Cuppy’s Coffee Franchisee Fails, Borrows More
(Franchise Coffee Guide) In his Richmond Times-Dispatch column, Iris Taylor describes how a failed Cuppy’s Coffee franchisee "was losing money to bigger competitors," so they borrowed $40,000 more to go mobile – and operate their business as a concessionaire.
Mary Patrick and her husband, Joe, of Midlothian recently took out a $40,000 line of credit to finance their Cuppy’s of Richmond mobile cafe concession business.
Just attend a Richmond Kickers game, a NASCAR race, the Richmond Folk Festival or other event and you may see their 7-by-10-foot green-and-clear glass Cuppy’s concession trailer.
They will be inside serving lattes, smoothies, coffee, hot chocolate, mochas and other popular specialty drinks.
The Patricks needed the credit line because their franchised Cuppy’s location in Midlothian was losing money to bigger competitors. So they shuttered it and bought one, then another mobile unit and started driving to where the people are.
It was a good move, Mary Patrick said. "We have turned all of our focus to vending and concession. That is the lucrative side" of the business.
The Patricks were able, despite today’s tight lending environment, to get their credit line from Peoples Bank of Virginia through the U.S. Small Business Administration’s new Patriot Express program.
We wish the Patrick’s the best of luck. Operating a concession trailer and an event-based franchise is a tough endeavor that suits a certain kind of person. It can be tough.
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