I am thinking to either start a franchise bubble tea shop or opening a bar myself?
Hello. I am thinking to either start a franchise bubble tea shop or opening a bar myself. I have some queries about this and hope someone can help shed some light:
- What are the pros & cons of each of these F&B businesses?
- Which type of business is more profitable and have a better future?
- Which business requires lesser capital?
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Hi Chris,
Venturing into an F&B is no easy task- the numbers speak for itself: Of about 500 new F&B establishments, around 400 will close down after a year. A good rule of thumb is that you should not expect profitability in the first period as you are busy with rennovation, marketing and securing supplies. A bubble tea franchise would be lower cost than that of the bar, as the economies of scales, as well as a well-established system would be definately cheaper than starting a bar by yourself. If you are really keen, what I can suggest is that you can go work at such an establishment(bar and BBT shop) and gain more insight on how it really is, rather then jumping right in as management and get fustrated when things don't work according to your expectations. All the best for your entrepreneur journey!