Most parents would be disappointed if their children dropped out of college. But when 25-year-old Brandon Hollingsworth left post-secondary education after his sophomore year, his parents weren’t upset — they were impressed. That’s because Brandon had a plan.
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"He had a documented business plan, he knew exactly the steps he needed to take and he was prepared. I could not be upset with that," his mother, Nicole Hollingsworth, told ABC7 EyeWitness News.
On December 31st, Brandon opened Don’s Laundry on Hollis Avenue in Queens Village, following in the footsteps of his parents, who own two laundromats of their own. He even sold his sneaker collection to pay for the lawyer who helped him finalize the deal.
Brandon, who goes by Don, shares his journey on social media, hoping to inspire others who look like him to chase their dreams. “I feel like I am setting a standard for my siblings, especially, and other people that look like me,” he said.
How this young entrepreneur made it happen
As the oldest of five siblings, he grew up watching his parents run their laundromats, learning the ins and outs of the trade from handling customers to managing finances.
"All the mistakes that were made, I was watching firsthand,” Brandon said. “So I know not to make the same mistakes.”
While that early exposure gave him an edge, it wasn’t enough on its own. Brandon developed a business plan and made personal sacrifices to cover start-up costs. By the time he was ready to launch, he had a clear vision and the tools to execute it.
Brandon has big plans to expand and serve his customers with care.
“Catering to my customers, making sure they feel welcome and accepted and they leave always with a smile,” he said.
At 25, Brandon is part of a relatively small group of young entrepreneurs. According to Forbes, the average small business owner starts their venture at age 35. More than half (51%) launch their first business at age 55 or older.
But Brandon isn’t alone. In total, there are over 33 million small business owners in the United States. Small businesses — defined as those with 500 or fewer employees by the Small Business Administration — make up 99.9% of all companies in the US. Most small business owners make $70,781 annually, but earnings can range from $31,000 to $150,000, according to Forbes.
Brandon’s story stands out not just because of his age, but because of his preparation. And it’s a good reminder that starting a business isn’t just for those with decades of work experience. With the right groundwork, young entrepreneurs can thrive, too.
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How to prepare if you want to start your own business
Brandon had a head start thanks to his parents’ experience, but you don’t need a family legacy to make your dream of business ownership come true. Here are a few steps to take if you’re thinking about launching your own small business:
1. Research and write a business plan
Don’t expect to come up with an idea and open the doors a week later. Take time to research your market and other similar businesses (including hands-on, in-person research). Understand what customers want and write a detailed business plan. A solid business plan should include a summary of your business idea, competitive market analysis, startup and operation costs, revenue projections and a marketing and customer service strategy.
2. Figure out funding
Most businesses are bootstrapped, like Brandon’s. Depending on your financial situation, that might mean saving for a few years to accumulate the necessary funds. Consider other options as well, such as small business loans, crowdfunding platforms, grants for minorities, women, or veteran-owned businesses, or seeking support from friends and family. If you borrow money, make sure you have a clear repayment strategy — and a backup plan in case things don’t go as expected.
3. Don’t skip the legal side
A big part of being successful is setting yourself up for success and that means making sure you’re doing everything correctly. Ensure you’re registered with your state, have the correct business structure (e.g., LLC, sole proprietorship) and hold the necessary licenses or permits. You’ll also want to open up a business bank account and get a tax ID. Consider consulting a lawyer who can ensure your bases are covered, as Brandon did.
4. Plan your budget
Startups don’t have to cost six figures, but you will need a clear idea of your operational costs and how you’ll pay them. Plan to save three to six months’ worth of expenses while you get your business off the ground. Account for rent, inventory, equipment, marketing and insurance.
5. Expect to work hard
According to Forbes, 58% of small business owners work at least 50 hours a week and most don’t take regular vacations. Expect to work long, hard hours — especially in the early years. In the beginning, it’s smart to keep your operation lean and costs low, even if that means doing most of the work yourself. The payoff is that you’re building your dreams, working for yourself and doing work you believe in and that your community needs.
6. Build a community
As Brandon’s journey shows, customer relationships matter. Ensure your business fills a genuine need and consistently treats customers with care and respect. In addition to building in-person relationships with your customers, consider using social media to connect with your community, potential customers and other business owners.
Starting a business in your 20s isn’t easy, but it’s possible. With a plan, a bit of grit and a lot of hustle, Brandon Hollingsworth turned a dream into a thriving laundromat. And with the right strategy, you can start your journey too.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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