2nd store opening marks successful franchisee
Realising his plans to develop a chain of Cash Generator stores, franchisee Onkar Nandra talks to Derin Ibrahim about the opening of his second location
The long-term ambition of many new franchisees is to expand their business through more outlets, and three years after opening his first Cash Generator store Onkar Nandra has achieved this aim. 'I used to work in retail but I came to a point where I wanted to work for myself,' he remembers. 'I chose franchising, as I wanted to set-up a business with a corporate feel. The Cash Generator franchise appealed to me as it was completely different to what I had been doing before, however it was still in the retail sector.'
Franchising since 1994, Cash Generator buys and sells new and pre-owned domestic items. Additionally it offers personal loans, pre-paid Mastercards, foreign currency, third party cheque cashing, international money transfers, pawnbroking, vehicle financing and a buy-back service.
Before he opened his first Cash Generator store in Dudley, Onkar received six weeks of training covering all aspects of the business and he has continued to benefit from ongoing support from his area manager. With his first store turning over £900,000 per annum by year three, Onkar felt he was ready to expand into a second store. Based in Wolverhampton this store opened in October 2007. 'Over the next few years I want to look to open a third and then a fourth store,' he adds.
It is not only the financial success that Onkar finds rewarding about his franchise: 'What I really enjoy about running the business is that every day is different. Also there are a lot of benefits with a Cash Generator franchise - especially the many different revenue streams coming into one shop. This means that if there is an upturn in the economy then the store will still prosper, if there is a downturn it will prosper as well.'