***UPDATE: I have been notified by an SBA lender that I need to have a little more than 10% to qualify for the cash infusion portion of an SBA business loan. I have taken $300k off of the goal amount to reflect this... $69k is a much more attainable number, let's get this done!!***
They say if you give a man a fish, he eats for a day, but if you teach a man to fish, he eats for a lifetime.
If you think about it... More so than that, if a man has already learned how to fish and you give him a fishing pole, he'll be mostly on his way to ending not only his own hunger, but the hunger of his family as well.
This is exactly what this fundraiser is about.
I am raising funds to purchase a laundromat in the greater Houston metro area from a gentleman who is willing to train a buyer in how to run the business properly. My preliminary research has shown that laundromats in this area make roughly $30k gross per month, and the current owner's estimated discretionary pay for this particular facility is approximately $12k per month.
As a full-time PhD-bound undergraduate psychology student, it feels nearly impossible to also work a full-time job while also taking care of three children and keeping up with homework. Something always seems like it has to give, but my focus on my quality of parenting is never an option. This means I'm constantly rotating between working to pay bills and focusing on school to try to earn my degree so that one day I don't have to work as much to earn enough to pay those bills. It's slowing my ability to progress toward my degree and keeping my family in an economically disadvantaged state. A lot of people have parents or family that can lend a hand to help with this kind of dynamic, but unfortunately I don't have any parents or many family members who can support me consistently while I'm in school. Eventually I would like to become a Doctor of Psychology and earn more income with those degrees, but this takes time and focus to accomplish this goal.
I've had to be very creative throughout my life to get to where I'm at now. Throughout the years, I have developed a strong business acumen by exploring and trying my hand at various startup companies and ideas to make money to support my family. This has included starting an auto detailing company at the age of 18, moving on to learn digital marketing, website design, and graphic design to run a small marketing agency, attempting to start various dropshipping e-commerce stores, and recently launching a clothing brand. I've taught myself a lot, and I've survived on pretty much my own elbow grease (and a lot of blessings just exactly at the worst moments) all this time. All of these things I've tried to do are fun, but they are not as sustainable/scalable as other industries are, and all of them detract even more from parenting and being a student than I can afford for very long. I set out to do each of them hoping I would be able to spend less time than I would at a traditional employer (so I had time for school and being a mom), but the balance has been off for a long time. I'm spinning my wheels constantly.
I recently stumbled upon the idea of operating a self-serve laundromat, and I've done a ton of research. Because of the smaller time commitment compared to higher potential pay, I believe this could be a way for me to build a little bit of consistent wealth so I can finish going to school and focus on raising my kids at the same time, without having to constantly rely on short-term financial options and getting inconsistent (but highly gracious) support from others while I'm in school. As well, it's a lot easier to be a good mom and a good student when you're not struggling with the constant anxiety of "how am I going to pay bills this semester without having to drop out again to work?"
From the financial projections I've ran so far, I fully believe this is the right path for my family to help sustain things while further pursuing my educational goals.
I want nothing more than to figure this balance out and lift my children out of poverty to be able to help them succeed in ways I haven't been able to through being as isolated as I have been. With that being said, I am hoping that I might be able to raise enough funds to purchase a laundromat and learn to run it, so that I can accomplish these goals. Here is the breakdown of how funds will be used:
$269,000 purchase price of the laundromat
$50,000 improvements of machines, adding vending machines and a couple of arcade games, updating facilities/security, implement wash-and-fold service, and covering the cost of whatever inspections and other legal permits etc are needed.
$50,000 working capital to hire machine mechanics as needed, hire bookkeeper/accountant, and implement marketing campaigns.
I am looking for either donations to buy the business outright, or I'm hoping to find an angel investor who believes in me enough to help me make the purchase outright. If I can find an investor, I am prepared to repay the loan in full via 50% of the monthly revenue, until the return on initial investment reaches double.
I'm really trying, you guys, and I've been trying all my adult life. I'm not asking you for a fish, and I've learned along the way how to go fishing. I just really need me a decent fishing pole, and I promise I can do this. I am hoping you'll believe in me too, and help me realize these goals.
Thank you so much for your time, and I would really appreciate if you could at least share my story even if you're not able to donate. If you or someone you know are an angel investor and have it in your heart to help this momma out, it would mean the absolute world to us <3
Thanks, y'all! - Love, Bailey
