6 Key Steps To Opening A Bubble Tea Franchise - Business Advice From A Professional Advisor

Opening a Gong Cha bubble tea franchise is a big business step for anyone who'd love to start a bubble tea business. And it can be a little intimidating - location, investment, funding source, feasibility of location and all.

Here are 6 key steps to assist you in the setup process.

1. Self-evaluation

What do you love about starting your bubble tea store? Are you prepared for the commitment at the earliest stage of your business? Are you fine with pre-determined business models? Are you comfortable with paying an agreed portion of your profit to the franchisor? Are you already aware that a large part of the business reputation will be dependent on your franchisor and not your business unit?

In addition, how much are you comfortable to part away with to start the franchise? Personal money? Loan?

2. Seek Help From A Franchise Consultant (optional)

While there are boatloads of information/advice available on the internet, I'd still suggest using the physical help of a franchise consultant to walk and guide you through the process.

Just like real estate agents assist with the home purchase process, a franchise consultant can help you get started while devouring complicated subjects in a simple, understandable way. They might likely help you escape the common pitfalls associated with starting a store.

3. Research And Feasibility Study Of Your Potential Business Area

Does your area feasibly support the bubble tea business? You can research data and statistics. Use the information gathered, compare them with the current environment of your business, and weigh your options if it's suitable for a bubble tea franchise. Your intuition and common sense should take over from here.

4. Attend Gong Cha's Discovery Day

Discovery Day is a business meeting between the potential franchisees and the franchisor. They usually take place at the company headquarters location or the franchise local outlet.

The presentation usually features talks on how the franchisor can support the potential franchises and you can ask questions too.

5. Weigh your location options

Not all areas in the United States have the right traffic for bubble tea lovers. It's important to weigh your location options. Else, getting customers can turn out to be a pain in the neck. Gong Cha usually assists with location and suggests the best possible options for the bubble tea boom.

And the company will have to approve your location before moving to the next creative process.

6. Make Your Franchise Choice And Prepare To Fund

So once you've properly done your research, next is to think about which franchise to invest in.

After making your decision, you'll need to get the necessary information for a business plan. This information will be presented to your lender.

Lots of financial options are available for your consideration including the SBA loan, bank loan, HELOC, and more. Keep in mind that you need considerably enough cash to cover miscellaneous expenses until you start turning in some profits.

About the Author:

Rosario Berry is a professional freelance writer, like to introduce Gong Cha Store Locations. Gong Cha has created an online ordering platform where customers can place Bubble Tea Online Order for their favorite bubble tea combo through their app or web page.

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