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
What is the other boba shop doing? Is it busy? What are they offering? In my small business I have a decent idea what my competitors are doing. What they offer. How do I fit in with my product, price and service compared to others.
This!^ Go park your car in front of the neighboring boba shops and analyze their traffic. Who are their customers? When is it busy? Office workers on lunch? Kids after school? Do they hang out or grab & go? Focus your marketing efforts based on what you learn.
People are creatures of habit. You’ll need to steal existing boba-drinking customers from your competitors (rather than convince non-boba-drinkers to try it). And you’ll need to do this now, while your business is still new/fresh. Let the employees go; if they were sufficiently driving sales (via social marketing or just being hot), your bottom line would reflect this.