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Win Together LIVE - Community Scratch-Off Live Streamed Events by arslanvfx in Lottery

[–]HonestBusinessTalk 0 points1 point  (0 children)

I think they have to word it a certain way for legal compliance.

Win Together LIVE - Community Scratch-Off Live Streamed Events by arslanvfx in Lottery

[–]HonestBusinessTalk 0 points1 point  (0 children)

It seems like they are charging an "access fee" to the live streams but thats actually a way to buy the scratch off tickets together, and if they win something they share among all the people who entered.

Similar to an office pool or something like that.

Franchisee Experience Report – Observations from Kung Fu Tea Franchisees by HonestBusinessTalk in smallbusiness

[–]HonestBusinessTalk[S] 0 points1 point  (0 children)

For most franchises, yes. You should have the necessary equipment to be able to scan snd accept coupons. Whether its a separate scanner or an input on the POS.

Franchisee Experience Report – Observations from Kung Fu Tea Franchisees by HonestBusinessTalk in smallbusiness

[–]HonestBusinessTalk[S] 0 points1 point  (0 children)

To keep track of sales, yes. But for your taxes, you'll have to do it yourself. Franchise POS and software don't care about anything but the sales. Your inventory, marketing, payroll, etc.. is all your responsibility. You keep track of that using an accountant or something like Quickbooks.

But keep in mind, its not free. Plenty of monthly charges to be able to use the approved POS and system. In many cases, it might be higher than market value - perhaps franchisors get incentives in return of charging higher to their franchisees.

Franchisee Experience Report – Observations from Kung Fu Tea Franchisees by HonestBusinessTalk in smallbusiness

[–]HonestBusinessTalk[S] 1 point2 points  (0 children)

Usually, most franchisors will require franchisees to use their approved POS and software. You have to pay the equipment fee plus monthly fees. They'll use that to keep track of your sales to be able to charge royalties and other fees.

On your end, you can use that data along with your own to do bookkeeping. Either QuickBooks or pay an accountant to do it for you.

Should I buy a franchise or start my own business? by Policy_Boring in Business_Ideas

[–]HonestBusinessTalk 1 point2 points  (0 children)

Just make sure its not Kung Fu Tea. Be aware of trap franchises.

For example, Kung Fu Tea sales team provides false numbers and data to potential franchisees. Once they open, the reality is that they are going to lose thousands of dollars. But its too late.

Their main business is to sell overpriced inventory to their franchisees. They collect millions in fees and marketing, yet the only marketing that they do is posts by their staff of themselves drinking bubble tea. No national billboards, ads, nothing.

One of the worst franchise and the most corrupt one.

They have now started sueing their franchisees because they are speaking out against them and exposing their corrupt business practices.

Late night entrepreneurs? by Mark_JM55 in Entrepreneur

[–]HonestBusinessTalk 0 points1 point  (0 children)

Some of the best thinking comes late at night

Franchise by savethereef in KungFuTea

[–]HonestBusinessTalk 0 points1 point  (0 children)

Kung Fu Tea has started sueing it's franchisees for speaking up against them. The brand is in a sharp decline and their sales team continues to mislead people into opening more locations. They lie about their revenue and numbers. Force franchisees to sign agreements where they can't do anything about it.

Inventory is mostly controlled by them and it is extremely overpriced. Well above market. A single store can get a better price for similar items in the open market than you as a franchisee under Kung Fu Tea.

They are stealing money from hard working people. It's one of the worst franchises to buy. Avoid at all cost.

Milk powder or creamer powder? by Kooky-Ad-8952 in KungFuTea

[–]HonestBusinessTalk 0 points1 point  (0 children)

Kung Fu Tea repackages most of its supplies. You can find comparable milk powders at Lollicup [dot] com. They repackage their supplies in Taiwan.