What Makes a Good Franchisee?

So “what makes a good franchisee” you ask?

Watch this quick video featuring our VP of Franchising, Jim Wollman, and find out some of the key characteristics that NTY Franchise Company looks for when partnering with franchisees to grow one or more of our successful resale businesses.

Video: What does it take to own an NTY Franchise?

Do you have the skills and traits mentioned in this video? If so, you would make a fabulous franchisee with any of our five resale brands: Children’s Orchard, Clothes Mentor, Device Pitstop, New Uses and NTY Clothing Exchange!

Still don’t know if you have what it takes, or curious which of our resale brands is the best fit for you? Take our successful franchise owner quiz!

What Makes a Good Franchisee Video Transcription

Do you prefer a text version of the video or want to follow along while you watch? Then check out the full transcription below! 

There is no “best age” to start a business

Jim: We attract people of all ages- from people in their twenties to their sixties and everything in between. People come from all kinds of backgrounds and work experiences too.

Most importantly, we are looking for people with energy and personality. That’s what makes a good franchisee. We can’t teach you how to be a cool person to work for so you need to come to the table with those things that will really help you be successful in these businesses.

Some characteristics of successful franchise owners

Also important are transferable skills. If you had previous successes in your career, then you have transferable skills and that’s good.

What I’m talking about here are previous management experience, staff oversight, budgeting, and communication skills. Those are important because we are going to teach you how to maximize your business and you are going to use those skills to execute and make yourself a successful franchise owner.

NTY Franchise Company’s Proprietary Point of Sale System (POS)

We also need people that appreciate what computers and technology can do because we use it heavily to measure and manage and improve our businesses to the maximum potential. We have proprietary point of sale systems that will help you with inventory turn rates, cash flow management and with employee efficiency.

Our Franchise Loyalty Programs

We have trigger based customer loyalty programs, just like the big business out there. We are using technology to attract, retain, and bring in more customers, and more customers more often. So an embrace of the use of technology is very important. You don’t have to be an IT professional, but you do have to be comfortable with computers.

We are also looking for people who are smart enough to realize that you don’t know what you don’t know and you can really benefit from a shortening of the learning curve. This not only helps you to avoid costly financial mistakes, that one is easy to understand, but what a lot of people don’t think about is that mistakes cost time.

We teach you how to run a successful franchise

We know People want to get going and get moving, become more successful more quickly, and we can help you with that. We are not looking for people who are so entrepreneurial that they want to just change everything coming right out of the gate.

We have a very proven pathway. We have all of the knowledge, training and support that makes up our proven and well-worn operating system. So we know that if you use our tools, use our systems, and execute that you will greatly improve your chances of being successful.

Successful franchise owners “wear all the hats“

A lot of people come from corporate America to begin their business for the first time. Of course we can help you there, but your background says that you wear a big hat and are a specialist and good at what you do.

This may be more narrowly defined in Corporate America. The thing about small business America is that you have to wear all the hats. The good news is that they are really small hats. And we are going to help you in areas that you aren’t as strong in and in other disciplines that you don’t feel as comfortable with. So having this ability to realize that it’s about you and wearing all the hats is an important thing for you to be able to realize and appreciate when you get into a franchise business.

Couples make great franchisees

Now this brings up the question-what are the most common profiles that make up our franchise business? One of the most tried and true profiles for us are couples. Where one covers the household expenses, the overhead, and so on. While the other gets the business up and running and started. Often times with love, opposites attract and they usually have different skill sets, but when you mesh those together they make a very good one hundred percent.

Hands off franchise investors

Another type of profile that has worked well for us are partnerships where you have one financial backer who is a little more hands-off, and another operational partner who is going to be the face of the business and run the business on a day to day basis. An example of this could be an adult with an adult child. Now in our soft line brands, apparel, we do have men who do these businesses and usually what they will do is hire a female manager who has prior retail experience. Conversely in our tech businesses, we have very successful women running our device pit stop. We really do get people of all walks of life and who are given a proven business operating system to follow.

Going solo: solo franchise ownership

Now, the one exception to what I just said is for those who are coming into the business solo. The one other thing that you have to think about is that if this is going to be your new business you may decide to run the business yourself and maybe take that managers salary for yourself in the early stages until you build the business out. But just to be safe, we would encourage you to at least have one year of household expenses tucked away in reserve as working capital above and beyond the initial investment of opening up the business which is covered on our website as well.

-end- 

So there you have it, now you know what makes a good franchisee. Think you have what it takes? Then contact us now to schedule your free consultation!

