Unfamiliar with the nuances of running a business, many new entrepreneurs opt to start their venture within a franchise system. This helps them jumpstart their business, providing brand recognition and a proven framework for success. Franchise investments also provide access to the extensive experience and expertise a franchisor has accumulated over many years.
However, not all franchise systems are created equal. Even within this model, first-time franchisees can find themselves struggling if they are not getting the support they need from their franchisor.
Fortunately, franchisees under any of Winmark’s five brands can rest assured they’re getting best-in-class training and support – from business planning guidance to daily operations and management. Here are some other areas where our support excels, making Winmark ideal for first-time franchisees:
Real Estate and Site Selection Assistance
Finding the right location is one of the first – and most daunting – tasks for new franchisees. It can be especially difficult for those new to the industry to know what to look for in a retail space. Appropriate square footage, market demographics, store layout and rent are just a few of the crucial factors new franchisees need to take into account.
Winmark’s team of trainers, along with the brand director, legal department and director of franchise development, offer comprehensive research and support for our franchisees throughout every stage of the site selection process. They help find prime locations at affordable rents in areas with high demand and consumer activity. Not only do we know the best regions for market growth, but we are also able to help our franchisees find locations in retail hubs, which brings them visibility and significant foot traffic.
Inventory Management
In the resale market, retailers have a two-tiered business model – your customers are also your suppliers. So, store owners must attract customers not only to buy gently used items, but also to sell their gently used items to the store. To make sure our franchisees are able to succeed within this business model, we provide them with our efficient proprietary systems that keep franchisees organized and profitable.
Our brands use a highly specialized point-of-sale system called the data recycling system (DRS), which allows franchisees to plan and refresh their inventory. The system also tracks products, supplying information about the item’s brand, purchase date, category and subcategory. This not only helps franchisees track inventory, but also find the sweet spot of the purchase price to sale price. This allows for favorable profit margins.
Support Sells
Some of the first items a prospective franchisee looks for within a Franchise Disclosure Document (FDD) are the initial investment cost and potential return on investment after one year in business. While these are undoubtedly crucial elements to consider, it’s even more advantageous for first-time franchisees to instead focus on a franchisor’s training and ongoing support. This ensures the franchisee will have all the right systems in place for success, as well as an avenue to turn to for any ongoing questions they may have.
With 30 years of experience and more than 1,200 locations under five brands, Winmark provides our franchisees proven systems and support to help them succeed.
For more information about investment opportunities with Winmark Corporation’s resale franchises, check out our website.