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

  • dollar412BEnglish
    1·
    1 year ago

    There are several factors to consider:

    1. Are your drinks taste good? Be honest to yourself or you can bring as many people to taste and listen to them. You can see if most of your customers are new and not many of them are return customers, then you need to fix the quality first.
    2. What is your reserve budget? If you can last on loosing money for a while, then take a deep breath and try with all marketing methods and solutions, otherwise you have to cut lost.
    3. Talk to the franchiser, they will help with their marketing tools, you have to pay for it. Back to #2
    4. What is your Unique Selling Point? The taste of the drinks are equally good between two Boba teas, why Customers like yours, not the other? You have to determine that and focus on it.