Franchise Cooperative Business Opens in Mongolia
(December, 2021) A Korean toast franchise, Sukbong Toast, opened in Ulaanbaatar, Mongolia. The members who were in economic difficulties due to the ongoing Covid 19 have an opportunity to get a decent job and create income through the Toast Cooperative. The CEO of ‘Sukbong Toast’ conducted the training himself, and on December 31, last year, we were finally able to open the first store of the toast franchise in Mongolia. The Franchise type toast cooperative, which was conducted in consideration of the rapid urbanization and Mongolian environment! Now let me tell you about how it was established.
The process of organizing toast coop is comprised of 5 steps. Before organizing cooperative, we’ve gone through continuous discussions with the GN Mongolia to develop business model, and proposed the idea with Sukbong Toast for the further assitance. At the same time, we also recruited members who could join and run the project together. With cooperative members, we’ve conducted a full-scale market research (commercial area analysis, profit and loss analysis, material supply and demand, etc.). Thankfully, with the cooperation of CEO Sukbong Toast, we were able to conduct on-site training and organizational consulting.
After successfully completing the on-site training, we went into full-scale store preparation. The final candidate site was selected through commercial area analysis, and the interior of the store and provisional contract were completed. It took longer than expected due to the difficult supply of materials due to Covid 19, but as a result of persistent preparation, we were finally able to officially open the store on December 31, 2021. As of the current January sales count, it has exceeded the expected break-even point. We ask for your continued support to our cooperative members!
The Toast cooperative franchise model has the advantage of being able to operate with the same model in different GN partnership countries which have similar market environments.