After overcoming a challenging year full of unforeseen circumstances, many might be prompted to hold off on their business ownership dreams. While it's impossible to plan for the unexpected, and the risk might seem scary at times, there has never been a better time to invest in any of the resale retail franchises that make up Winmark, The Resale Company™.
No matter the economic challenges, our retail resale brands continue to beat the odds and remain on top. We thrive even during times of economic recession and uncertainty because of our multi-channel resale franchise model.
In this post, we'll be discussing the common obstacles to becoming a franchisee and how Winmark can help you overcome those challenges with a reliable franchise investment.
#1. Overcoming Perceived Risk
Investing in a business generally can be risky because it requires you to invest significant capital and time. There’s also no guarantee that your business will be successful.
Our tried and true franchise model has proven successful for over 30 years. Our success is visible in our franchisee retention alone, over 98% of our franchisees have renewed their agreements with us over the last ten years.
#2. You Have to Stick to Certain Rules
Many believe that if you own a franchise, you can't add your personal touches or improve the brand in any way due to the franchise rules.
While we have a specific, easy-to-follow business model for franchisees, we allow our franchisees to take the reins of each location. Instead of overwhelming our franchisees with rules, we dedicate our time, experience, resources and capital to supporting them.
#3. A Minimum Net Worth Requirement
It's no secret that your chances of owning a franchise depend largely on your access to capital. While being financially qualified is essential for franchise consideration, many let the intimidation prevent them from exploring opportunities altogether. While startup costs might seem scary at first, they're a necessary investment to get your franchise up and running.
With five different brands to choose from, we offer different resale franchise opportunities that vary in financial requirements and startup costs. At Winmark, we offer various resources and financial information upfront, so you're never surprised. We take the intimidation out of the process.
#4. Owning a Franchise is a Big-Time Commitment
Launching a new business is time-consuming no matter which way you look at it. You wouldn't be able to establish a startup by only devoting partial time, and you won't be able to launch a successful franchise with a part-time commitment either. It takes serious dedication to run any business.
The benefit of owning a franchise is that you are launching a business for yourself, but not by yourself. At Winmark, our decades of stability and experience matched with our continual support and training set our franchisees up for success.
#5. Choosing the Right Market
Launching in the wrong market is a valid fear many hopeful franchise owners have. It takes time to research and evaluate potential markets to venture in, and the process can seem very daunting without any help or assistance.
At Winmark, we take the stress out of site selection. Recognizing how intimidating the site selection process is to do alone, we have a team to help new franchisees find the right spot to open a Music Go Round®, Once Upon A Child®, Plato’s Closet®, Play It Again Sports® or Style Encore®. It includes trainers, the brand director, the legal department and the franchise development.
#6. The Risk of Inadequate Support
You might get overwhelmed by the number of franchise opportunities out there that bombard you with the same old information. Many franchises are great at selling, but not all can say they're great when it comes to franchisee support.
We have a track record of helping countless first-time franchisees achieve their entrepreneurial dreams, and our commitment to supporting our franchisees can be seen throughout our 1,260+ locations across the country.
#7. The Approval Process Can Be Lengthy
The approval process can be longer depending on the circumstance, but it's worthwhile. After all, if the goal is a long-term partnership and continued growth, wouldn't it be worth it to vet all sources and establish credibility upfront?
There's a reason our retail resale brands have seen such great success, and it all comes down to the excellent partnerships we've established. We wouldn't be where we are without our exceptional franchise owners. That being said, both parties must do the necessary research to ensure long-term and ongoing success.
#8. Establishing a Work/Life Balance
Building a business takes time. There’s no overnight way to get people into your business. Becoming a franchisor takes a certain entrepreneurial "all-in" mindset that not many have. When the hours and days get longer, it's essential to consider why you started.
Many of our franchisees know what it's like to do the work and reap the reward. Many of them even say they'd do the process all over again because it allowed them to achieve their dream life and spend more time with their family. It's essential to weigh the odds and understand what's expected while also keeping the end goal in mind.
Ready to Embark on a Retail Franchise Opportunity?
No matter the obstacle, all challenges can be overcome with the right supportive franchisor. Our growing number of franchise locations and long history of success speak to our unparalleled approach to franchising.
Click here to learn more about Winmark's franchise opportunities.