At a Christmas dinner in 2023, Ireland McCaughey, 25, and her business partner Ben Razin identified an opportunity in traditional industries, particularly in laundromats, which many of their peers overlooked. As they listened to discussions about family businesses at risk of closing, they realized a significant gap existed as older owners sought to sell.
Both were eager to transform the laundromat experience. “We wanted to reimagine what it could be to be a laundry service and a laundromat,” Razin explained. Their concept is part of a broader entrepreneurial trend that Codie Sanchez has termed “boring businesses,” which emphasizes reworking established models rather than developing new ones.
In July 2024, they signed a lease for their Brooklyn laundromat, Launderette, which was designed to feel more like a café, complete with communal seating and workspaces. This approach contrasts with conventional laundromats that prioritize maximizing machine space, despite concerns from traditional operators about losing revenue potential.
The venture capital world has begun to notice this shift, with businesses now increasingly focused on branding rather than mere convenience. Launderette has attracted not only local customers but also commercial clients from hotels and fitness studios, showcasing its appeal beyond just laundry services.
However, skepticism exists regarding the real potential of so-called “boring businesses.” Scott Shane, an entrepreneurial studies professor, expressed doubts about the disparity between the rising interest and actual completed business transactions. While millions of new business applications abound, only a small fraction result in successful sales.
Despite the challenges, McCaughey and Razin view their journey as a valuable learning experience in entrepreneurship, emphasizing the complex realities of running their business and considering future expansions.
Why this story matters: Reflects a shift towards reinventing traditional businesses.
Key takeaway: Entrepreneurs see opportunities in established markets as ownership transitions.
Opposing viewpoint: Experts caution that interest in “boring businesses” may not translate into successful transactions.
