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There is no lack of questions about buying a laundromat. What should I pay for it? Is it worth X? How do I value it? Do I keep the machines or retool the laundromat? The list goes on and on.
If you have viewed my content or heard me speak before (If you haven't, shame on you. Now is the time for you to right your wrongs.) you probably have heard the inflections in my voice when I discuss the digital/data side of our business.
I believe and will continue to speak about how we are leaving a tremendous amount of money on the table because we aren't valuing and using the data in our industry fully.
I never see any questions or comments in forums or groups online talking about the data and digital part of a laundromat purchase.
Let's look at what you are leaving on the table when you don't include the data and digital part in your purchase of a laundromat.
Website and domain
Controlling your website and domain gives you the means to convey messages and information to current clients about the transition of the laundromat.
You might be thinking this doesn't apply to me, Waleed. I'm rebranding the laundromat after I purchase it.
Yeah ok, but think about having the domain and website direct people to your new website and laundromat.
You just took all the existing clients from the business who visited that website and sent them to you. Think about what every SEO or ranking that website might already have that you can use to your advantage.
Having access to historical emails will give you insight into:
- client service issues and how they were handled
- email campaigns that were or were not sent out
- feedback from clients
- a point of reference when dealing with existing clients of that business and more
Social Media Accounts
LinkedIn, TikTok, Facebook (Meta), Instagram, Twitter, FourSquare, etc.
The previous owners may have built an audience on these and other platforms that you can tap into so you don’t have to start from scratch.
Imagine a laundromat having an active Instagram account with thousands of followers and you don't get ownership of it. What a waste. Those are people who are already familiar with the brand that you can engage with and market your services to.