My dad has a franchise of 5 months that is already starting to fail. He has 250k+ put into it, and thats with a shared business partner (500k+ total.) It is located in a great plaza of food and grocery, BUT there is another boba shop 2 minutes from it. I dont know why they chose to build one so close to it. By the end of the second month things started to go downhill and getting worse and worse, only making average of $100-170 dollars a day with $135 dollars needed to pay workers hours for that day. Is there really any way to save this business? Sell the business? Bankrupcy? Any advice helpful
Also it might be worthwhile to look into other products to sell…it doesn’t necessarily need to be Boba-related but it would help to first figure out what your customer demographics are and what all they’re interested in purchasing…could make use of surveys!
If it’s a franchise, there are not likely options for additions to the menu unless they already have that development done.
Yeah, part of being in a franchise is that you get access to an approved supply chain. So your ingredients are kinda locked and they tend to have legal agreements for maintaining consistency across all their franchise locations. Maybe some are open to regionalized items though…
Yep. You can’t play with the formula.