'The right location & the right franchise'
A queue of eager customers on the first day and a positive flow of customers in the following weeks is what new franchisees aim for. For Lee and Paul Warren it's reality. Rachel Spaul reports
The new Cash Generator store in Grays, Essex, has exceeded all expectations in its first weeks of opening. Brothers Lee and Paul Warren were aiming for a low-key opening in order to ease themselves and their staff into the business. However, such was the demand for a second-hand buy and sell store in Grays that their business took off from the first day and continues to gather momentum.
'Our first day was manic and it's been ongoing ever since,' Lee confirms. 'Our buying desk in particular has been unbelievably busy and surpassed all expectations. We believe the area was crying out for a store of this nature.'
The Grays store is the busiest for buying in the 80+ Cash Generator network and the company is looking for more franchisees in the Greater London area to take advantage of this ready market. Cash Generator is a modern high street discount retailer and instant cash provider for local communities. The company's professional approach to franchising and to its image on the high street was what initially attracted the brothers.
'From the initial point of contact we felt there was a high degree of professionalism as a retail operation and a franchise. Brand recognition is a powerful tool in this type of business and the professional image Cash Generator gives its stores means customers have confidence in us.' Central to the Cash Generator model is its three separate income streams: buying, selling and cheque cashing. Cash Generator Franchise Development Director Robin Page believes this makes for an almost recession-proof business opportunity. 'Our stores buy and sell a wide range of pre-owned, new and graded goods at attractive prices. We appeal to a wide customer base from most demographic groups and enjoy a high level of repeat business.'
All franchisees receive eight weeks' training in the classroom and in-store, which Lee and Paul found to be very thorough. 'It covered all aspects of the business and prepared us for opening our store,' adds Lee.
Ongoing training gives franchisees and their staff the opportunity to polish their skills and franchisees can call head office at any time for further advice and support. 'We can phone any number of people in the network,' Lee confirms. 'Cash Generator has been true to its word and the support has been very high.'
Lee and Paul are pursuing an aggressive expansion plan and aim to open a further three stores within the next two or three years. Lee sums up: 'We're very happy with the business, which bodes well for the future. We're confident we chose the right location and the right franchise.'