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How We’ve Been Able to Achieve a 97%+ Franchise Renewal Rate

When it comes to owning a franchise, one of the most important questions you will face at the end of your initial agreement term is: “Would you like to renew?”

In the vast majority of cases, our franchisees answer with a resounding, “yes.” At Winmark®, the Resale Company™, we pride ourselves in keeping our franchisees happy. Our comprehensive support consists of several factors that benefit our franchisees as they navigate through the ever-changing realm of business ownership. Beyond that, franchisees also enjoy being able to make a positive impact on their local community, as well as invest in an environmentally friendly business model.

Here’s a closer look at what motivates our franchisees to keep investing in our retail resale franchise concepts.

Owning a Resale Franchise: A Rewarding Concept

By 2024, the resale sector is expected to have a worldwide market value of $64 billion. Our resale brands offer a rewarding franchise opportunity that goes far past the financial aspect. In addition to taking on the recognizable Winmark brand names, business model, and resources, we are making a true difference in the lives of our customers.

Our stores are key establishments for many members of the community. The fact that we offer a unique concept for families to save on clothes and other items by purchasing them secondhand and be compensated for recycling their gently used ones not only keeps our customers happy, but our franchisees as well.

One of the other major advantages of owning a resale shop is its eco-friendly nature. Reusing and recycling clothes and items benefits the environment around us by reducing waste and making the most of what we already have. In other words, it is a fashionable way to go green.

Finally, franchisees love getting involved in their local communities. There are countless examples of franchisees organizing in-person or virtual events to help build and maintain relationships with customers in their communities — building long-lasting loyalty.

Leading the Way With Technology

In today’s world, there is one aspect in particular that is essential to the success of any business: keeping up with technology. At Winmark, we don’t just keep up with it; we stay ahead of it.

Our proprietary data recycling system (DRS), which is integrated with our point-of-sale system, makes tracking inventory and purchasing behaviors simple. All purchased items are tracked in the DRS, and our software tracks which employee buys them and when the transaction occurs. Franchisees can then use this data to analyze buying trends in regards to brand, category, condition, and seasonality.

Our tracking system also makes it easy for franchisees to determine when the correct time is to implement clearance and sale prices on certain items. This helps ensure that franchisees are constantly able to bring in new inventory and keep customers coming back.

Meanwhile, our online reporting system, Winmark Remote, provides franchisees with insight on what categories should be focused on and when for optimal sales, as well as making the floor allocation planning process a whole lot simpler. It even enables franchisees to generate reports to determine their peak buying and selling times.

Finally, our DRS and Winmark Remote are excellent tools for franchisees to measure their financial performance, and more specifically, their profitability. Winmark Remote even provides KPIs on demand so that franchisees always have insight into how their business is performing.

Top-Notch Education and Marketing Support

We work hard to ensure franchisees stay up to date on our proprietary technology and general business and marketing strategies. We do so by holding monthly classes for all new and existing franchisees. In fact, we have operations support employees that are specifically dedicated to assisting franchisees with tracking, reporting and back-end operations.

Additionally, the Winmark support team provides franchisees with marketing education, from one-on-one consultations to group classes and webinars. We also directly support franchisees in all facets of their marketing strategy.

We have strategies in place for various social media platforms, providing helpful tips, best practices and training on social media management tools. This is of vital importance, considering social media is a relatively low investment that can have a major positive impact on a business’s brand awareness and profitability.

Another feature of our marketing mix is ecommerce, specifically for our Music Go Round®, Play It Again Sports® and Style Encore® brands. We provide franchisees with all the tools necessary to run an ecommerce site. This has especially been helpful throughout the COVID-19 pandemic, and it allows franchisees to reach a wider audience. Most importantly, it helps make sure consumers are able to find franchisees’ products online and motivates them to visit their local store to complete the purchase.

Our centralized system even connects each franchisee’s POS system to automatically update their online catalogs with what’s in stock. Franchisees are at liberty to decide which products are available for purchase online and which they prefer to sell in-store. It also allows them the option to add images and product descriptions to boost their search engine optimization. The ecommerce option benefits both franchisees and customers alike, as customers can combine their items into one online cart rather than visiting multiple physical stores.

Working With You to Achieve Your Goals

From the moment you sign on as a franchisee, we provide you with all the support and tools you need to succeed. We help you with site location criteria, store design, products and inventory and much more. We continue to help you along the way by providing you the tools needed to manage your day-to-day operations, adapting to new situations and connecting with customers.

Our franchisees have the flexibility to run their business in alignment with their vision, while we serve as a guide and resource every step of the way.

Prioritizing Your Success

Throughout the past 30+ years, we have been achieving our mission of bringing resale franchises like Music Go Round, Once Upon A Child®, Plato’s Closet®, Play It Again Sports and Style Encore to communities across North America. Our franchisees are ultimately who have helped grow our brand to what it is today, and as our industry continues to expand, we are here to help you on your path to your dream entrepreneurial career.

To learn more about our franchise opportunities, get started by downloading our franchise brochure today.