Maximise your earning potential
Cash Generator franchisee Alan Murdoch has his sights set on opening his third store following five years of profitable trading
Planning to expand his business into a third retail location in the midst of what could be the worst recession for decades, Alan Murdoch is an example of the continued prosperity of Cash Generator franchise owners who are benefiting from a business concept that was devised to flourish in a downturn. Cash Generator stores nationwide continue to buzz with activity as customers take advantage of their range of credit crunch busting services, which include buying and selling pre-owned goods, cheque cashing, pawn broking, payday loans, currency exchange and Western Union international money transfers.
Cash Generator's recession proof business model, with its multiple income streams, was one of the factors that persuaded Alan to invest in the franchise. 'Having just been made redundant from my role as a Factory Manager, I decided to seize the opportunity to become my own boss,' reflects Alan. 'I lacked the innovation and experience to develop and build a business from scratch completely on my own, so decided to explore the franchising route. I was keen to maximise my earning potential and was looking for a venture where my profits would not fluctuate greatly. So finding a business that was able to weather any economic climate was key.
'I found Cash Generator at the Glasgow franchise exhibition and was impressed. Eager to discuss the investment opportunity in more detail, I decided to organise a meeting with Franchise Development Director Robin Page at Cash Generator's head office. From there I was put on a one-day assessment to see if I had the work ethic and qualities Cash Generator was looking for, which luckily I did.'
In order to ensure Alan and other franchisees are able to operate their franchises effectively, Cash Generator provides an intensive eight-week NVQ-approved training course. This includes classroom-based activities and the opportunity to work on the shopfloor of existing stores. Cash Generator franchisees are appointed a Regional Franchise Manager who provide ongoing support by way of telephone, email and regular visits. It is the Regional Manager's responsibility to assist and advise franchisees on the development of their stores within their territories.
'I launched my Kilmarnock-based franchise in November 2004 and rapidly built up the business so that by November 2007 I was ready to take on a second store in Greenock,' continues Alan. 'For the first two years as a franchisee I dedicated a lot of time to building up the business and establishing the brand in my territory, which is now paying off. I am now able to leave the day-to-day running of my stores to the managers. This enables me to focus on the future of my business and allows me to spend more quality time with my family.
'I love running my own business and having control of my financial future. Within the next five years I plan to open or take over a third store and to continue building up the business within my territory.'
Reported by Jess Sturman