Clothes Mentor Franchise Information
This article depicts the necessary franchise information which may be helpful to prospective franchisees.
The Clothes Mentor is a brainchild of the couple Lynn and Heidi Blum from Ohio. It was in the 1980s when the couple opened its first store, Once Upon A Child, as a solution to their predicament: a closet full of outgrown clothes.
It was a store that put used clothes on resale for a price cheaper than the new ones. It had been a great hit among consumers and many other entrepreneurs wished to have their very own Once Upon A Child store. It was in 1992 when the couple started franchising their store. Late that same year, the franchise totaled to 20 stores. However, the rights to Once Upon A Child was purchased by Ron Olson, the Chief Executive Officer of Grow Bitz International. He sees the growth in the franchise opportunity of Clothes Mentor. Its first store opened in 2001. In 2007, it started franchising.
To become a Clothes Mentor franchisee, one must be ready to invest roughly a range of $140,000 to $229,000 as total capital investment. Out of this, there is a required cash down of approximately $40,000 to $60,000. It also includes a royalty fee of 4% of the revenues. The franchise agreement covers a term of 10 years and expires thereafter. Should a franchisee wishes to renew, there is a renewal fee of $10,000. Aside from monetary requirements, the franchisee must have experience handling a business, enterprise, or an organization and staff management. Commitment is also required from the franchise owner prior its turnover to a store manager. Most importantly, the franchisee must also be able to understand the philosophies and values as well as the business model upheld and used by Clothes Mentor.
Clothes Mentor management takes care of its franchisees. It provides assistance before and during the operation of the store.
Before the Operation Assistance
As early as the start-up of the store, the management helps in securing a workable business plan giving bases on experience, research, profit and sales goals and as well as expenditures. Moreover, it provides assistance in the selection of a strategic location. Most Clothes Mentor stores are located in populous areas which meet the set requirement for demographics. Another area in which assistance is given is the construction and interior design of the physical store. Clothes Mentor is designed to satisfy the taste of all women, regardless of size. It provides standard fixtures and customization of the area.
During the Operation Assistance
Trainings are given to franchisees on a pre- and post-opening basis which include topics such as business planning, banking and financing, store operations, management of inventory and marketing. To aid the franchise owners, instructional manuals are also provided for. Because the inventory of a Clothes Mentor store comes from the response of consumers to advertisements, the management deems it necessary to guide the franchisee in the selection and purchase of the said inventory. An access to the Clothes Mentor Extranet is also given to the franchisee as a life line to the store operations.
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