Uncapped earning potential & brilliant incentives

Helping people out of debt is a rewarding venture for EuroDebt franchise owners as Paul Sowerby explains

Setting the standard for selling in the EuroDebt network has netted franchise owner Paul Sowerby a high performing business and additional rewards from his franchisor through an incentives initiative. "From day one I have had a steady stream of business from leads generated by head office and myself," says Paul.

"To keep franchise owners motivated, EuroDebt runs incentives throughout the year. Last year I smashed the sales target and joined a few other successful franchise owners on a super-car driving day on the Yorkshire Moors. This was an excellent reward as we all had the opportunity to drive cars such as a Lamborghini, a Ferrari, an Aston Martin and a Porsche. These incentives are brilliant and I am determined to qualify for the next one, which is a weekend away in London and a night at the Proms."

Now in his second year with the franchise, Paul is working towards an annual turnover of £100,000. "Joining EuroDebt and working as a debt advisor has been a real role reversal," explains Paul. "This is because I am now helping people manage and pay off their debts, whereas before, when I was a Bank Manager I was encouraging people to get into debt.

"Working as a Bank Manager was frustrating because I worked long hours and often had to work weekends, so rarely got to spend any quality time with my family. I reached a point where I could not face working for someone else's gain and so decided to research new ventures where I could work for myself. Graham Dennis, the Franchise Director for EuroDebt, was a close friend and he suggested I think about investing in EuroDebt, especially considering my background in financial services."

After reading the EuroDebt prospectus and talking to existing franchise owners, Paul was eager to become involved with the debt management franchise. "I liked the fact my earning potential was uncapped, I could work from home and help people in the process," enthuses Paul. "So I decided to launch my franchise in November 2007."

As part of the franchise package, all EuroDebt franchise owners go on an in-depth seven-day training course at head office before launching their franchise. This ensures they have the skills and knowledge required in order to be able to run their franchises effectively.

In terms of support, all franchise owners receive personalised support from their Regional Development Manager, who helps them to launch their business, accompanies them on client visits and is on the end of the phone to resolve any issues. "We also have an annual meeting and a regional meeting every three months," continues Paul. "These are great opportunities to meet the other franchise owners, brain storm and swap sales techniques."

Reported by Jess Sturman

The EuroDebt Market

Offering face-to-face debt advisor meetings as a core component of its business model, EuroDebt has been offering debt solutions since 1996, including:

  • Debt Management Plans (DMPs)
  • Scottish Trust Deeds
  • Property Disposal
  • Pre-paid Current bank account
  • Individual Voluntary Arrangements (IVAs)
  • Bankruptcy Assistance
  • Debt Calculator
  • Energy Switching Service

EuroDebt is currently supporting over 26,500 people in genuine financial difficulty and dealing with over 3,700 creditors and their agents, including all the major banks and credit card issuers, with face value of debts amounting to over £570 million.

Initial Investment Requirement

£24,995 + VAT (finance options available). Package includes:

  • Full access to and support from the EuroDebt franchise network
  • Initial 5-day residential training course
  • Follow-up 2-day training
  • A compliant website and email account
  • Stationery and business cards
  • Secure online access to your case history, diary and operational documentation
  • Full marketing support and collateral
  • Mentor programme
  • Regional sales support