From Discovery Day to the first anniversary of opening their doors, Winmark franchisees will pass many milestones on their first-year journey. Fortunately, the Winmark team is there to provide guidance and support the whole way.
What can franchisees expect in their first year? Let’s break down the typical first-year experience.
Discovery Day Is Winmark’s First Step Toward Ownership
The first-year experience actually begins with a virtual Discovery Day long before a franchise location opens. Discovery Day is the last step in the development process.
After a franchise candidate has been financially qualified, reviewed the franchise disclosure document and done their due diligence by talking with current franchisees, they are invited to Discovery Day. At Discovery Day, candidates meet with Winmark team members from various departments to learn about the support they can expect, the different brands and what it takes to be successful in the Winmark system.
By the end of Discovery Day, both Winmark and the candidate should have a clear idea of whether they are the right fit for one another. If all goes well, signing the franchise agreement will be the next step, and the candidate becomes a franchise owner.
Resale University 101 Introduces You to The Winmark Way
After the franchise agreement is signed, new franchisees are assigned a Training Manager. The Training Manager supports the franchisee through the buildout process, helping them set up their business entity, design the store floorplan, order supplies and equipment, set up vendor accounts and offer guidance on hiring.
Also after the franchise agreement is signed, the franchisee travels to Winmark Headquarters for Resale University 101 – that’s basic training at Winmark’s Resale University™. Resale University 101 trains franchisees in The Winmark Way™, which includes key areas of store ownership and operations rooted in support, sustainability and stewardship.
The Resale University 101 curriculum includes:
- Real estate, financing, legal
- Business planning
- Introduction to buyer certification
- Local store marketing
- Accounting and bookkeeping
- Advertising and marketing
- Product knowledge
- Service vendor program overview
Armed with this knowledge, a franchisee is ready to find an appropriate site for their store and complete their financing.
Winmark’s Support Team Grows Through the Process
After a franchisee has signed a lease and secured financing, they are paired with a Marketing Manager. Marketing Managers work closely with stores through the grand opening, helping them prepare and execute a strong marketing strategy to support launch and long-term success.
The Marketing Manager helps the franchisee create their website, set up their social media accounts and email marketing platform, as well as connects them with a preferred marketing agency to help them promote their stocking-up period and, later, the grand opening.
After buildout is completed, a New Store Development Manager takes over for the Training Manager. The New Store Development Manager supports the store through the stocking-up and grand opening phases. The New Store Development Manager visits the store once during the stocking-up period to assist with merchandising and buy process efficiencies, and they will be on site for the grand opening.
Resale University 201 Brings More Hands-On Training
A few months before the store begins stocking up on used product, a franchisee is ready to attend Resale University 201. This round of hands-on training also takes place at Winmark Headquarters.
At Resale University 201, the franchisee trains on:
- Point-of-sale system
- Winmark Connect reporting
- Loss prevention
- Inventory and financial management
- Buyer certification
- Advertising and marketing
- Store operations
- Hiring, training and retention
- Customer service
At Resale University 201, the franchisee will be introduced to their future Operations Manager, if they haven’t crossed paths already. This is a big moment, because after grand opening, the Operations Manager will become the franchisee’s primary point of contact and support at Winmark.
Stocking Up and Grand Opening
The stocking-up phase is when customers bring in their used goods to sell to the stores. The stocking-up period (or “open to buy”) is typically an eight- to 10-week period. During this time, stores are only purchasing clothes, accessories, sporting goods or musical instruments from customers within the community. The stocking-up phase also serves as a bit of an appetizer to the main course, as it often whets customers’ appetite and gets them excited to return when they can shop.
When the store meets its stocking-up goals, it’s time for the grand opening. The New Store Development Manager will visit to support the day before the grand opening and on grand opening day.
The grand opening weekend is often an exciting whirlwind of activity. But afterward, franchisees will have the opportunity to pause, take it all in and then ease into a steadier, familiar work rhythm.
Following the grand opening, the franchisee is officially assigned the Operations Manager for their region. Over the next year, the Operations Manager and franchisee have a standing monthly meeting to review brand standards, financials, inventory management, customer experience and marketing, and look ahead to the next month. The Operations Manager also will have one annual in-store and one virtual visit.
The Operations Manager becomes a combination advisor on day-to-day operations, analyst of performance metrics and strategist, helping the franchisee look for growth opportunities and optimizations as they move ahead together.
The months leading up to a franchise location’s grand opening is full of excitement and milestones, but a franchisee is supported all along the way by a team of specialists from Winmark. If you’re ready to start your own journey, contact the Winmark team today.