A store that provides limited range of specialized fashion garments and accessories, often known as boutique, is a quite desirable sector in its own as it tempts a lot of customers towards it. A premium fashion - affordable yet classy - is all what a world of fashion-freaks wishes to have. Indian boutique industry has always been the buzzword since ages as there is always a steady growth in its demand.
While starting your own boutique, you may face a lot of barriers and hindrances that could cost you a bit. To lower the risks of loss, a boutique franchise of a well-established brand in the field could be bought.
In this article, we present some of the factors that you should keep in mind while buying a boutique franchise with minimal investment.
Look at the Financial Solidity of Franchisor
While starting any business, looking at its financial aspect is crucial. As you think of stepping into franchise business, look at the financial solidity of the franchisor and its business. You don’t want to buy a franchise that doesn’t give you a financial credibility at the first place.
A thorough research should be conducted about the other franchises of the brand. As a potential franchisee, you could connect with the already existing franchisees to dig deep about the financial aspect of the business. You could also legal help if needed. Only if you think the circumstances favor you and your business, give the franchise a green light.
Know if the Franchisor is Supportive or Not
Once you know the financial solidity of the franchisor, another thing to consider is whether they do anything to support the franchisee in terms of marketing, financing, management education, accounting, insurance and many other factors of business. As a fresh candidate in the boutique industry, opt for a brand that offers the most extensive training and support to its franchisees.
Selection of the Location
The products that your franchise offers must be something that should be relevant to the nearby customers. This is because if the products do not cater to the nearby customers, there would no footfall; hence the franchise will not do well. Therefore, selection of the location plays a very important role in selecting a franchise. Ask the location preference of your franchisor and search a location in which they want to have a franchise store.
Financing the Purchasing of the Business
Starting a boutique from scratch requires a big amount to invest. But when you buy a franchise of someone’s brand, it becomes less daunting. In India, you could finance a franchise business through various facilities such as commercial bank-loans, SBA loans, crowd funding, franchisor financing, and many more. Therefore, financing has become much easier in case of franchise business.
3371
/ 3
Min Read
