The new business helping people realise their franchising dreams
Equipment financing for the franchising industry is at the heart of new business Cashflow It, the brainchild of former Boost Juice franchisee James Scurr.
Scurr, who has been involved in the industry since 2001, developed the business in the hope it will assist franchisees in realising their dream of owning their own business.
“I definitely knew I wanted to stay in franchising and hopefully play a small part in the success of other franchisees,” he says.
“It’s very rewarding to see a franchisee get into a new business that they may not have otherwise been able to afford without our assistance.”
Cashflow It caters to the needs of both franchisors and franchisees, those involved in licensing arrangements and buying groups.
“Our product appeals to franchisors as it can sometimes make the difference between them securing the right franchisee for their network or not,” Scurr explains.
“We can also assist franchisors with much larger national roll outs of new equipment across entire networks. This generally results in a much higher uptake in the equipment from franchisees.”
He adds the company eases the financial strain for franchisees. “Franchisees typically look to Cashflow It to help them get into a franchise.
“They may find themselves a little short on the capital required and by funding the equipment with us it gives them the opportunity to start the business without leaving themselves too short for other items like marketing and working capital.”
Scurr says Cashflow It offers four key services and they can be tailored to each client’s individual requirements.
“As the name suggests it’s simply for funding everyday serialised equipment like fryers, ovens, coffee machines, refrigeration, gym equipment and so forth,” he explains.
"Typically a franchisee might look to us to fund a single piece of equipment that is worn or damaged or they may fund all of their equipment required for a new store.”
“This option allows franchisees to fund customised assets associated with the construction of a new store or a store refurbishment.”
“This gives franchisees the opportunity to fund used equipment and it is also a great solution to help facilitate the sale of a franchise business from one franchisee to another.
“Cashflow It can buy the used assets of the business from the outgoing franchisee and fund these for the incoming franchisee,” adds Scurr.
Rent to Own
He says each of the solutions are available under the company’s Rent to Own system. “This allows franchisees to own the equipment they have funded with Cashflow It over a 48 month period while enjoying significantly reduced payments and a one dollar final payment.”
CashFlow It launched in January, and Scurr says he has a number of additional ideas for the business. "But for now we need to focus on making sure we can deliver the best experience to our clients," he adds.