The Power of the Brand
A profitable first year of trading enabled franchisee Graeme Mulheron to finance his second store without help from the bank in less than 18 months. Six weeks after its launch, Graeme has already decided the location of his third store
With two stores up and running in just over one year, franchisee Graeme Mulheron is determined to build up his portfolio of stores and already has a third in the pipeline. Throughout the development of the brand across his territory, Graeme remains focused on his long-term goal of developing the business to the point where it is generating an annual net profit of £300,000.
'After operating a sales and marketing agency for 18 years, work became monotonous so I decided to look for a fresh challenge that would utilise my sales experience,' reflects Graeme. 'I liked being my own boss and was aware of the power of the brand, so decided to take the franchising route and invest in an established brand name that people trusted.
'While I looked at other franchises in different industry sectors, I kept coming back to Cash Generator because of its excellent credentials. With its multiple income streams from pre-owned goods and cheque cashing to buy back goods, pre-pay cards and Western Union money transfer service, I realised the franchise had the ability to hold its ground in any economic climate.
'I found Cash Generator in The Franchise Magazine and was impressed by the speed in which Cash Generator's franchise team responded to my enquiry. After contacting head office I arranged to shadow an existing franchisee in a store for a day and contacted other existing franchisees to see how they were getting on and received positive feedback. So in June 2007 I decided to launch a store of my own in Luton.'
Following the success of the Luton branch, Graeme was able to launch his second store in Stevenage in August this year without borrowing money from the bank. He plans to launch a third store in Bedford while continuing to develop the business in both Luton and Stevenage.
With an eight-week intensive training programme, Cash Generator ensures franchisees are fully prepared to run their own businesses. Once launched, Cash Generator provides franchisees with ongoing support. Graeme explains: 'The support has been superb. Help is always available either by phone or in person. Cash Generator has helped me promote my stores within my territory and to resolve any IT problems. While visits from the Area Manager have been a huge benefit ensuring I never feel completely on my own.
'I am so pleased I decided to invest in the Cash Generator opportunity. It is so refreshing to enjoy going to work and to feel excited about the future. Developing the business does take up a lot of my time, so I feel fortunate that I have a supportive family behind me.'
Reported by: Jess Sturman