JEC Project Profile: Cash Plus

Can moribund franchise programs be renewed and revitalized?

The short answer is "yes." When the new owners of Cash Plus, Inc. came to us, they had just acquired a stagnant ten-year-old franchise company in what used to be called the check-cashing industry, a field best known for its iron-barred storefronts in rough neighborhoods. Recognizing that their system of 14 franchised stores was of highly variable quality and performance, they set their sights on re-energizing the company and its franchise system.
     Our first steps were to review the existing business and systems, analyze the market and competition and to design a fresh retail environment, a new store location strategy, a new corporate image and a repackaged franchise offering. Less than a year later, with a highly successful new second generation retail prototype in operation, the company began to sell franchises again. Less than four years later, it has more than quintupled its network of retail units and is currently closing in on the one hundred mark.
     Along the way we have been constant advisors to the owners, assisting the growth of the business with both strategic and day-to-day operational guidance. For example, our team developed a set of new franchise manuals and a new consumer marketing/advertising program with key components built upon the results of a sophisticated survey of franchisees and their needs. This survey, which was designed to be a potent tool for business strategy, also pointed the way to a third generation retailing concept that is evolving the business concept to provide a broader range of products to an expanded demographic base.
     To help channel the company's future growth, we created a formal Five-year Business Plan for Cash Plus's development and have provided assistance in creating strategic alliances and raising investment capital to fuel their aggressive growth plans.
     We have also provided tactical services, creating a variety of brandbuilding advertising and marketing programs during our years with the company. Recent projects include the company's innovative BravoKids corporate citizenship initiative and development of a proprietary "mascot" to add entertainment value to company marketing programs. This character is being featured in a new series of TV ads we are developing for the company.
     These programs can be seen in the new Cash Plus franchise marketing oriented website we developed: www.cashplusinc.com.
      Cash Plus continues to show strong growth and has earned recognition in Entrepreneur Magazine's prestigious honor roll of franchise companies for the last three years running. It has also earned a spot in Success Magazine's Franchise Gold 200.