How to Franchise a Clothing
Business
Brands like Zara, H&M, Forever New, and many others are globally recognized brands that have an international presence. These stores have gained an international presence by selling their brand's intellectual properties and giving the right to aspiring entrepreneurs to set up a clothing store under their brand's name.
Franchise a Clothing Business:
Franchise a Clothing Business
India being one of the countries having the “highest success rate in the textile and clothing industry “provides many opportunities to grow your clothing business.
India's textiles sector is one of the oldest
industries in the Indian economy, dating back to numerous centuries.
The industry is extremely diverse, having several methods and varieties of clothes. It has hand-spun and hand-woven textiles sectors at one end of the spectrum, while the capital-intensive sophisticated mills' sector is on the other end. The Decentered power looms/ hosiery and knitting sector constitutes a major portion of the textiles sector.
India’s textiles industry has a capacity to produce a voluminous variety of products suitable for different market segments, both within India and across the world. which makes it one of the highest employment-generating sectors. The textiles industry has around 4.5 crore employed workers including 35.22 lakh handloom workers across the country.
The domestic textiles and apparel industry contributes 5% to India's GDP, 7% of industry output in value terms, and holds a share of 12% of the country's export earnings. India is the 6th largest producer of technical textiles holding a 6% global share (12% CAGR), the largest producer of cotton and jute in the world.
Clothing and Apparel Industry in India:
The Indian clothing and apparel industry has grown over time. There has been a tremendous increase in both, sales within the country and the value of exports.
● The export of articles of apparel and clothing
in the woolen segment, knitted or crocheted during April–July 2020 was US$
1.32 billion and for July 2020 it was US$ 586.49 million.
● The export articles of apparel and clothing
accessories not knitted or crocheted during April– July 2020 was US$ 1.27
billion and for July 2020 it was US$ 504.98 million.
● In FY19, total textiles and clothing
exportation stood at a value of US$ 36.62 billion and reached US$ 22.94 during
April–November 2019.
● Readymade garments (RMG) export from India
stood at US$ 9.50 billion from April 2020 to January 2021 and for January 2021
it was nearly US$ 1.30 billion.
● India is the largest cotton producer in the
world at standing at a pedestal of 33.7 million bales of 170 kgs each.
● Fibre export from the country stood at US$
2.72 billion in 2018-19. During April–November 2019, fiber export stood at US$
721.55 million.
● The total value of cotton yarn, fabrics, and
made-up export from the country stood at US$ 947.58 billion in February 2021.
During April 2020-February 2021 the export stood at US$ 8.71 billion.
● Main markets for Indian textiles and apparel export\
a) The USA
b) European Union
c) Parts of Asia
d) the Middle East
● In the future, India’s apparel export is expected to increase considerably. The total export of textiles and apparel is expected to touch US$ 82 billion by 2021 at a CAGR of 12.06% from FY
How to expand your clothing business in India?
A clothing business
is a business that can flourish in almost all locations of the country. With
high profit-generating powers, the best way to expand your clothing business is
to set up a franchise. Franchising your business will help you to expand your
business without investing any capital and bearing any risk.
The biggest perk of franchising your business is the negligible investment required. By franchising your business, you sell your brand's intellectual properties to a franchisee who opens up a store under your brand's name. Franchising your clothing business will also help to increase your revenue. The franchisees pay franchise fees initially and ongoing royalties. Franchising your business is the ideal business expansion idea.
How to Franchise a clothing store in India?
● Analyze your brand- Think precisely about the process of how your business currently works. Franchisees will need specific and accurate details and guidelines to get their businesses working in the same manner. This process might take some time, but it is an inevitable and necessary one. From marketing and operational strategies, signage to business cards to staff training, it all has to be administered in a similar manner. Develop an operation manual to present to the franchisees which will be a quick way to reference policies and best practices and create an approval process.
● Hire an expert - Getting expert advice is extremely crucial during the franchising process to avoid any major blunders. A Franchise Disclosure Document needs to be prepared and it has a very distinct format you need to follow. It is important to have a lawyer walk you through this process. You’ll need to set the pricing, create a franchise agreement and determine intellectual property protection.
● Compare your brand to others - It is important to compare your brand's success and working to the big brands holding a market prestige. This comparison will help you to set goals and milestones. Getting an insight into the working methods of these brands will help you gain faster and better success. For example, taking up a thorough study of brands like Zara, H&M, etc. will help you to know the ideal methods of working in the industry.
● Be selective in choosing your franchisees - You should be extremely selective when it comes to choosing your franchisees. It is easy to find people with the requisite capital, but you need to ensure if they are the right people and do they have the right background in order to run a business. This is someone who will be representing your brand, so it needs to be a good fit. You need to remember that you are in this to protect and grow your brand. Set up a proper interviewing process and know what your deal-breakers are.
● Build
and protect your brand's name - As
a franchisor, your most valuable asset is your brand name so you need to
protect it at all costs. Your brand represents your culture, your beliefs, and
your attitude toward your customers which has to be right. When you franchise,
you are giving new people the strength to represent your brand. Thus, to avoid
any havoc, clear guidelines should be established for the use of all of the
brand assets.
You would want to be sure that you are sending a very precise message from one clear reference, and that message is consistent throughout the business. Never let anyone use your brand assets in any way, no matter how small, without your former approval. Monitor everything, pay close attention to videos and pictures being used to represent and market your brand and monitor all social media outlets in a regular and detailed form.
● Choose the right location - The clothing industry is a very competitive industry have to make sure of the location of the franchise units. Which locations make the most conducive for your business to flourish and where do you have brand recognition already are important questions that need to be answered when deciding the location. You need to keep the initial locations close but far enough to not affect your initial stores so that you can manage logistics easily
● Find someone to guide - It is necessary to seek consultation from experts or people who have already ventured into franchising their business. They can provide you a thorough knowledge of the market and also help you to formulate proper market conducive operational and marketing strategies that can catalyze your growth.
Support and assist your franchisees - Initially, you will need some face time with your franchisees, as well as lots of time online and via phone. Do all you can to encourage and promote them. Search through articles that you find helpful and share them so that they can use similar ideas to operate their franchise unit. Set up a way for franchisees to communicate with one another so as to discuss any sort of market thrifts and how they can deal with the same. Providing your franchisees with a set of working methods is the best way to ensure uniformity and consistency.
You can always consult a team of experts who can help you to find out when to franchise your business and how to do the same. We, at sparkle minds, help you to analyze your business model and turn it into one fit for franchising.
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