Boston Market started in the 1985 by Steven Kolow and Arthur Cores in Newton, Massachusetts, and is a chain of restaurants which offers a simpler alternative to cooking at home for the family as it offers delicious and fresh, home-style cooked meals. It was previously referred to as Boston Chicken prior to the founders, who had by then partnered with George Nadaff, took it public and renamed boston market menu nutrition in 1995. The organization has its headquarters in Golden, Colorado with George Michel as the Chief executive officer.
The growing success of the franchise fascinated many investors who have been constantly rejected by the founders. George Nadaff finally managed to convince his business partner to expand their store ultimately causing a fast expansion making a chain of successful franchises that increased their revenues. The shops were so successful they even passed the anticipated income projections, doubling within one month, and from over $8 million in 1990 to just about $21 million in 1991.
The company’s chain of stores continued to grow rapidly having a total of 530 company owned restaurants in 28 different states in 2007. As being a home-style oriented restaurant, Boston Market introduced frozen menu products in every franchise easily obtainable in supermarkets all around the US. In addition there are side dishes obtainable in over 700 supermarkets with the Boston Market brand name.
Rapid growth of the franchise stores triggered the company’s financial mishap. The key contributors inside the franchise were mostly management oriented with poor employee training, high operating expenses as well as its lending consumer demand. This made the current market share fall by approximately $24 per share in 1997. Slow service inside the restaurants also made sales drop because it was no longer a preference from the customers. The company began suffering huge losses as high as $312.6 million in just the first three months of 1998 and reaching $437.1 million by July.
The almost defunct Boston Market company was purchased by McDonald’s for $173 million and it also started to slowly rebuild and expand the franchise as opposed to the initial plan of replacing it with its other food market brands. Its purchase by McDonald’s gave it a whole new lease of life and typically the chain of restaurants is apparently returning on its feet, but instead it should be able to experience rapid growth as before is still yet to be noticed.
While looking to start any company it is necessary, particularly considering Boston Market menu prices, that you try to find specific methods to cut minimize or reduce overhead and risk. Any company is going to have risk, but it is important to pqlowj a full knowledge of the amount of investment, start-up cost and “ROI” (Return).
So many people are unaware that 80% of ALL franchise endeavors fail inside the first couple of to five-years leaving large debts looming for years thereafter.
One of many ways and in my opinion the best way to cut overhead, start-up and investment price is to benefit from the new age of entrepreneurship and commence a business from your comfort of your house.