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.
Gong Cha Milk Tea Series To Keep You Warm This Winter
Winter is here. It's time to put down your favorite bubble tea and ignore your appetite, since the last thing you want to do is drink anything cold, right? Bubble tea is designed to be enjoyed at any time of the year, regardless of the season. While the older variety of the tea is more popular, a series of warm bubble tea can be enjoyed in the winter.
The Best Boba Tea On East Coast
Boba tea has been around for several centuries and decades and it has retained and attained a global position as a widely accepted product and drink. In 2017, the popularity of the drink skyrocketed after been accepted in the western countries with bubble tea shops like Gongcha reporting a huge boom in business in top countries in the world.
Most Popular Bubble Tea Store in New York
The long wait is finally over for residences of New York who have been anticipating a new Gong cha Bubble Tea shop. We are happy to announce our new store open at Woodbury Common Premium Outlets (714 Bluebird Court Unit# 714, Woodbury, NY 10917). Additionally, we have a new store opening soon in New York City located at 2061 Broadway, New York, NY 10023.