Upcoming Seminars to Learn About Franchising and NTY

franchising seminar attendees

NTY Franchise Company will be discussing our innovative franchise opportunities in person at the following seminars presented by the Franchise Consulting Company (FCC).

Hear firsthand from our VP of Franchising, Jim Wollman, about what makes our five resale brands special and our business model successful.

Upcoming Seminars

March 16: Santa Clara, CA, hosted by Rick Morgin. 

March 18: Los Angeles, CA, hosted by Stephen Winterrowd and Lauren Grant. 

March 29: Fort Lauderdale, FL, hosted by Cliff Fostoff.

Hope to see you there!

200 Stores and Counting: NTY Franchise Knows How to Build Resale Businesses

With the opening of its 200th store, NTY Franchise Company continues to grow and be a leader in the upscale resale industry. Check out the great article about the company and its five innovative resale brands from the January issue of Global Business North America:

global business north america article about NTYglobal business north america article about NTY

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global business north america article about NTY

global business north america article about NTYglobal business north america article about NTY

global business north america article about NTYglobal business north america article about NTY

Click here to see the article inside the digital issue of Global Business North America.

Gifting Season: LinkedIn Article Features NTY Franchisees

Check out excerpts from a linkedin.com article below, which features several franchisees from various NTY Franchise Company brands.

Why these franchisees see franchising as a gift

By Jim Judy

The holidays are here, so what better way for me to celebrate than to hear why actual franchise owners see franchising as a wonderful gift. As a franchise consultant, I’m always happy to hear how they are thriving in their franchise business, but even I was surprised by the response I received for this story.

I’ve heard from dozens of franchisees from numerous franchise systems excited to share their thoughts on what they love about franchising.

Enjoy what they have to say, and have a wonderful holiday!

[…]

“This year we feel even more thankful than previous years. By opening our Clothes Mentor franchise we fulfilled our dream of having a family business and have the opportunity to spend more time together. Being a franchise owner has given us the opportunity to save for our retirement, and provide long term job security for our son. Our #Dream2016 has come through.” – Pieter de Smidt, Clothes Mentor of Sugarland, TX

“I’m thankful for franchising!  Combining my entrepreneurship passion with best practices, systems and tools from a proven franchiser is a winning combination.  2016 was a great year!” – Bradley R. Swenson, Device Pitstop of Maple Grove

“We are thankful for a franchise with a proven track record to give us the confidence to open multiple, very successful businesses. By following the “resale-retail recipe” provided, we are not forced to build a business model from the ground up, but to utilize the wealth of knowledge our franchisor has handed to us to create our own businesses in our market and have the freedom to be creative and find ways to improve even more on operating our own individual stores.” – Shawn & Alyssa Cox, Clothes Mentor Charlotte – Midtown, NC, Charlotte – Arboretum, NC & Rock Hill, SC

“Being part of a franchise provides a broader opportunity for success, and gives an established brand to build on.  I’m thankful for the partnership, resources, technology, and ongoing support from the franchise I am partnered with.” – Shasta Webber, Children’s Orchard Huntersville, NC

“Franchising give me the flexibility to make more family time.  There are no clocks to punch and no supervisor to decline vacation requests.” – Brad Peterson, Device Pitstop Burnsville, MN

“After just spending 90 minutes with my franchise operations manager, I feel like I have a focused business strategy to wrap up 2016…and he planted seeds for me to start developing my 2017 business goals.  I am thankful for having a built-in, business-savvy coach who wants us to succeed as much as we do.” – Chris Barnett, Clothes Mentor Springfield, PA

Click here to see the full article on linkedin.com.

Why Franchisees are Thankful for NTY Franchise Company

From opening their stores to growing their businesses, find out what franchisees appreciate most about working with NTY Franchise Company:

“I’m thankful for franchising! Combining my entrepreneurship passion with best practices, systems and tools from a proven franchisor is a winning combination. 2016 was a great year! Our great DP Pit Crew worked incredibly hard with our wonderful customers, helping them to economize and optimize their digital life (computers, tablets and cell phones).” – Bradley R. Swenson, Device Pitstop Maple Grove

“Being a franchisee with NTY’s Clothes Mentor fulfills my dream of being my own boss while giving me the safety net of industry experts who are just as invested in my success as I am. I couldn’t imagine opening a business any other way.” – Jennifer Walters, Clothes Mentor Torrance

“This year we feel even more thankful than previous years. By opening our Clothes Mentor franchise, we fulfilled our dream of having a family business, and have the opportunity to spend more time together as well. Being a franchise owner has given us the opportunity to save for our retirement and provide long-term job security for our son. Our #Dream2016 has come through.” – Pieter de Smidt, Clothes Mentor Sugarland

