Payday Advance Loan Concept Committed to Franchisees' Success
Payday Advance Loan Concept Committed to Franchisees' Success
Not so long ago, Craig Wells was in the market for a new franchise concept but found that many franchisors were only interested in making a quick buck rather than a long-term commitment to the success of their franchisees. Wells vowed to build a different franchise business and stumbled into the financial arena where he learned that more than 155 million Americans fell into what is described as "the underserved" (paycheck-to-paycheck) category and subsequently purchased Cash Plus, Inc.
"I had the dream of creating a franchise company built around a business that would be easy to operate by anyone with any kind of background," explained Wells, CEO of Cash Plus, Inc. "My goal was to create an 'as-close-to-perfect-a-business-as-one-can-get' kind of business. In simple terms, the vision was to build a company that would be based on the concept of 'if I make you successful, I'll be successful'."
Today, more than a decade later, many Cash Plus franchisees own multiple stores and are realizing their own dreams of business ownership and financial independence.
According to Wells, no other company has spent the dollars and resources needed to address the plight of the "underserved" and turn it into a solid franchise opportunity. Wells believes the company's "Kings & Queens" customer service program accurately reflects his vision for the franchise: delivering a top-notch customer experience keeps customers coming back over and over again.
"Banks and other financial institutions have no desire to serve this segment of the population, and often treat our customers poorly. To my mind, that's totally unacceptable," said Wells. "Cash Plus aims to treat every customer with respect and go the extra mile to meet his or her needs. It's an innovative program that, to date, escapes our competition."
Wells believes that finding a proven, recession-resistant business that can operate profitably in both good and not-so-good times is key when searching for a franchise concept. Additionally, Wells says Cash Plus offers a friendly franchisor relationship and decades of wisdom and experience in the industry that is passed on to its franchisees as well as other industry advantages such as the need for fewer, unskilled employees, shorter "banker's" hours and strong profit potential for a moderate investment.
Wells says potential franchisees should possess a strong desire to achieve, good people skills and a clean credit report and background. Other requirements for a Cash Plus franchise include a net worth of $400,000 with a minimum of $100,000 in liquid assets.
The initial franchise and development fees go towards training, guidance, store plans and specifications, operations manuals, trade and service mark protection, research and development and legal fees.
"We've invested millions of dollars in tools and systems for attracting and keeping customers. It starts with our brand. The Cash Plus brand is not just our logo, our mascot or the look of our stores. It's everything that affects how people think about us, including the Kings & Queens customer service we deliver. In today's hectic world, trusted brands make life simpler and easier for all of us. So building and
maintaining a brand our customers recognize and trust is a part of everything we do at Cash Plus," explained Wells.
Franchise start-up time averages five months including location determination, licensing, store build-out and training. According to the company, many franchisees reach breakeven during their first year in business. Cash Plus does not offer direct financing but provides third party assistance in obtaining conventional and SBA loans.
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