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
Sounds like a poor investment from the start. That said, expecting free advice on Reddit to save the business isn’t going to work. No disrespect intended, but your dad and his partner are probably the problem. It doesn’t sound like they are good owners. It’s a very niche market and seems to be poorly placed near an existing competitor. All of which indicate poor business decisions. It might be worth bringing someone else in to run the business (or coach them through getting it viable) and consider moving it.