“Being part of a franchise provides a broader opportunity for success, and gives an established brand to build on. I’m thankful for the partnership, resources, technology and ongoing support from the franchise I am partnered with.” – Shasta Webber, Children’s Orchard Huntersville

“There are so many things we love about franchising. One aspect is that we have a blueprint of how to run our business. We have other people in a like businesses to learn from and share ideas. We feel like we have an extended family in our relationships with our franchise companies and our employees. We could not do everything alone.” – Randi Zied, Clothes Mentor North Olmsted, Strongsville and Mayfield Heights

“We are thankful to show our children (ages 9-16) how to own a business. We’re thankful they’ll see how much hard work is required, how important good character is and what a blessing it is to work together as a family!” – Kathy and Lane Bosley, Clothes Mentor Tyler

“Franchising gives me the flexibility to make more family time. There are no clocks to punch, no supervisor to decline vacation requests.” – Brad Peterson, Device Pitstop Burnsville

“We are thankful for a franchise with a proven track record to give us the confidence to open multiple, very successful businesses. By following the ‘resale-retail recipe’ provided, we are not forced to build a business model from the ground up, but to utilize the wealth of knowledge our franchisor has handed to us to create our own businesses in our market and have the freedom to be creative and find ways to improve even more on operating our own individual stores.” – Shawn and Alyssa Cox, Clothes Mentor Charlotte Arboretum, Charlotte Midtown and Rock Hill

“I have owned several startup businesses (none of which were franchises) and it is a lot of work, more than people may think. I have now just started a Device Pitstop franchise and I am very thankful because they have taken every process and made it flawless. While I own my own business, I have a team of experts to lean on at all times. Priceless!” – Matt Paperi, Device Pitstop Overland Park

“After just spending 90 minutes with my franchise operations manager, I feel like I have a focused business strategy to wrap up 2016. And he planted seeds for me to start developing my 2017 business goals. I am thankful for having a built-in, business-savvy coach who wants us to succeed as much as we do.” – Chris Barnett, Clothes Mentor Springfield and West Chester

“People are always searching for that thing in life that provides them the opportunity to succeed. Franchising allows you to obtain independence through the fruits of your own efforts.” – Mike Thorn, Clothes Mentor Cordova

“I am thankful for the continued support from NTY with system updates and resources. Support like this is critical for the franchisees to keep up with and stay ahead of new technology. It also allows us time to focus on our store and marketing.” – Joe Ferrazzo, Device Pitstop Maplewood

“I’m thankful for deciding to open a franchise, because name recognition and corporate support from experienced franchisors, are two important factors to a successful business.” – Karla Fitzpatrick, Clothes Mentor Burnsville

“We are thankful to have found the opportunity to own a franchise CM store. Because of this, we moved back to our home state of Oklahoma to be near family, which encouraged more family to move here, too. We doubt this would have happened in the three years we’ve been here, without this major life change.” – Mike and Melanie Harris, Clothes Mentor Edmond

“We are thankful to have an opportunity to buy quality, stylish clothing from customers and then sell them at affordable prices.” – Jennifer Small, Clothes Mentor Portage

“They make the hard stuff easy!” – Scott Stansbury, Device Pitstop Anchorage

“I’m thankful that our franchise is here in our community for all women and all sizes. Our Clothes Mentor has helped women create new styles and a new sense of confidence when it comes to their fashion needs. We are thankful to be a part of that new confidence.” – Michael and Wyndy Reese, Clothes Mentor Jonesboro

“I am thankful that our Black Friday Sale is completed, on the Saturday before official Black Friday. It was very successful thanks to creative thinking of our corporate staff. “ – Don Leventhal, Clothes Mentor Bloomington

“We operate in a crowded market and I am not sure how I would break through if I didn’t have marketing support from the franchise. I wouldn’t be able to rise above the noise. From professionally designed materials to creative sales strategies, I am thankful that I have the franchise marketing support and I am not spending hours—no, days—trying to do it all myself.” – Chris Barnett, Clothes Mentor West Chester and Springfield

NTY Franchise Company’s 200th Store Featured on Franchising.com

Check out the article below from franchising.com highlighting NTY Franchise Company’s 200th store: Device Pitstop Newport News!

device pitstop store front
Photo from NTY Franchise Company

NTY Franchise Company Opens Their 200th Store

National Leader of Upscale Resale Brands Will Celebrate 200th Store Opening in November

NTY Franchise Company, a national upscale resale franchise headquartered in Minnetonka, Minnesota, today announced the opening of the company’s 200th store on Thursday, November 10 in Newport News, Virginia. Device Pitstop, NTY Franchise Company’s mobile and electronic device resale franchise, had the honor of achieving the company milestone when they opened their doors on Thursday morning.

