Why did you decide to look into franchising?
Franchising, generally speaking, offers a less risky investment opportunity where expansion is a realistic goal through support from the franchisor and by following a proven model. Having worked in a franchise before, I knew what to expect and how to apply myself in order for it to grow organically. My weaknesses were in marketing (despite studying it!) but a large franchise like CeX provides a lot of guidance alongside their own focused central marketing campaigns.
What was your previous occupation and why did you leave?
I previously worked in the food retail sector, specifically fast food, which at times was extremely challenging, demanding and non-stop. Due to this and the nature of the sector itself, I decided to look into doing something different but still related to retail.
What was your criteria for a franchise?
To start with, I was looking for a franchise in the retail sector, having had years of experience in food retail and FMCG. I worked for a large brand where I had learnt a great deal about customer service and so it seemed fitting to continue in a customer facing franchise, as opposed to taking a step back.
Where did you find out about the CeX franchise?
I first learnt about the CeX franchise opportunity through a family friend who had joined the brand as a franchisee some years earlier. He talked very highly about the brand, the model and even more so about the people behind it. He also had previous experience running franchises and so was able to compare, very much backing the CeX franchise on the whole.
What appealed most about a CeX franchise?
Technology is, without a doubt, a growing sector. Big brands are continuously releasing new products every year, with advances not always particularly revolutionary. This has opened up a huge market for second hand electronics and older models which still have great specs and features for the majority of the population. CeX prides itself on the premise of trading something you don’t want for something you do want, which fits in particularly well with this market. I also think that the two year warranty really separates the brand and provides consumer confidence.
What training did you receive?
I trained from sales assistant to manager level in a large local store. I worked in Portsmouth with a fantastic team who took me under their wing and showed me every aspect of the products, processes and and how to run a store effectively.
How would you rate it?
The support was excellent and I really enjoyed my time working at the store with the team there. CeX have now brought in a new online training system with all content online, enhancing the learning experience.
Since becoming a franchise owner is it how you expected it to be?
It has certainly exceeded my expectations; I’ve really enjoyed working with the franchise team and have a brilliant and supportive franchise manager. He has helped me grow my business and backed me to open in new locations. CeX feels like a big family and everyone is supportive towards each other and most importantly, they know how to have fun along the way!
What type of support have you received?
The scariest time is the build up towards opening day; however, CeX run a turn-key operation which makes the experience a lot less stressful as there is no project management responsibilities during the fit of the store. When stock arrives, they provide a full ‘build’ team from other stores who are there to help stock and display all the items in preparation for opening. Once that is complete, a support manager is present for the first 3 weeks as additional help and support in training the new team. My franchise manager is also present and always there should I require any assistance. I felt guided and supported throughout the whole process.
What aspect of it have you found most beneficial?
I would say the turn-key style of opening a store has been the most helpful aspect. My experience is in operations, recruitment and customer service and so the most daunting idea of starting a new business was sourcing suppliers, designers and reliable contractors. With the CeX franchise I was able to focus on what I felt my strengths were whilst they managed everything else. They have reliable and trusted contractors they work very closely with.
Are you on target to meet your business plan?
My first store hit its year 3 sales target in year 1 which filled me with a lot of confidence going into store two. Similarly, store 2 beat its year 1 target by nearly 20% but more importantly I have a great team who I really enjoy working with and it means we continue to beat our targets.
Do you feel the CeX has fulfilled their obligations?
Personally, I’ve had a really positive experience with the brand and am happy with the work/life balance that I now have. Beforehand, I sat down with my franchise manager and we set realistic targets which would result in the store meeting its financial obligations. We also stress tested each store based on different outcomes which helped settle any reservations I had. Looking back now, I think it was a case of under promise and over deliver as I have been pleasantly surprised with each stores performance.
What do you enjoy most about your business? – How has it improved your lifestyle?
Working in food retail, for me, meant unsociable hours and phone calls for help/issues at any hour. I was losing passion for what I was doing as it felt 24/7 and the idea of going away could fill me with dread. Although I now work a lot, it is more out of a want than a need. I have a good balance and have a great team that I work with in each store. I certainly wouldn’t have been able to grow the business and achieve the results without my team.
What are your future plans for the business?
When I first entered the franchise and opened the first store I thought that three stores would be a good number but in the back of my mind wanted to aim for five stores. I have a really strong team growing the business with me and think this is now achievable. They are also backing the expansion and are willing to take on more responsibility so that we can achieve the goal together.
What sort of person do you think a CeX franchise would suit?
To fit in with CeX, the ability to get behind, follow and develop a proven model is essential and is the most effective way to succeed in a franchise. With any new venture, hard work and commitment is a must but I think anyone who is keen for a challenge, willing to learn and wants to be part of fun and exciting brand would fit in well.
