Tanghulu, which became popular in June last year, has seen a decline in popularity. New Tanghulu start-ups have decreased, and many businesses are closing or transferring ownership. In the online community of small business owners, there is a saying, “I got a Tanghulu store and paid 5 million won per month; however, I only made money for two months, and all the rest were in the red.”
According to the Ministry of the Interior and Safety, 34 Tanghulu stores closed by June 17 this year. On average, two Tanghulu stores are closing every day. Since the second half of last year, the number of Tanghulu stores nationwide has been decreasing.
Coffee buns in 2012, honeycomb ice cream in 2014, and Taiwanese castella in 2016 also experienced similar trends to Tanghulu start-ups. According to the artificial intelligence commercial analysis platform ‘Open Up,’ the average lifespan of trend dessert franchises was less than two years.
Why does this phenomenon of starting specific trends occur repeatedly? Kim Young-joon, a business and economic columnist, said “Initially, the trend rarely lasts beyond a year, and after that, its lifespan is effectively over. People jumped in because it’s easy to start a business and seems like a quick way to make money.” What these trend item start-ups have in common is that they have low barriers to entry and low scalability. Low entry barriers include simple manufacturing technology and low start-up costs. The fact that it cannot be sold separately other than the corresponding item shows low scalability.
What should aspiring entrepreneurs consider? Experts advise that the food market trends are becoming increasingly short-lived, requiring thorough consideration before starting a business. Start-up items should be thoroughly analyzed for their sustainability before launching. In addition, consumers’ tastes and consumption patterns tend to change quickly, and unexpected risks can spread rapidly. The domestic restaurant market is highly competitive, making it difficult for franchisees to survive. Aspiring franchisees should pay attention to brands that are steadily growing and developing.
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