There are many benefits of long-term investing — but it can be difficult to get started if you don’t know why you’re doing it or what you’re working towards.
“I think one of the barriers to starting to invest is that people don't have a why,” says Jonathon Santamaria, who has been investing since he was 27 years old.
“Having a goal gave me a really clear true north to work towards.”
And what is that goal, exactly?
"By the time I'm 40, I want to have a choice of how much of my time I give to other people for money,” says Jono. “That's my why.”
Jono’s investing journey began with self-education, which led him to enter the stock market and invest in shares. Like many young Aussies, his next big goal was to own property — which he was able to do by the age of 28 by going halves with a family member in a small investment property.
For Jono, the next step in his investing journey was to acquire a business – which he was able to achieve by 30.
Now the proud owner and operator of Nina's Laundrette, a thriving laundromat in Northcote, Jono has turned towards entrepreneurship to create an additional income stream and expand his personal portfolio.
We caught up with Jono to chat about his unique journey and all he’s been able to achieve in a short few years while chasing his big, audacious goal.
How it started
There are many reasons why people start businesses. For some, it’s to monetise a personal passion, and for others, it’s to be able to work for themselves. For Jono, owning a business is one tactic that is helping him move towards achieving financial freedom by 40.
For Jono, the road to entrepreneurship began while scrolling through TikTok.
"I was watching a video where a man was asked 'What do you do for a living?' and he said he was in private equity.”
“I didn't know what that was," he recalls with a chuckle.
"I did a bit of research, and my interpretation of private equity was people who flipped businesses…"
"So I went and started looking for businesses that I could add value to, and laundromats were one of them.”
How Jono chose his business
As Jono’s reasons for acquiring a business centred around achieving his personal goal of having financial and time freedom by the age of 40, his criteria for choosing a business were very specific.
In fact, he had four key things that he was looking for.
“The main thing was that it couldn't be in the consolidated industry. So, I didn't want to be competing against an ASX-listed company," he explains, “and the second was that I needed to be able to add value to the business with my skill set.”
A marketing automation specialist, Jono looked to businesses that were struggling to adapt to the digital shift that was happening during the COVID lockdowns in Melbourne.
“Being a digital marketer and having those skills, I thought I could add a bunch of value. So I went and started looking for businesses that fit around my ability to add value to them, and one of them was a laundromat."
The third criterion was that the business needed to have good cash flow.
“I didn't want to buy a business where I was waiting months and months to get a lump sum payment,” says Jono. “I wanted little bits of money trickling in frequently.”
And finally, Jono wanted to buy a business that still enabled him to work full time.
“I wanted it to be something that was a hobby — and my laundromat is my hobby."
Five ways he added value to the laundromat
Nina's Laundrette ticked all the boxes for Jono. The laundromat industry is quite decentralised – meaning it’s not dominated by a few big companies or key players — and with his digital marketing expertise, he saw opportunities to modernise the business and attract new customers.
Digitise the customer experience
One of the first things he did was to digitise the customer experience. As well as setting up digital payment options, Jono sought to improve customer service.
“One of the first things we did is put QR codes on all the machines,” he explains. “They basically said, 'If you need help, scan this QR card and fill out the form,' and I was able to respond to them within five to ten minutes."
Enable real-time communication with customers
He later installed a camera system and two-way microphone, enabling real-time communication with customers.
"If we get a complaint or just general contact, we can look at the camera and see what's going on in the store,” says Jono. “If need be, we can talk to the customer and help them fix their problem."
Overhaul the branding
Jono also recognised many areas of opportunity when it came to marketing the laundromat. He completely overhauled the branding, giving a nod to a ‘70s aesthetic and vibe, maintaining its sense of heritage and history. He also used his digital marketing skills to increase Nina’s Laundrette’s digital footprint and reach.
Craft a digital marketing strategy
“When I acquired the business, it didn’t have a website,” says Jono, “which meant it was virtually invisible on Google — and I’d say about 90% of people who find us now find us through Google.”
By crafting a digital marketing strategy, including the creation of an SEO-optimised website and a Google My Business listing, Jono has been successful in attracting new customers.
Enable customers to leave reviews
This has also enabled customers to leave public reviews, providing testimonies of their experience, which has in turn helped extend reach and further develop Nina’s customer base.
And the results speak for themselves: in Jono’s first year of trade, he was able to double the revenue that the previous owner made.
The need for ongoing innovation
While Jono had significant early success with Nina’s Laundrette, he recognised that he needed to continue to innovate to keep growing the business. At the end of his first year in business, he invested in new machines. And by the end of his second year, he had doubled his revenue again.
Having a flexible, adaptive mindset has also enabled Jono to see — and, more importantly, execute on — new opportunities to grow and evolve. When a friend asked if he offered commercial laundry services, Jono saw another unexpected opportunity to expand his business: by opening a B2B commercial laundry service.
“I was going to the laundromat two to three times a week to clean, but I didn’t get paid for that time,” explains Jono.
“I realised, if I could drive down to another person’s business, pick up their towels and wash them for them while I'm cleaning the laundromat, I’d get paid to clean the laundromat, rather than having to pay someone to come and clean it.”
Nina’s now has a small, local client pool of businesses with laundry needs — such as physiotherapists, chiropractors and beauty salons. This service now makes up about 20% of his revenue.
Although this presented an opportunity to expand the business in a significant way, Jono shares the reason for capping these B2B services — which all come back to his why.
“We put up a web page advertising our commercial laundry services to see if we could get some organic leads. And there's been many times we've actually had to say no to new clients — either because their needs didn't fit into our timetable or the opportunity was just too big.”
“It’s important to be able to identify what's out of reach and what's not going to work with your lifestyle, because you're either running a business for a livelihood or you're doing what I'm doing and running your business to enjoy yourself. And if those lines get blurred and you stray away from your why, then you're not going like what you're doing anymore. And the business is going to suffer as a result.”
In the end, it's not just about owning a business; it's about crafting a lifestyle that aligns with your passions and dreams.
At Spaceship we think that long-term investing is about building a future for yourself and others that you want to live in. What future are you building with Nina’s Laundrette?
“It's a while off, but hopefully just having a lifestyle that is on my terms. I want to choose how I spend my time and who I spend it with. And hopefully just be really happy.”
Jono's journey has been marked by dedication, adaptability, and a clear vision of his financial goals. Owning Nina's Laundrette isn't just a business venture; it's a stepping stone towards achieving his long-term objectives.
As Jono continues to nurture his laundromat while maintaining his full-time job, he shows how an unexpected spark of curiosity can lead to transformative opportunities.
Going For It is our Spaceship series where we speak to people who are doing just that — going for it. Whether in business, sport, the arts or anything in between, we share stories about people who are invested in achieving big feats (and changing lives in the process).
