An investment with potential
Multi-unit ownership is enabling Cash Generator franchisees Onkar Nandra and Dave Elwood to build substantial businesses. They reveal how their stores are well-positioned to weather economic upturns and downturns
Maximising profits through a range of services under the one roof, Cash Generator is a business with over 10 years of franchising experience and over 70 stores nationwide. Expanding upon the basic concept of the buying and selling of new and pre-owned domestic items, Cash Generator now offers personal loans, pre-paid Mastercards, foreign currency, third party cheque cashing, international money transfers, pawnbroking, vehicle financing and also a buy-back service.
Dudley franchisee Onkar Nandra has capitalised upon these income streams to build his store turnover to £1 million plus per annum in three years. 'What I really enjoy about running the business is that every day is different,' says Onkar. '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 prosper, if there is a downturn it will still prosper.'
With his second store opened in October 2007, Onkar is looking to continue to build on his success with Cash Generator. 'Over the next few years I want to look to open a third and then a fourth store,' he reveals.
Ownership of a chain of successful Cash Generator outlets is certainly achievable, as proven by franchisee Dave Elwood (pictured above) who is the leading multi-site franchisee in the Cash Generator network. 'I wanted to invest in a business that I could expand and develop into a real management opportunity,' says Dave. 'Cash Generator was exactly what I was looking for as the potential to manage a portfolio of shops was very attainable.
'I've now opened five stores in under 10 years but throughout this development, the support has always been there when I have needed it. It was hard work building the business to where it is today. A potential franchisee needs to have the motivation to succeed. However, now I have managers to look after each store, meaning I have much more of my own time. Cash Generator has hit upon an excellent concept and I've found that all you have to do is follow the proven system and success will follow.'
Text: Stuart Anderson
An award winning formula
Cash Generator was deliberately setup with multiple income streams in order to maximise profitability and safety. Most of our franchisees believe this is our greatest strength, not least in the ability to offer services that are popular in all economic conditions.
We maximise our potential by offering customers pre-paid Master Cards, foreign currency exchange, worldwide money transfer services and both personal and asset backed loans. These services complement our core offering of bargain prices on new and pre-owned goods, buy-back offers and cheque cashing facilities.
Cash Generator is truly an innovative High Street retailer and instant cash provider to the local community in which they operate.
"I have never enjoyed work as much as I do now, and YES it really is fun to come to work."
Robert Shepherf Kirkcaldy & Dunfemline Franchisee
"The drive for excellence in customer care and value for money really make this franchise stand out."
Richard Knibbs Coventry Franchisee
"It's branding in terms of integrity and presentation shine through."
Brian Smart - Director General British Franchise Association