What Are the Attributes of Successful Winmark Franchisees?
With five different Winmark brands, over 1,200 locations and an estimated $17 billion in resale revenue in the U.S. annually, it’s no wonder so many are getting into the resale industry. But it takes the right type of person. These four qualities are typical of successful Winmark franchisees:
Leadership skills are necessary for owning any business, but are particularly crucial with Winmark franchises. Our business model is hands on; while you may not be in the store every day, it’s important to be on top of the three most important things – your finances, your inventory and your people.
The distinct difference Winmark franchisees have versus traditional retail is that the inventory is purchased from their customers. Unfortunately, the staff cannot purchase everything our customer’s bring in, so how you say “no” on items is critical to the success of each location. The most successful franchisees are excellent at leading their team and training their staff in this process. The gross sales in each location are a direct reflection of the inventory the store purchases.Because we pay cash on the spot, the buying process is a great marketing tool
The combination of strong leadership and a staff who is well-trained in the buying process can help drive sales and promote customer loyalty.
An important component within leadership is integrity. Winmark searches for candidates with integrity to ensure ethical practices throughout the brands.
Our customers do not look at us the same way they may look at a big box store.We’re the local store in their community.We’re buying inventory from them every day.We will see them in our store but also at the gym, in the grocery store, at school events and more. Because of this, carelessness or misrepresentation can lead to issues with customer relations or even threaten buying practices.
High performing franchise candidates possess high ideals and a desire to maintain the ethical business practices and business model set out by Winmark.
Between 2011 and 2016, Winmark Corporation’s annual system-wide revenue increased by roughly $288 million. The average unit volume of Once Upon A Child grew 150 percent during the same timeframe.[i] To maintain growth like this, Winmark franchisees continually show their competitive nature.
Winmark searches for candidates that aim to go above the system average. Ideally, each franchisee strives to be first in sales. This promotes growth among individual locations and the system as a whole. While our franchisees are competitive by nature, they are also ready to help their fellow franchisees succeed with great ideas and support from the entire franchise system.Successful and happy franchisees help facilitate the growth of the brand leading to new locations.With that comes additional brand awareness in markets across the U.S. and Canada.
4. Community and Team Focused
We’re not like the big box giants; we’re individually and locally-owned stores. We know our customers, and they know us. This community involvement aspect requires teamwork from the franchisees to store managers to hourly staff.
Franchisees are often customers themselves who saw a need for the market in their own communities. They are brand advocates that know and love the business concept. This personalized type of store means you’ll likely see your customers outside your stores as well. Many franchisees choose to participate in community events through charitable donations or sponsorships. Our most successful franchisees go beyond the four walls of the business and add value in the community where their franchise is located.
These qualities are typical of many successful franchisees, but this list is by no means exhaustive. The many amazing franchisees we get to work with every day bring unique strengths and talents that help them grow their business. Winmark offers comprehensive training in the many retail and operational parts of each brand, so the personal skills and attitudes are the intangibles we look for in candidates.
If these qualities sound like you, and you’re interested in getting involved in one of the Winmark franchise brands, visit our website for more information about our franchise opportunities.