Babi Mantou has successfully passed the market. As expected, it will be listed in the near future. As a "peer", I read their prospectus very carefully and was very inspired.

The most impressive thing is that last year they made a profit of more than 100 million yuan, and at the same time they had a lot of float of 450 million yuan in bank financing. Their cash flow was very good, and they were relatively less affected by the epidemic. , after all, no matter whether the economy is good or bad or whether there is an epidemic or not, everyone has to eat breakfast.

Of course, what inspires me the most is that it uses a franchise model, with a total of 2,799 stores, only 15 of which are directly operated, and the annual income of franchise stores is only 200,000 to 500,000. , that is, an average monthly income of 20,000 to 40,000 yuan. Based on 10% net profit, a franchise store only has a profit of 2,000 to 4,000 yuan. Of course, if it is a mom-and-pop shop, it can save labor, and it will only be 10,000 yuan a month. A profit of 8,000 yuan can actually "support a family."

I have seen another data in the past two days. There are 814 million people with a monthly income of less than 2,000 (there are 600 million people with a monthly income of less than 1,000). So, we still have to believe in Pinduoduo and Babi Mantou. My experience is that the income of most people is actually not high. In China, cheapness is really competitive.

Selling cheaply and still making money is your skill.

Most of the Babi Steamed Buns are actually open at the entrance of the community. The store area is 5 to 10 square meters and the rent is cheap. They are usually mom-and-pop shops. They look inconspicuous, but they can’t stand up because of the large number of stores and the income is relatively high. Stable and less affected by economic cycles.

Our standard ten-foot store is 40 square meters, and we handle 1,000 orders a day. I feel that too much business may not be a good thing, because a business that is too good may not be replicable. If we want to truly scale, we must adopt a small store model. Moreover, the requirements for location, rent, and performance cannot be too high.

Of course, there is definitely no shortage of the next Babi Steamed Buns. If we want to compete with each other, we must have our own characteristics. Babi Steamed Buns relies on people from our hometown in Anhui to join us and help people in our hometown’s rural areas. People get rich by opening a store, so they open it so quickly.

Moreover, they are not high-class at all, unlike Gan Qishi, who opened a steamed bun shop in the United States. Many shops are beautifully decorated, but the fault is that the prices are too expensive and the craftsmanship is too high, resulting in mediocre business. I heard that cash flow is tight because of the self-built supply chain.

Now I am particularly afraid that some people who are keen on learning will build their own supply chain to start a chain. In fact, do you think McDonald's and KFC have their own factories?

Everyone cooperates with others. The genes and expertise of each company are completely different. It is too difficult to build both a brand and a factory. Many people always think that only by doing it themselves can the product and quality be achieved. Controllable, typical "small farmer thinking", but everyone knows that the more open it is, the lower the cost. If you specialize in the industry and cooperate with an excellent supply chain, you will be more efficient and cheaper than doing it yourself.

Goubuli gave up applying for an IPO a while ago, which is actually quite a pity. Such a good brand is now too expensive, too unpalatable, and has no scale. On the other hand, Babi Mantou is better than Qingfeng Steamed Bun Shop. , Ganqishi, etc. are made lighter and more large-scale.

By the way, Babi Mantou’s revenue in 2018 was more than .999 billion, with a net profit of 140 million, and a net profit margin of 14%. It is more "profitable" than many restaurant chains that seem to be prosperous and have long queues. "More, so give up the idea that breakfast profit margins are not high and the unit price per customer is not high.

Reminds me of a joke:

I don’t know if the joke is true or not, but people who run pancake stalls and breakfast stalls do make a lot of money. Of course, they have to get up early and work hard, but why isn’t it hard work? , if Central Kitchen delivers it to you, you only need auxiliary heat, so you don’t have to work so hard to get up so early.

The prospectus of Babi Mantou has nearly 500 pages. I read it for several days before finishing it, and plan to read it more times. It is really good for a company to go public in the breakfast field, and the prospectus can be described as A thorough dissection of Bobby Buns revealed no secrets.

This allows latecomers or other peers such as us to learn from and learn from each other and avoid detours.

My experience in learning has always been that 80% imitation and 20% micro-innovation will avoid detours. I believe there will be at least two listed companies in any track or industry. I hope My ten feet could be a second home.

Ten feet is the brick I will move in the next ten years. I will only move this brick, and the progress has been remarkable recently:

I now introduce myself as "an investment selling buns" "People", I think this thing is very good. You can make a small amount of money in a long stream. It seems low but down-to-earth, and it is easy to roll like a snowball, getting bigger and bigger. There is thick snow on the long slopes, and selling steamed buns is both. All available.

We will open franchises in Guangdong, Beijing, Shanghai, Hangzhou, Wuhan and other places this year. The next batch will be in other regions. To do big things, we have to do it slowly to go faster. We don’t want to cut the leeks and let others There are so many franchisees who open our stores casually, but we cannot provide certain support, causing the franchisees to lose money.

Of course, people who just invest money without working are not welcome. This is a hard job of making small money, and it is not suitable for investors who want to get rich overnight or make money from money. Compared with money, we We want more "self-employed people" one after another. We hope to allow those who are not very wealthy to rely on Shift Baozi Shop to support their families.

Someone may ask, what are the advantages of Ten Feet over Babi Buns?

Actually, I don’t know much about it. Maybe we can scale up quickly. They only have 2,799 stores in more than ten years. We may have 1,000 stores a year (including steamed bun shops and smart breakfast cabinets). Three There may be tens of thousands of households every year.

So, welcome to all readers to witness Ten Feet Riding the Wind and Waves.

After all, I have nearly 15 years of experience and resources in "opening a store". This time, it's all on a ten-foot brick.