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
I read this book when I was in high school. 2008. I thought about opening a subway, and after reading this book, the franchise was a hard pass for me.
This guy nails it. I think most people just jump into the dream of a business owner and pour in loans and savings and end up doomed.
https://www.thefranchiseking.com/become-a-franchise-owner