“Kelly- I have $350,000 invested in my business, I’m losing money every month…What should I do?”
” I have never reached break even, what should I do?”
“I have a hard decision to make-do I dip into my retirement/kids college fund to keep my head above water?”
These questions and others have been asked of me and my friend by unhappy Meal Assembly franchisees (also an ex-MAKer) multiples times.
The right answer? There is no right answer, but here’s some questions to help you formulate an answer…
In which direction is your business trending? (We all know that summer is the slooooowwwwer season for Meal Assembly so assess your situation with that in mind).
Do you have enough operating capitol to pay yourself and all of your overhead? Do NOT use personal or business credit cards to meet loan obligations, rent, or payroll or suppliers.
Are you making a profit? My definition of making a profit is being able to pay yourself a salary commensurate with the hours you are putting in your job, profit is the bonus you pay yourself and employees after your operating expenses are met-if you don’t have your salary built into your budget, you’re already behind the 8-ball.
Is your concept stable? What we are finding in the Meal Assembly business is that the concept that is still being sold to franchisees is faulty at best, broken and completely unproven.
Here is a clue to the question: If the concept is going through an “evolution or adaptation”- it is not a stable concept.
Guidelines for making a decision about the viability of your businesses future:
Be honest with yourself about your businesses future- What does she mean?-you might be asking yourself.
Look around you and talk to people in the industry-what are they saying?
Don’t be afraid to walk away.
Don’t let your ego get the best of clear thinking and critical assessment of your current situation.
Make the hard decision sooner rather than later.
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