“We’re very excited to open our 200th store in Newport News, Virginia this November,” NTY Franchise Company COO Chad Olson said.

“The opening signifies our continued growth and commitment to meeting the modern consumer’s need for high-quality clothing, devices and other items at an affordable price.”

NTY Franchise Company was founded in 2006 by President Ron Olson. Their first brand launched with the purchase of franchising rights for Clothes Mentor, a women’s resale store that today features more than 140 outlets. In 2011, NTY expanded its offerings by purchasing the franchise rights for New Uses, a resale store for home goods such as furniture, artwork and more. Expansion continued in 2013 when the company purchased Laptop Exchange and renamed it Device Pitstop, a franchise that buys, sells and repairs personal electronics.

In 2014, the company developed two new brands from scratch — NTY Kids, for newborns through preteens, and NTY Clothing Exchange for teens and young adults. A year later, NTY Franchise Company purchased an existing kids’ resale store, Children’s Orchard, and merged it with NTY Kids. The name Children’s Orchard stuck, and the new total of 30 stores were revamped to fit the modern design and concept developed by the NTY team.

About NTY Franchise Company

Founded in 2006 by Ron Olson, NTY Franchise Company is the gold standard in resale franchising companies. NTY franchises five brands, all with a different focus: Clothes Mentor, Children’s Orchard, Device Pitstop, New Uses, and NTY Clothing Exchange. The brands are all resale-based and cover women’s designer fashions, children’s apparel and accessories, furniture and household goods, electronic sales and repair, and clothing for teens and young adults. All are great business opportunities with cutting-edge technology, unmatched support, and lucrative resale franchises. NTY Franchise Company has helped individuals to establish resale stores throughout the United States in many communities, and it has territories available to develop nationwide.

Click here to see more from franchising.com.

NTY Franchise Makes the 2016 Fast 50 List

What makes NTY one of the 50 fastest-growing private companies in the Twin Cities area? Find out in this excerpt from an article by the Minneapolis/St. Paul Business Journal:

2016 Fast 50 logo

We Asked Chief Operating Officer Chad Olson:

What’s one business decision you made in the past three years that’s been critical to your firm’s growth?

Putting as much information onto our franchise development website as possible. In the past this was taboo, it was normal to hold your cards close. In today’s world information is king. If you want to sell franchises you need to have your information front and center.

Ron and Chad for Fast 50 article
Photo by Nancy Kuehn and courtesy MSPBJ; Chad Olson (left) and Ron Olson (right).

Click here to see the impressive growth numbers for NTY Franchise Company.

Click here to see the full Fast 50 2016 list on bizjournals.com.

Learn more about the Fast 50 list in this excerpt from a note about the project by editor Kim Johnson:

Fast 50 2016 Editor’s Note

It isn’t the easiest task to get revenue figures from private companies. Our reporters are frequently told, “We’re a private company. We do not share revenue information.”

It’s even more of a stretch to ask them for actual financial statements.

However, each summer the Business Journal doggedly searches the Twin Cities 24-county metro area to find the region’s fastest-growing private companies. We look for independently owned, privately held, for-profit businesses that are headquartered here. We look for year-over-year revenue growth from the three most recent fiscal years. We look for companies with at least $1 million in revenue from the first of those three years.

And then we require them to send in three years of financial statements that have been audited or reviewed by an independent accountant.

And those documents go to our own accounting partner for further verification and number crunching.

It’s a lot to ask of private companies used to keeping their revenue numbers close to the vest. But it’s imperative we ask this of each company submitting a nomination for our annual Fast 50 awards. Everyone is held to the same standards to ensure the integrity of this list, which showcases some of the state’s best-in-class enterprises.

These companies aren’t just growing their bottom lines. They are creating jobs at extraordinary rates. They are providing growth opportunities for the businesses that serve them. They are boosting Minnesota’s economy.

So thank you to all the companies that submit nominations for this project — not just for the above, but for being willing to jump through the hoops we ask you to in order to produce this awards publication.

Click here to see the full letter on bizjournals.com.

