My franchise was completely under management from day one by one manager. I live in London while my franchise territory is in Wolverhampton.
After 4.5 months, my business was cash flow positive thanks to the funding facility form Head Office which is fast, unsecured, reasonable and I can pay it down early without penalty if I wish. Having one manager means my overheads are kept low and after only 10 months since starting we have built a rental book over £200k in value with £40k already paid in from rental receipts and another £160k to still be paid in over the next 2 years, paid weekly. I have invested around £70k to be in this exciting position. It honestly feels surreal.
Head office are always helpful with my manager and he was a master after his first three or four months anyway as it is a very easy business with quality systems which allows him to simply work through the warm inbound enquiries and write new rental contracts. We write around 20-30 contracts consistently every month, which is £20k-£30k in contract value.
By following the system, my manager who is 25 years old has kept arrears below 7% which is better than we expected. I am now in a position where I am expanding my business with two new territories under a partnership with others one being a Joint Venture with very helpful direction coming from Head Office’s experience.