Franchise owner makes Cash Generator the heart of the community
Wishing to swap long hours and not seeing enough of his family because of his previous job, Simon Stannard decided becoming the boss of his own Cash Generator store was the perfect solution.
Franchising is seen by many as a secure and safe way for entrepreneurs to start up a new business with less risk, as they are buying into an accomplished business and tested model, continually receiving advice and support from the established franchisor.
This was just one of the aspects of franchising that appealed to Simon Stannard, who opened his first Cash Generator store in Ellesmere Port in October 2009.
Having worked for multinational software companies for two decades, Simon decided he wanted to become his own boss. Simon, from Northwich, says: “I was tired of the unsociable hours and wanted to spend more time with my family. I decided that I wanted to run my own business and make myself some money rather than work tirelessly for a faceless multinational organisation.”
Simon started to research setting up his own business and, by doing so, came across franchising, something he had not thought of before.
Simon says: “After looking through a copy of The Franchise Magazine, I liked what I read about Cash Generator and started to carry out some research into the company, as well as other franchise options as I didn’t want to select the first franchise I’d seen. However, all my research kept leading back to Cash Generator.”
Confident he could achieve the same success as other Cash Generator franchise owners, Simon attended a number of franchising exhibitions in both Manchester and London and eventually made contact with Cash Generator, attending an open day at its head office in Bolton.
With its multiple income streams, along with the retailing of a quality selection of desirable pre-owned and brand new items and its provision of competitive financial services, Cash Generator proved very attractive for Simon.
He continues: “Investing at the height of the recession, I needed a business that would not only survive but flourish. Cash Generator has grown year on year for the last 16 years, so I knew its business model had a proven track record.”
The next step was for Simon to choose the location of his store. Provided with a list of towns, he visited each location, narrowing it down to two, before deciding that Ellesmere Port was ideal. After 10 weeks of CIPD approved training, along with shadowing existing franchise owners to see first hand how they run their stores, Simon was well positioned to open his new store.
A year on, Simon says: “It has been a fascinating and wild ride and one that I’m glad I got on. We are meeting the targets set in the business plan and I have a store to be proud of. I’ve really enjoyed learning and have been able to take advantage of the flexible nature of the business model, particularly with purchasing gold.”
It’s not just the flexibility that has helped Simon, Cash Generator’s continued support has proved invaluable. Simon adds: “The Regional Manager is always available at the end of the phone and the support processes provided by head office is world class.”
Keen to expand, Simon is currently keeping a close eye on possible locations for his second store, with the aim of eventually owning a portfolio of stores.
Simon concludes: “After years of international travel and living in London mid-week, I wanted to both invest in a profitable business and serve the local community rather than shareholders. Through Cash Generator I can finally achieve this.
“It really feels like the store is part of the community and provides a service to the people of Ellesmere Port, which is something I want to develop.
By expanding and owning multiple stores, I hope to serve more communities, as well as build up a successful business for my family.”
Reported by Rick Wheeldon reports