the idea when I stopped at a car wash in Tehachapi that had a tall bay for big vehicles and a raised platform on one side so you could wash the roof of your RV/whatever as well.
My boss bought a car wash with the same plan... The amount of time he is now spending on the phone resolving issues around it is astonishing (we sit next to each other). While i see the theoretical appeal, I have never even owned a car to my name in my life (living in Manhattan) so probably everything car-related I would steer clear of. That said I plan to retire out west, so something RV-geared could be intersting
Just for reference in a small town in TN. It has a car wash with RV or truck bay, attached to a laundromat, attached to Ace Hardware, attached to a coffee shop with truck rentals and equipment rentals. Rents space for local farmers and has a spot for a food truck. The place is a God send for the town.
A single manger who runs (and hires) the whole thing, and I swear that place is always packed.
So you want to go from a 40 hour job to a 20 hour job working for yourself when most business owners starting out work 60 plus hours when getting established.
I like the storage business. Obviously best if in or near a semi-densely populated area. Little maintenance unless you have 2 or 3 floors then you have to pay for elevator upkeep. How much is commercial insurance for that type of business?
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