With "fantastic"re-sale opportunities becoming available for motivated individuals, franchisees can get their business off to a fast start. Cash Generator explains how one man "hit the ground sprinting"in franchising with a Cash Generator re-sale
Established in 1994, Cash Generator has rapidly become a high street phenomenon by offering three distinct services - not just buying and selling new and pre-owned branded goods, but also letting customers raise cash on valuable items and cashing cheques on the spot.
With over 80 stores throughout the UK and a target of 300 within the next 10 years, Cash Generator is a maturing network. As the remaining territories are sold and franchisees begin to sell on their businesses to realise their retirement nest eggs, valuable businesses will become available as going concerns.
'There are some very good Cash Generator businesses out there, which have been around for sometime,' confirms Sukhi Sandhu, Walsall franchisee. 'Soon there will be stores coming up for re-sale, which is a very worthwhile proposition to look out for.'
Sukhi invested in the Walsall Cash Generator franchise when the business came up for re-sale early this year. 'I'd looked into franchising on and off for the past four years,' he recalls. 'Cash Generator stood out because of its longevity and ongoing success.' Coming from a family of entrepreneurs, Sukhi was well qualified for taking over an existing Cash Generator store where he would 'hit the ground sprinting' with existing customer loyalty and business momentum. 'I liked the idea of going into an established business, which still had room for improvement and growth. I was impressed by Cash Generator, who know what they're talking about and are very enthusiastic about the business.'
Despite taking on a re-sale business, Sukhi received the same intensive, eight-week, GNVQ-approved training course as a new franchisee, which covers every aspect of running the business through classroom and in-store training. He then received attentive support from head office and one of Cash Generator's Regional Managers.
Franchise Development Director Robin Page is delighted the company has now expanded to the point of being able to offer re-sales.
'Re-sales offer fantastic opportunities for motivated individuals wanting to take the self-employment route.' As a winner of many prestigious awards, including the British Franchise Association's Franchisor of the Year special award, Cash Generator is well respected in the franchise industry. It is a pioneering retailer in both new and pre-owned guaranteed goods, and also offers short-term cash-drawing and cheque cashing facilities.
Robin adds: 'Prospective franchisees like the fact that we have a successful track record, with huge scope for growth. There is inherent potential for growth in a re-sale store, and we know that enthusiastic new franchisees will fulfil that potential.'
Sukhi has found he doesn't need much support because of his background as Buying Director for a large supermarket chain and also his earlier involvement in the family retail business. However, he assures, 'anything I've needed has been provided and if I do have a problem I can call at anytime.'
Since taking on the business, Sukhi has seen a steady growth in retail turnover and he now plans to focus growth on the backbone of the business - the buying counter and cheque cashing. 'The elements of the franchise are three very separate businesses,' Sukhi explains. 'Because of this they tend to attract different customers, which is brilliant and in a sense protects the business.' For new business start-ups, candidates don't need retail experience. Robin explains: 'We're looking for individuals who have general management ability, communication skills and a readiness to deliver superb service.
We're capitalising on a concept designed to suit a range of potential franchisees, from those with no retail experience through to multi-store business builders. Enthusiasm, dedication and the right attitude to lead a team create successful businessmen.'