1. When did you start your business?

11 years ago.

2. Why did you decide to go into business, and why did you select the business you are in?

I had spent the previous 10 years running a 20 million dollar a year import business and felt that the potential for income growth no longer existed. Since I had a background both educationally and professionally in business, I decided to start my own business. I selected the business that I’m in because after researching a number of different small businesses, I decided that although what I chose wouldn’t be the most glamorous business or give me the greatest return on investment, it was probably the most recession resistant business to go into.

3. Why did you select this location?

I have owned Laundromats over the last 15 years. The nature of this business requires you to be in a low to moderate-income area with a very dense population (many apartment buildings). Additionally, I wanted to be in an area where competition already existed, so I would have a better idea of what potential the area had.

4. Do you have partner(s)? If so, is he/she an equal general partner or a limited partner? Are you incorporated?

I did at one time have an equal general partner, who has since been bought out. The business is a limited liability company.

5. How long did it take you to make a profit? Looking back, is there anything you would do different?

I was able to generate a profit within 6 months. Looking back, I think time has shown me that my decision in picking this type of business has been a good one. While I have felt the effects of an economic downturn that other business owners have experienced, I was fortunate enough not to be effected as severely as people in other types of business.

6. Did you initially finance your business with equity or debt (loans)?

The business was financed with equity between myself and my equal general partner.

7. What type of customers do business with you? Do you have any growth strategy?

My customers come from very diverse backgrounds, but the one thing they share is that they are basically all people who earn a moderate income. In terms of a growth strategy, from time to time, I bring in new products to sell that will help generate additional revenue.

8. How has the economic downturn over the past few years affected your business?

I don’t believe that there is any business out there that has not suffered through this economic downturn. When I decided years ago to look into going into business for myself, I wanted to find a business that would not suffer greatly through different recessions. While some of my customers continue to wash and dry on a weekly basis, others now come every 10 days, so that I now see these people 3 times a month instead of 4. Ultimately, I know people will have to continue to launder their clothes and this is why again I feel this business is somewhat recession resistant.

9. How does technology enhance your business?

Over time, I have had to invest in new machinery that better conserves on utilities. This is very important to me because my business is based strictly on utilities. As they continue to rise, I need to have equipment that will help me to control these rising costs.

10. What is your management style? What do you look for in employees?

I believe in running my business very hands-on. I attend my store on a daily basis and spend a good amount of time making sure that the store is kept clean, that machines are running properly, and that customers are kept happy. When I am interviewing someone for a position, I am looking for someone who is pleasant with people, prompt in coming to work, and most importantly, someone who is honest.

11. Are you involved in any marketing and promotion efforts for your business?

Generally, I advertise through fliers once a year. I do this at the beginning of September because I have found that over the summer, families move out and new ones move in before the beginning of the school year.