The traditional CTN shopkeeper is transforming into successful ‘mini multiple’ entrepreneurs, with reports stating higher profits, greater margins, and more control. For smaller businesses struggling in the aftermath of Covid, rising energy bills, and a cost-of-living crisis, what is the secret formula that these successful retailers have uncovered?
One Stop Franchise transformed the fortunes of Mitesh and Vinny Parekh, seasoned retailers who had been in the industry for decades. The brothers had shifted between symbol groups to cater to their growing businesses, but faced issues such as heavy reliance on cash and carry visits and onsite management. When the potential of a fourth store arose, they knew they needed an alternative.
After a year of research, the Parekhs decided to join the One Stop Franchise and were impressed with the ‘vision’ it offered. They were initially skeptical about the risk and commitment, but their doubts were quickly assuaged as they were introduced to a supportive team that provided constant help, guidance, and advice. After the first week, sales grew rapidly and continued to rise. Within three years, the Parekhs doubled their business from three to six stores, with two more stores in the pipeline for conversion this year.
The success of the brothers has led many to wonder what the secret ‘formula’ for such success is. According to Mitesh, the key is to listen, learn, trust, and follow advice. The entire package from store layout to product selection should be tailored specifically for the size, needs, and requirements of the store.
The Parekhs no longer need to spend hours running round the cash and carry or stores since the stores now run themselves. Their business development manager, Paul Wilson, provides constant guidance on how to improve their portfolio and develops strategies for the future. Wilson meets with the brothers at least once a month to discuss best practices and profitability.
In the three years since joining One Stop, Mitesh works far fewer hours than before. They no longer worry solely about money but are motivated by the achievement of showing their kids what can be accomplished. One Stop transformed their mindset and confidence beyond what they thought possible.
In conclusion, One Stop Franchise has proven to be a supportive partner that offers constant help, guidance, and support to its franchisees. Its tailor-made approach for each store, combined with advice on best practices, has transformed struggling businesses into thriving enterprises.
