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 known as Boston Chicken prior to the founders, who had by then partnered with George Nadaff, took it public and renamed Boston Market restaurant in 1995. The business has its headquarters in Golden, Colorado with George Michel as the CEO.
The growing success of the franchise fascinated many investors who had been constantly turned down by the founders. George Nadaff finally managed 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 stores were so successful that they even passed the anticipated income projections, doubling in just one month, and from over $8 million in 1990 to almost $21 million in 1991.
The company’s chain of stores continued to grow rapidly with 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 items in every franchise accessible in supermarkets all around the US. Additionally, there are side dishes offered in over 700 supermarkets with the Boston Market brand.
Rapid growth of the franchise stores led to the company’s financial mishap. The major contributors within the franchise were mostly management oriented with poor employee training, high operating expenses as well as its lending consumer demand. This made the marketplace share fall by approximately $24 per be part of 1997. Slow service in the restaurants also made sales decrease as it was no more a preference from the customers. The company began suffering huge losses as high as $312.6 million in only the very first 90 days of 1998 and reaching $437.1 million by July.
The almost defunct Boston Market company was purchased by McDonald’s for $173 million plus it begun to slowly rebuild and expand the franchise instead of the initial plan of replacing it featuring its other food market brands. Its purchase by McDonald’s gave it a new lease of life and currently the chain of restaurants seems to be returning on its feet, but instead it should be able to experience rapid growth as before continues to be yet to be noticed.
When looking to start any company it is necessary, particularly considering Boston Market menu prices, that you search for specific ways to cut minimize or reduce overhead and risk. Any company is going to have risk, but it is important to pqlowj an entire understanding of the volume of investment, start-up cost and “ROI” (Return on Investment).
Many people are not aware that 80% of franchise endeavors fail in 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 cost is to take advantage of the new chronilogical age of entrepreneurship and commence an organization from the comfort of your house.