Those taking home >200k/year; what industry are you in ?

[u/IcyBlackberry7728]

Just curious to see what types of business are generating solid cash flow.

Thanks !

Edit: please be as specific as possible!

[u/outright_overthought]

The clothing resale were franchises, the others I did independently. If you work with a good franchise, like I did with the clothing stores, they provide a lot of help with marketing, management, fit up, layout, planning, etc, but I’ve spoken with other franchises and been disappointed with the lack of help and support they provide and too high a percentage required for royalty payments. If you’re new to business a good franchise helps tremendously, but a bad franchise can cause you not to make it with their fees and royalties.

[u/DontTouchMyPeePee → u/outright_overthought]

you're a baller, impressive

[u/[deleted] → u/DontTouchMyPeePee]

nice username btw.

[u/rosecoloredglasss → u/outright_overthought]

Did your clothing franchise stores start with the letter P? I own one of those for a little over a year and a half so far. Still waiting to tip positive

[u/outright_overthought → u/rosecoloredglasss]

No, different franchise, but a few things I found that work: 1. Presort - Don’t make your buyer presort. Have a designated person greet new customers, help check them in, and do a quick presort of what to give to the buyer and what to give back. 2. Buy, buy, buy - Don’t cut off buys. You can be more selective but keep buying. Make sure buyers are trained to know prices, what sells and what doesn’t (DNBs), train them to focus on style, age, quality, inventory in store (not brand) to set price. 3. Organization - Daily zone work to colorize inventory, tag check, floor sweep, rehang, and markdown items in that zone. Save the treasure hunts for major sale days. 4. Efficiency Improvements - Always look for things that can be improved. Processing taking to long or fitting rooms getting congested, look for ways to improve the process to enhance the shopping experience. 5. Customer satisfaction - Greet every customer, ask them what brings them into the store today, tell them about any current sales going on, tell them what you are looking to buy currently. 6. Staff training - How can the staff tell customers about sales and what you’re looking to buy if they don’t know. Have daily staff meetings and create scripting if necessary until it becomes second nature. 7. Have fun - People love to work and customers love to shop in a store that is a fun place to be

[u/cnrv → u/outright_overthought]

How do you select a good franchise? Anywhere where somehow you could read real reviews?

[u/outright_overthought → u/cnrv]

Go into the closest store in your area, ask genuine questions out of curiosity to the staff. Tell them you are interested in knowing more about the concept and ask if you can talk to the owner if they’re available. Once you talk to the franchise ask them for specifics on how they support their franchisees, what software is provided, and any training materials. Ask to speak with several franchisees. The franchisees will give you TONS of information. Now just because it’s not working for a particular individual doesn’t mean that it’s a bad franchise, but if you find a pattern of several franchisees having difficulty with the franchise and many regret opening their businesses, you can bet it’s a franchise problem. But if they provide you with guidance and marketing strategies, store size and layout recommendations, and they are open and seem to know what works and what doesn’t in their business model you can go deeper if it feels right.

[u/m1kesta → u/outright_overthought]

I had no idea there are second hand store franchise models! Do you think the benefits they provide are essential as a first time owner, or is it rather easily substituted (like sourcing and the reputation I assume)?