Cash Converters franchise supporting me all of the way
Name: Alan Smith
Franchise: Cash Converters
Why I chose franchising
I chose Cash Converters for the security that they could offer me as well as advice from them as franchisor. I had just lost my first business due to negligence on my part and was looking for a reliable brand that will offer me the stability of a well established brand. At the stage that I decided to join Cash Converters, the brand was still growing and I wanted to join them at that early stage. It is great when you see a brand is strong and they have a lot of potential to become an excellent business.
What I did before taking up a Cash Converters franchise
I owned my own business which was a bakery.
How I raised the finance to buy my Cash Converters franchise
My father assisted me in raising the money.
The training and support I receive from Cash Converters
The training and support I received from Cash Converters was top class. They really helped me to find my feet and assure that I make a success of my business. It is important for them as franchisor that their franchisees get all the help they need to run a successful store. They are a great support system for me.
The challenges I have faced
It was difficult for me to know what to pay for a second hand item which I had no clue about. When you step into a whole new business that is so much to learn about the products and the way the business works. Luckily I know retail very well by this time, seeing that I have the best teacher to guide and mentor me.
My advice to someone thinking of buying their first franchise
It is very important to do some investigation work. Talk to other existing franchisees that own the franchise you are interested in. You should also talk to the top performers and the poor performers and find out how they run their business, what they find difficult etc. Look at the brand over the last 5 years and see the how they are performing and if they have grown.
My plans for the future with Cash Converters
One or two stores within a 2 year period then retire after 10 years and probably selling of ½ my stores.