Car washes are a great business
1. There’s a huge untapped market
The US population is 325 million. Let’s say that only half the population owns a car. That’s 162 million cars.
2. There are about 130,000 car washes in the US
But many of them are not open 24/7 like mine will be.
3. And then there are the other benefits!
I went to a laundromat once and asked if I could rent out an empty laundry machine for $5 an hour. The owner said, “No, because people would use it to have sex.” But here’s what he didn’t realize: 1) sex is always happening in laundromats anyway (and now it will happen in my laundromat), and 2) people pay $5 an hour to have sex so they will definitely pay $5 to wash their clothes! So this is another untapped market that I can tap into.
4. This is going to make me rich
I am buying the land and building this myself so there are no loans involved (although I am investing all my savings plus whatever money I can borrow from friends). I am estimating that it will take about six months from start to finish (including the time it takes me to train employees). At the end of six months, when I open for business, I expect to be making $100,000 profit per year (net after expenses). If we assume a 10% annual growth rate for five years, with no inflation or increase in costs, then at the end of five years my net worth should be $16 million dollars assuming I don’t spend any of the profits. Obviously this won't happen but it's fun to think about what could happen if everything goes right!