When the owner of the coffee cart Boaz Keeda, founder of Fibonacci Coffee, was running wanted to sell, Boaz said he’d love to buy it, if only he had the money. Boaz had come to Australia with $700 and been working hard, but he didn’t have the savings to buy a business.
‘I said if there was a way I could pay it off over a period of time, I would be in. He didn’t say anything much after that and I didn’t think of it much either. A few days later he spoke with me and in a nutshell said that if I could pay them a set amount monthly for the next two years we had a deal.’
Boaz did the sums, decided he could make it work. ‘They wanted out and cash flow and I wanted an opportunity and had no money – both parties got what they wanted. It was win-win.’
How much does it cost to join Fibonacci?
With his own start based on being able to negotiate that win-win option, Boaz wants to ensure similar opportunities are available to potential Fibonacci operators.
The Fibonacci model is flexible, with opportunities ranging from small kiosks up to cafes and even café-bars.
‘We’ve got different levels of investment for different people’s financial goals and different people’s capabilities. We’ve got anywhere from a small kiosk to a café to a café-bar, and the level of entry point investments range from $100,000 for a kiosk type operation, up to $600,000, depending on the store, the location, the finishes and whether you need a liquor licence.’
But don’t let those figures alarm you. In keeping with Boaz’s own beginnings, Fibonacci offers a pay-as-you-go program. ‘We feel so confident about our model, we’re willing to back it up by providing internal finance. We can provide up to 50% of the hard costs of building a shop to a potential franchisee.
‘We assist people to pay for the business from the shop’s cash flow. That will depend on people’s circumstances and the size of the shop.’
Win-win
It’s not a one-model-fits-all franchise. Fibonacci franchises can fit the person who wants a Monday-to-Friday option with relaxing weekends, and it can suit someone who wants to run a 7-day operation that goes all night and has more staff.
‘Between the budget and the needs of the people who come to partner with us, we always find a way to strike a balance between what they want from an income perspective, and what they want from a commitment perspective,’ says Boaz.
‘I don’t know all the answers,’ he concludes. ‘I want strong people with strong opinions who know what they want and need some help supporting them in getting what they want.’
If you are interested in owning your own coffee shop, click here to get more information about how you can own a Fibonacci Coffee shop.