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
The days of successful and lucrative Bobo shops are long gone. The cost of employees and insurance alone can be overwhelming and that’s not including rent price and product. Energy and cost of doing business has gone up drastically too. There’s way too many boba shops on every street corner in every shopping And there’s only so much but you can sell one drink for. I’ve seen it as high as $8 for a drink and that’s just crazy. You would have to sell hundreds of drinks every single day in order to just break even and of course this all depends on what city you’re in. It’s over.