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 called Boston Chicken ahead of the founders, who had by then partnered with George Nadaff, took it public and renamed Boston Market hours in 1995. The organization has its headquarters in Golden, Colorado with George Michel as the CEO.
The growing success from the franchise fascinated many investors who had been constantly unapproved by the founders. George Nadaff finally was able to convince his business partner to grow their store leading to a simple expansion developing a chain of successful franchises that increased their revenues. The shops were so successful which they even passed the anticipated income projections, doubling within 30 days, 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. Being a home-style oriented restaurant, Boston Market introduced frozen menu components of every franchise accessible in supermarkets throughout the US. In addition there are side dishes offered in over 700 supermarkets using the Boston Market brand.
The fast development of the franchise stores resulted in the company’s financial mishap. The major contributors in the franchise were mostly management oriented with poor employee training, high operating expenses along with its lending consumer demand. This made the marketplace share fall by approximately $24 per be part of 1997. Slow service inside the restaurants also made sales go down since it was will no longer a preference of the customers. The company began suffering huge losses as much as $312.6 million in just the initial 3 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 began to slowly rebuild and expand the franchise instead of the initial plan of replacing it with its other food market brands. Its purchase by McDonald’s gave it a brand new lease of life and currently the chain of restaurants is apparently getting back on its feet, but rather it should be able to experience rapid growth as before remains yet to be noticed.
When looking to start any company it is necessary, particularly considering Boston Market prices, which you look for specific ways to cut minimize or reduce overhead and risk. Any company is going to have risk, but you should pqlowj an entire understanding of the volume of investment, start-up cost and “ROI” (Return on Investment).
Most people are not aware that 80% of ALL franchise endeavors fail in the first couple of to five years leaving large debts looming for years thereafter.
One way and in my opinion the easiest method to cut overhead, start-up and investment cost is to benefit from the new age of entrepreneurship and begin a company from the comfort of your property.