A day in the life of a Cash Generator franchise owner Greg Tattersall
Cash Generator is one of the UK’s leading discount retailers with more than 150 stores nationwide. Since opening the doors to its first store in Bolton in 1994, the company now has more than 90 franchise owners. Specialising in the buying and selling of nearly new products, Cash Generator is widely seen as the eBay of the high street, perfect for browsing for a bargain.
Greg Tattersall (pictured) opened his first Cash Generator franchise in Burnley at the start of 2011.
6:00am I generally wake up around 6am. After a good breakfast, I’ll travel the short distance from my home in Rochdale to the store in Burnley.
8:00am When I arrive at the store, I turn on the TVs and make sure the demonstration DVDs are working and check the presentation of the shop floor.
I’ll then sit down and go through the store’s emails, responding to any customer queries before checking any internet sales that happened overnight.
Cash Generator’s retail site allows each store to trade 24 hours a day, so it’s great to know that even when the doors might be shut at the store, the till is still ringing. In addition, part of the daily preparation also involves preparing cheques for banking.
8:50am My staff arrive and I brief them on the store’s performance. We have targets for each day and a weekly target so I like to keep my employees informed of how we are doing.
9:00am When the store opens, I like to go to the bank to pay in the cheques from the previous day. I will also take any smaller web sales from the previous night to the Post Office to ensure they reach the customer as soon as possible. Larger items are collected directly from the store by a courier.
11:00am One of Cash Generator’s income streams is a 28-day buy back option, which allows our customers to bring in their goods to the store for instant cash and then buy them back after 28 days. As a result, I need to print out reminder letters on a daily basis and update the stock lists accordingly.
11:30am Speaking to the suppliers is an important part of being a franchise owner and this includes checking the price of gold frequently and amending the prices in my store.
12:00pm Lunchtime! I don’t have a set time but will always take 5-10 minutes out of the store to pick something up and also check what our competitors are doing.
2:00pm A quick check of the figures to see if we are going to hit our daily target. It is also important to check the online banking to see what money has been received and what has been paid out. As a new franchise owner, I am very hands on and like to make sure that everything is ticking over.
4:00pm I walk round the shop with the Sales Manager and we make sure everything has a price ticket and that all gaps have been filled. We also monitor slow moving items and will amend the prices if we need to.
5:30pm After the store closes, the administration work begins. I will count the money in the tills and make sure they balance. After printing and filing the reports, I will update the figures board in preparation for the next day’s staff briefing.
6:00pm One final check of the store before turning everything off and locking up. On the drive home, I try to come up with ideas of how to improve the store, before I unwind at home.