How to Start Clothing Franchises with Minimum Investment?
Most people nowadays search for low investment options to earn money. Especially, business-minded people looking to start something of their own and are risk-averse are trying their hands on start-ups or franchise businesses. There are many advantages of starting a franchise business, clothes franchise being one of them because fashion will never run out of style, will it?
So if you’re an entrepreneur thinking of starting something of your own, read on to find some quick and handy tips to start a clothing franchise without burning a hole in your pocket, and the risk factor is also low with this one!
Do a Market Survey on the Brand
What would you trust more? A local unheard-of shop selling clothes or a shop that sells clothes of a brand whose name is common in every household? Though the modern generation is growing extremely brand conscious by the day, at times, it is more about being able to depend on a trusted name. It is a full-proof way to reduce the risk of your clothing franchise failing or suffering losses!
Focus on the Location
Accessibility and affordability are two extremely important factors to keep in mind while setting up your business. First of all, items won’t sell if you set up a very-high end branded clothing store in a not-so-posh area of the city. Hence, the location you choose should depend on the economic situation of the location. Secondly, the store should be accessible. At times, outlet spaces become very expensive to buy/rent if they are on the main road. To cut off on the cost, you could find a place near the main road, somewhere that is prominent but costs less.
After the outlet space has been chosen and set, decor needs to be paid attention to. To keep the investment low, you could hire local artists to decorate the shop or install shelves and other necessary amenities. That would cut down on a lot of extra costs. Presentation is important to draw customers, but smart work always leads the way.
A Handy Tip on Hiring Assistants
Franchisors tend to provide the franchise with trained assistants, but at times, clothing franchises need extra workers. In that case, if the business is just starting, it is always a good idea to ask relatives and family to volunteer. This would save up on a huge extra cost.
Search for Mass Brands
A shopaholic loves to find all their favorite brands and sub-brands under the same roof, and if they find all their favorite styles and items in the same place, you will surely impress them. Rather than including products from different brands at the same time or untrustworthy clothing items to increase the sell rate, it is better to take a clothing franchise that has sub-brands and sells everything from suits to skirt and tie! That would ensure more buyers of every gender and age and consequently more transactions.
Set a Trend of Online Clothing Franchise
With the WFH environment becoming the ‘new normal,’ more and more people have become inclined towards online shopping, which is a cue for you to try to start your clothing franchise on an online platform. Now the advantages are many. Let me try and list some down for you!
- No establishment cost: Setting up a clothing franchise requires the franchisee to pay a commission or one-time fee to the franchisor and, at times, a portion of the revenue too. It doesn’t end just there as the franchisee needs to have a space dedicated to the outlet. That, along with the electricity, assistance, salary, and maintenance, costs a lot and keeps adding to and destroying low investment business opportunity options.
- Social media marketing: Previously, a lot of money would have to be invested in advertising. In the present day, you can easily advertise your franchise from the comfort of your home without spending a single penny on pamphlets, TV ads, or hoardings! All you need to do is build a strong network, be creative while advertising online, learn a little designing to make your e-pamphlet look promising, and keep spreading the word on every social media platform available.
Setting up any business takes up hard work, willpower, and resources. Many entrepreneurs today are opening up their own businesses, most of them being young. Hence, one of their primary aims is to keep the investment low and to work on it to extract profits. These are some handy tips to get started. Check below to find a comprehensible table made just for you to remember these pointers at your fingertips. Read on, and all the best for the new venture!
|BRAND NAME||Should be a popular one.|
|LOCATION||Accessible geographically and economically.|
|PRESENTATION||Spend less but be original and go local.|
|ASSISTANTS||Ask for volunteers if needed.|
|MASS BRAND||More items, more buy!|
|ONLINE VENTURE||Most feasible way to cut off the extra costs.|