Franchise owner generates a 10 store retail portfolio with Cash Generator
Cash Generator franchise owner Dave Elwood is reaping the benefits and success after acquiring his 10th store in Nuneaton this year.
Dave Elwood now stands ahead of his fellow Cash Generator franchise owners in owning the highest number of stores within the network, despite one in three of the company's franchise owners owning more than one outlet.
Dave's journey with Cash Generator has allowed him to sail around the world on his yacht and maintain a luxury lifestyle.
Previously a teacher, Dave ventured into franchising after a short spell in retail. After looking at a number of franchises he was excited by Cash Generator's buy, sell and loan concept with the multi-income streams it offered through retail and financial services.
Dave says: "Cash Generator immediately appealed to me and after seeking advice from the British Franchise Association, I was quick to make contact. I attended a formal meeting at the head office and learned about the business model, which I was impressed with."
Not long after, Dave opened his first franchise store in Barry, South Wales, followed by stores in Cwmbran, Merthyr Tydfil, Pontypridd, Hereford, Southmead, Kidderminster, Doncaster, Sheffield and, most recently, Nuneaton.
Standing proud as the franchise owner with the highest number of stores - a number of which regularly feature in Cash Generator's top performing league tables - Dave's success story is an inspiration to all franchise owners.
"Since investing in my first store, I have worked very hard to establish a good business. When I opened the fifth store I was able to self finance the operation which meant I wasn't reliant on a bank to raise capital. As I originally thought, Cash Generator has an excellent business model and I've found that with hard work and commitment success will follow."
After reaching the milestone of 10 stores, Dave is currently planning a well deserved break. Dave adds: "Having reached my personal target of 10 stores I am going to have a period of consolidation and enjoy the fruits of my labour.
"My success with Cash Generator has allowed me to fulfil a number of personal ambitions including sailing the Atlantic in my own yacht, diving in the Antarctic and cave diving in Mexico. I have a great team behind me across my stores and this enables me to take time out to see the world."
A source of inspiration for any potential franchise owner, Dave explains: "The key to making my franchise a success was in following the business plan, advice and support provided by the franchisor. It sounds simple, but it's a tried and tested model and I'm a good example to show that not only does it work, it works incredibly well and can enable you to follow your dreams."
Reported by Rick Wheeldon