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Cash Converters Welkom Kruger family

Do you want an exciting job where you learn something every day, meet lots of new people and do not notice the time flying past? Those have been some of the delights of becoming your own boss for Jaco Kruger, one of the partners in the new Cash Converters store in Welkom.

In complete agreement is Jason Lovell of Cash Converters, Arbour Crossing, who has been surprised and delighted by the rapid success that he has managed to achieve. “I expected fairly slow growth but we have more than managed to exceed all expectations,” he says. He puts that success down to “being 110% committed to every aspect of the business.”

Kruger is similarly delighted that his original plan to break even within six months is on track. Robust marketing strategies really help combat counter-campaigns from the competition, he says.

Kim Broom and Africa Msimango took over Cash Converters, Pietermaritzburg, and say they have found it an “amazing experience.” They admit that they had thought that the business’s three strands of buying, selling and lending were straightforward.

“Instead, we have learned a huge amount in a very short time,” says Broom. “We need to be seen to be leading, for example – be on the floor for the public to see and meet you, as well as helping staff to merchandise, clean and move stock and fixtures around. Taking part with staff and customers creates a great working environment.”

Becoming part of a sound and supportive franchise system is what makes the difference, says Lovell. He had already been self-employed for 22 years but feels that he has never previously had the freedom that he has as his own boss of a Cash Converters franchise. He puts that down to the highly professional support from head office in everything from systems support to staff training, which allows him to do what he enjoys most – be hands on in the business from day to day.

By the end of 2017, Cash Converters had grown almost 15 per cent to reach a total of 84 stores in southern Africa. South African franchisees have already signed up to open another 10 new stores within this international network in 2018.  These franchisees were attracted by the technologically advanced systems supporting franchisees and the industry’s lowest royalty structure, says Cash Converters CEO, Richard Mukheibir.

It is hard to get out of your comfort zone and start something new, Kruger says: “But by doing nothing, nothing will change. It is a big responsibility to be your own boss – but it comes with big rewards. The days might seem long in this retail environment but they go by very fast because you are always on the move and everything is fast paced. We never get bored.

“It is exciting and fulfilling to work with and manage my own selected team. Managing day-to-day operations ensures I am at the forefront of growing my business’s success. It is good to know that all the effort and time that I put into my business will come back to me and not to someone else that I work for. Where hard work and dedication has gone unnoticed in the past, it now projects in my own company’s figures – and that is wonderful,” Kruger concludes.

If you are one of the go-getters who believe that your dream boss is yourself, all these new bosses agree with Broom’s advice to anyone wanting to take the plunge: “Go for it!”


Click here to find out more about becoming a Cash Converters Franchise

About Cash Converters

Cash Converters Southern Africa was co-founded in 1994 when Richard Mukheibir (Chief Executive Officer) and Peter Forshaw (Chief Financial Officer) bought the licence to establish a master franchise of the Australian brand, the world leader in trading and marketing second-hand goods and now the world’s largest cash and asset converter. Cash Converters Southern Africa purchases merchandise from customers, enabling them to have instant access to cash. Since 2007, it has also offered short term loans against a customer’s valuables or against their salary. Cash Converters Southern Africa is built on a solid foundation of franchisee owner operators, guided by core values of passion, professionalism, integrity, respect and collaboration. It has already empowered nearly 100 franchisees to run their own businesses and create their own wealth. Each franchise store, in turn, provides job opportunities for an average of 12 employees, each supporting about five other people. This network of businesses is supported by robust processes and systems and ongoing training programmes for franchisees and staff.

Dynamic growth of up to 20% per annum has created more than 84 Cash Converters stores in Southern Africa (as at 1 January 2018). These stores will have a combined annual turnover in excess of R1.7bn across all products and services in 2018.

They are part of the rapidly expanding Cash Converters International network of more than 740 stores around the world. These can be found in such diverse countries as Australia, the founding country, the United Kingdom, Singapore, New Zealand and the UAE, as well as France. Cash Converters Southern Africa was a finalist for the Franchise Association of South Africa Franchisor of the Year Awards in 2014, 2015 and 2016.