Franchising can be a lucrative and exciting opportunity, but there are many misconceptions surrounding the process. Prospective franchisees are understandably wary when undertaking an investment as sizable as a franchise, so due diligence is important. However, it’s equally important to know when your fears are unfounded, and to avoid misinformation and misunderstanding. We’ve been in the franchising business for 23 years, and like to think we can offer some valuable insight. If you’re considering pursuing a clothing franchise opportunity, here are four common myths you shouldn’t let stand in your way.
Franchisors Will Take Just Anyone
It’s a common misconception that franchisors aren’t selective about who they accept as franchisees. The truth is, franchisors have to be extremely selective for their own good. After all, a franchisor is taking a tremendous risk. They’re lending their brand name and significant resources with the expectation that they will be put to good use. Few things are more important than a brand’s reputation, and franchisors trust their franchisee partners to be good ambassadors for their brand.
For example, before opening an Apricot Lane clothing franchise, prospective franchisees go through an extensive application process. This includes introductory calls with our Franchise Development Ambassador, a financial background check, and market evaluations. Franchisees are not only our business partners, but part of our family, and we need to make sure it’s a good fit.
I Need Extensive Clothing Franchise Industry Experience
While it’s always helpful to have industry experience before opening a business in that industry, that is by no means necessary for success. Many who pursue clothing franchise opportunities have diverse professional histories, whether it’s a business background in a different space, a career in finance, or any prior retail experience. More important than a long career in fashion is having a willingness to learn. A curiosity about discovering the ins and outs of a new industry, and a keen eye for new, trendy style are the most important prerequisites for opening a new clothing franchise.
One of the main reasons people become franchisees in the first place is because they’re tired of working for someone else. They want to become their own boss, and have the freedom to make important business decisions. However, there’s still a misconception that franchisees operate in a restrictive system, with a lot of corporate interference.
While we can’t speak for all franchisors, Apricot Lane values the independence of its franchisees. We empower our franchisees to determine the look of displays, and prioritize styles according to what speaks to their own vision. We want each clothing franchise to have a uniquely personal feel, and encourage franchisees to inject their own style and eye for fashion into their business.
Franchising is Too Expensive
Franchising can be expensive. The decision to invest in a franchise should not be made lightly, and there is no minimizing the costs involved. However, it’s important not to let the investment overwhelm you. The reason for franchise and royalty fees is because the franchisor is giving you everything you need to run the business effectively, eliminating the headaches that come with starting a business from scratch. You’ll have access to location scouting services, 24/7 support, a list of buyers, training, and marketing dollars. A good franchisor puts your investment to work immediately, so you don’t have to wait to see the benefits.
We can also help you finance the investment, by putting you in touch with one of our preferred lenders. Remember that investing in a clothing franchise doesn’t just get you a brand name and logo; it gives you a turnkey business, and a road map to success.
Think a clothing franchise opportunity might be right for you? Check out our guide to see if we’d be a good fit.