How does the TCTC franchise system work?
n the market for about 17 years, TCTC has gone through the ups and downs of the mainstream business world. Having been there and done that, TCTC understands the financial & reputational risks and the frustrations conventional business can bring. The way to success does not necessarily have to pass through a lot of turbulence. Contrary to the belief that business is not everyone’s cup of tea, TCTC offers franchises to motivated individuals with a will to begin their entrepreneurial journey. With minimal risk and increased chances of success, below mentioned are a few benefits the TCTC franchise offers:
Consignment basis – TCTC works primarily on consignment, which means franchisees pay for their inventory after they sell it. Consignment creates a cash flow benefit that is a game-changer for their franchisees. And they are not stuck carrying the cost of unsold inventory.
No competition– TCTC stores do not compete amongst each other as retail stores do. Each store has a unique inventory of stocks and is located at a distance of only 10 miles from each other. This enables the exchange of stocks when any store runs out of certain products. Rather than working against each other, TCTC stores work with and for each other.
Recession resilient business- Based on a recession resilient business model, TCTC has continued to grow even in economic slowdowns. When times are lean, people tend to be more open to selling some of their luxury goods and more women open to the idea of resale shopping. This is a win-win situation for customers and TCTC with a loss to none.
Startup Inventory– To support its franchises, TCTC provides them with the tools, training, and advice they need to curate the majority of their starting inventory. To ensure a sufficiently-stocked grand opening, TCTC even provides inventory from its existing stock. This not only saves the franchises time but also prevents them from going empty pockets for months paying rent, payroll, and other expenses.
The ideal franchisee
One does not need to be an expert in business to be chosen as a TCTC franchisee. The criteria are simple, transparent, and doable. The franchise needs to be a motivated, friendly, self-driven, ambitious, and ethical individual. Along with an entrepreneurial and sales-oriented mindset, they must have a willingness for cooperation and communication. As the TCTC business survives and thrives on sales, they must have the ability to generate growth through business and marketing activities. Last but not the least, the franchise partner should be open to embrace, relate, and contribute to the sentiment of the brand. “We are looking for compassionate, adventurous, passionate, and curious entrepreneurs with strong leadership skills,” emphasizes Johanna.
Known for its post-training support, TCTC has a predefined plan ready for its franchises. The post-training period is the phase where the franchise needs to practically implement what he or she learned during the training. This phase can bring fear, confusion, and a lot of anxiety. Having gone through the painful phase of trial and error, TCTC has a system in place to ensure that the franchisee takes off well on their entrepreneurial journey. Hence after the initial training is completed, the franchisee receives access to a suite of proprietary tools and resources that, in addition to support from HQ, help to confidently navigate business ownership. The franchisee gains access to their signature ricing software, which enables the franchisee to price inventory accurately and consistently, even if he or she has no previous fashion or retail experience. The franchise also receives authentication support and assistance with marketing planning and collateral. Along with assistance with e-commerce infrastructure, the franchise also receives assistance with goal-setting, budgeting, and more. TCTC understands that doing all of this on your own can be quite frustrating and has a dedicated team to handle it all. “Our executive team is a group of customer-focused and forward-thinking individuals who are passionate about The Closet Trading Co., and are committed to helping our franchisees succeed,” shares Johanna.
Having set on a mission to grow and transform into a national brand, TCTC sees itself as a network of 100 locations in the coming five years. With a plan ready and a stage set, TCTC is just the right launch-pad for every ambitious, self-driven, and aspiring entrepreneur who wishes to sky rocket to success.