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
Saw in your one of your replies that it’s Ding Tea. Had 5 acquaintances (friends of friends) open them all over So Calif. Only one made it past the second year because they have a prime location accessible by tourists from Disneyland and Knotts berry farm. The owner that made it past the second year opened two more with one in a wealthy suburb and one in a new mall really close to Knotts- both are closed now. Like others said you are going to to have to do a lot of the traffic driving yourself and tweak the ingredients/men to make better boba drinks because from my research the franchise don’t do anything for the owners. All the locations were in great areas with good anchors and great traffic. Ding tea is getting killed by Meet Fresh and Sharetea (and other better franchises).