Jason Foster, Laundromat Owner, and Serial Entrepreneur
- He got a degree in finance from Emory University.
- He used to work in multinational quality control at a consultancy firm.
Podcast
Overview
Some businesses require less attention than others, but there is no such thing as an easy business. If we allocate time to understand our business and manage aspects that have the potential to drive revenue, we can foster its growth. Today we have with us Jason Foster tell us about his business and how he is growing the laundromat business.
About Jason Foster
- He got a degree in finance from Emory University.
- He used to work in multinational quality control at a consultancy firm.
- He also started his own market research company.
- He currently owns a laundromat and is a serial entrepreneur.
05:03- What are the reasons for your customers to come to you other than their income?
- Approximately 10% of our customers are there because of reasons such as a broken machine, or maybe they are traveling, etc.
- We’ve had people from all income groups. Once we had a homeless person and a person who was worth maybe 50-100 million dollars doing laundry next to each other. So, income is not the only reason for our customers to come.
09:13- How do you determine the pricing?
- Firstly, I don’t look at what our competitors are charging. I know exactly what my competitors are charging, but I don’t focus on that.
- What I focus on instead is what I need to charge to run a good business because I have to get a return on my investment.
- Another is obviously the current prices of utilities. If the prices of water or electricity or anything else go up then we have to hike the prices accordingly.
25:39- Do you think this business is easy and also has financial potential?
- I don’t think there is any such thing as an easy business. There are businesses that require less attention than others, but I believe no business is easy.
- In a laundromat business, if you do certain things right such as handling customer complaints professionally, keeping your machines running, making sure customers have a good experience, etc., you can see your business max out.
- Maxing out means your space cannot handle more revenue because more people will mean a worse experience for customers
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Profile
- He got a degree in finance from Emory University.
- He used to work in multinational quality control at a consultancy firm.
- He also started his own market research company.
- He currently owns a laundromat and is a serial entrepreneur.
