An inside perspective for entrepreneurs seeking the right business fit.
In the U.S., there are over 3000 active franchise brands, offering entrepreneurs a dizzying array of business opportunities. How, then, does an interested small businessperson find the right franchise opportunity? With five brands and almost 30 years’ experience developing the resale category, we have a list of top considerations to get you started:
Personal Financial Status – Buying a franchise will require an investment on your part. While each franchisor’s fee structure differs, be sure to consider costs beyond the basic franchise fee, items such as opening inventory, real estate, insurance and royalties. Winmark is transparent in our financial requirements and encourages you to review and ask questions.
Local Market Differentiation – Consider researching the competition that’s already in place. Winmark’s brands – Plato’s Closet, Play It Again Sports, Once Upon a Child, Style Encore, and Music Go Round – lead the clothing and equipment recycling sector with brands, gear and instruments people want. We keep billions of items out of the landfills each year, and we pay cash for gently used merchandise. This values-based approach is a key differentiator in markets across the country.
Personal Passions and Experience – Your experiences and talents will be key factors in your business’s success. A franchise takes hard work and engagement, so be sure to find a category or business model that sparks your joy. Winmark’s unique portfolio of resale brands includes children’s clothing, sporting equipment, men’s, women’s and teen fashion, and musical instruments.
Franchisor History and Success – Think of your venture into franchising as a business partnership. It takes commitment from both partners to work together to create something special. We cannot overemphasize doing your homework on the franchisor’s track record. Ask questions about their business philosophy, unit revenue statistics and corporate year-over-year growth.
Franchisor Training and Brand Support – Our relationship with our franchisees is built on four pillars: trust, communication, resources and support. As a franchisee, you’ll receive ongoing training and brand guidance designed to help you succeed. Unlike some brands, Winmark does not operate any corporately owned stores. This allows us to fully dedicate our efforts to supporting our franchise partners. Our 100% franchisor model enables us to stay proactive, responsive and closely connected to our operators. With decades of experience, especially in working with first-time and family-owned franchisees, we are committed to helping you thrive.
Values Match – You’ve done the research, checked the boxes and ensured your finances are in place. Now, one final — and important — step is to ask yourself: Do my personal and professional values align with the franchisor’s? At Winmark, our brands are a great fit if the following statements resonate with you:
- Concern about sustainability and our impact on the planet.
- Motivated by and believe in hard work and process-based success.
- Franchise partner who is growing and continually creates new opportunities aligned with its values.
- Seek a partner who supports you and enables you to fully engage in running your own business.
Remember, this is more than a business decision; it’s an investment in your future. Choosing a franchise that aligns with your values, beliefs, and passions is essential for long-term happiness and success. Passion fuels perseverance and fulfillment.
Best of luck as you begin this exciting journey - and know that we're here to support you every step of the way! Let us know how we can help!