Feeding Kids and Having Fun: NTY Team Charity Event

Capping off a week of training earlier this month, the NTY Franchise Company team came together for a morning of fun and volunteering at Feed My Starving Children, a local charity that ships easy-to-prepare, nutritional dry meals to children in need in countries all over the world. And we even got to keep the hairnets!

Check out some snapshots of the event below, and click here to learn more about Feed My Starving Children.

NTY staff at Feed My Starving Children

NTY staff at Feed My Starving Children

NTY staff at Feed My Starving Children

NTY staff at Feed My Starving Children

NTY staff at Feed My Starving Children

NTY staff at Feed My Starving Children

NTY staff at Feed My Starving Children

How Upscale Resale Has Created a Booming Niche in American Retail

This article, originally published on huffingtonpost.com, mentions NTY Franchise as a growing company in the booming resale industry. Read on to learn why franchising a resale store is such an appealing option for entrepreneurs:

Huffington Post graphic for NTY mention resale article
Graphic courtesy huffingtonpost.com

By Yatin Khulbe

It goes without saying that finding the right balance between a successful retail strategy and an approach that sets yourself apart can be a big challenge.

After all, an increasing number of new businesses fail each year while attempting to break into the seemingly impenetrable arena of modern retail.

The wall of the booming big box and major brand monoliths isn’t entirely impenetrable, however. Surprisingly, a number of upcoming retail contenders and franchises have taken an unorthodox approach to the resale market in recent years.

They prefer to focus on cultivating an upscale atmosphere and level of service usually reserved for their conventional and big brand counterparts.

So how did “resale retail” go from a budget niche to a booming new brand of resellers with increasing interest and profit margins?

Here are some of the points which encouraged resellers in coming up with smart and unconventional strategies in recent years:

Flexible Points of Entry

The unique nature of upscale resellers as an up-and-coming industry often mean that aspiring entrepreneurs looking to break into store management or ownership can enjoy more substantive options to finance a small business.

The availability of franchise opportunities among national resale parent companies has skyrocketed recently.

Resale is a multi-billion dollar a year industry because it attracts the consumers from all economic levels.

Why are buyers are excited about resale deals?

The answer is simple.

Everyone wants to save money on consumer goods and utilize it for vacations, child education, retirement funds, and various family activities.

Breaking into franchise management can traditionally serve as a safer starting point for those getting their start in ownership across a variety of industries.

Companies looking to expand the influence of their existing resale branding have substantially increased the availability of options for management newcomers in recent years.

What does it mean?

A minor nest egg can be invested with a greater range of strategies for those looking to make the most out of their existing experience in retail and business.

Unfortunately, the majority of small businesses generally won’t expect to yield profit margins in the first months (or even years) of operation.

If a budding retail entrepreneur doesn’t find this initial period of low profits viable or attractive, a partnership with an existing upscale resale franchise can often provide valuable options for getting the ball rolling.

Consistent Consumer Experience

Traditional resellers have often relied on lower than standard profit margins and nonprofit dichotomies focus on providing a service to the local community.

On the other hand, upscale resale stores concentrate on consumer experience by understanding the needs and desires of their buyers.

Modernized resellers provide no restraint shopping experience to the customers. It allows for more competitive price points while still retaining the attractive benefits of a resale outlet experience. Resale businesses with a focus on this above-par shopping experience include growing resellers such as NTY (New To You).

Why modern resellers overpower traditional counterparts?

It’s win-win for both the parties.

Consumers lock down lower prices while still enjoying the experience and atmosphere that come with new goods retailer.

The benefit doesn’t extend solely to customers.

The smooth shift towards an upscale customer experience means that owners and franchisees can expect to enjoy an operative experience and keep up with the steadily rising revenue of retail frontrunners as well.

Strong Support Systems

Breaking into uncharted territory doesn’t mean that resale franchises are going alone. In fact, a vast majority of resale stores rely on the framework of support networks that allow them to fall back on training opportunities, marketing materials, and more.

The main question arises:

Why are they helping each other?

A range of prospective overhead costs is saved which require a lion’s share of time and money.

As a result, this support mechanism allows room for innovation.

Lower Overall Risk When Taking the Leap

The idea of kicking off small businesses looks very attractive, but it often leads to lower than anticipated profits. The standard new retail venture without well-timed market research means failing within the first year or even less timeframe.

On the more optimistic flip side, from the very beginning, resale retailers break into the market with the convenient advantages.

For example, reliance on inventory that stems from donated clothing, furniture, or even the computer hardware take away the pain of investing in new stocks.

Without investing deeply in product purchases on the front end, the same investment can be allocated for primary concerns such as property and operation overheads.

Click here to see more from The Huffington Post.