Every few years in the franchise industry, a new trend develops that creates and defines the marketplace for small business and franchising. Over the past seven years, the Frozen Yogurt Franchise has defined and excited the entire franchise community.
The concept of Frozen Yogurt originally appeared on the franchise marketplace in the 1980's with large chains such as TCBY and Heidi's. Frozen Yogurt franchises opened on every corner across the United States in markets from Los Angeles to New York. During the 1990's, the number of Frozen Yogurt franchises diminished as quickly as they appeared and virtually everyone left the market. In 2005, the concept re-emerged through the founding of Pinkberry Frozen Yogurt.
Shelly Hwang and Young Lee founded Pinkberry in Los Angeles, CA. Hwang's first business venture was to open a formal English teahouse on a tiny residential street called Huntley Drive in West Hollywood, California. However, after the city refused to approve a permit for Hwang and her business partner, architect Young Lee, they decided to go with their second plan, which was a frozen yogurt franchise concept. People were soon driving across town and standing in line for hours in some cases to get their fix of the frozen yogurt craze. The second Pinkberry store opened in September 2006. Pinkberry has since launched a successful franchise expansion program allowing the organization to expand to metropolitan markets throughout the United States and abroad. On October 16, 2007, Pinkberry accepted a $27.5 Million investment from Maveron, the venture fund founded by Starbucks founder Howard Shultz, to expand the firm's concept even further.
With Pinkberry's success came a myriad of competitive Frozen Yogurt franchise concepts. Yogurt Land, Menchie's, Red Mango and others followed into the Frozen Yogurt boom. The market continues to expand at break-neck speeds today seven years after Pinkberry was born. For an initial investment of between $250k - $500k, many of these stores represent strong financial returns if placed in the right locations.
For more information on Frozen Yogurt franchises and how to buy a franchise, contact us:
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FMS is a team of expert franchise consulting professionals based in Canada that provides solutions for franchise development, franchise consultation, and expansion of businesses globally.