‘Recession-proof model’ attracted franchise owner
From a second-hand car dealership and finance broker firm to a restaurant, Kevin Old’s eclectic experience encouraged him to embark on a new career in franchising.
Entrepreneur Kevin Old, from Bournemouth, had owned a number of successful businesses in a variety of industries before he decided to invest in his first Cash Generator franchise.
After attending franchise exhibitions and having researched an array of potential franchises, Kevin chose Cash Generator.
Kevin says: “My previous businesses had all been successful, however, I wanted to work in an industry which was more profitable.
“I was instantly attracted to Cash Generator as it has a proven business model, which I felt was recession proof. Furthermore, the business offered multiple income streams, which provided me with the confidence to invest in the franchise.”
Kevin opened his first Cash Generator store in his hometown of Bournemouth, in 2002. As a discount retailer, Kevin’s store has not only done well in buoyant economic times, but it is thriving during the current climate.
Following the success of his store in Bournemouth, Kevin opened his second Cash Generator in Shirley, in 2009.
“I whole-heartedly embraced the brand and success followed, which encouraged me to open a second store. The experience gained from running the store in Bournemouth meant I was well prepared to open my second store and I am thoroughly enjoying running two businesses,” he explains.
“I plan to carry on overseeing the store in Bournemouth but will invest much of my time in Shirley so that the store can enjoy the same success.”
As one of Cash Generator’s long-standing franchise owners, having been part of the franchise network for almost 10 years, Kevin is well placed to advise new franchise owners.
He concludes: “Don’t underestimate how much hard work the first few years of operating a franchise will be. You need to be prepared to give 110 per cent, putting in all the hours required to establish a profitable business. If you invest in this high level of commitment, you will stand every chance of success.”
Cash Generator currently has more than 130 stores in the UK. Over the course of the last two years, the discount retailer has opened 54 new stores – 24 in 2010 alone. Future expansion nationwide is expected to continue at impressive rates, with more than 20 stores already committed to from both new and existing franchise owners for 2011.
Cash Generator has a minimum investment of £70,000 to £80,000 + VAT with total start up fees between £230,000 and £250,000.
Written by Rick Wheeldon