Cash Converters Welkoms New Family Franchisees
A family that works together grows together, believes the Kruger family of Welkom. They opened the city’s first Cash Converters franchise in early December 2017 and are thrilled that within these first weeks, they are already doing a roaring trade.
“We have lived in Welkom for 17 years and we believe local knowledge gives us a great boost,” says store manager Jaco Kruger 34. “We have our networks to draw on, for example. As well as our business connections, I am very involved in action cricket.
“Local knowledge also helps with factors like choosing a prime site. We are in the Giel de Wet building, making us very visible. It is central, easily accessible and has a lot of parking. It also means that if we are giving directions, we can simply say we are next to Vrystaat Vleis and everybody in town immediately knows that landmark.”
Jaco runs the business in partnership with his parents. His father, Johan, financed the projects and his mother manages the accounts and administration. Jaco’s own career portfolio has taught him to value good marketing, good customer relations and staff management. As a result, he can be found front of house, managing day-to-day operations and running the store’s marketing.
“Because we are new to running our own business, we could see franchising has greater advantages for us than starting a new business from scratch,” says Jaco. “We believe franchising will give us great support and allow us to benefit from the knowledge and expertise of an established brand. A good franchise network comes with a lot of benefits and support to enable a franchisee to learn, grow and be successful.”
The Kruger family’s Welkom franchise has already created nine jobs. Jaco hopes to create more as the business grows and he intends to empower staff members through ongoing training. He also plans to give back to community organisations by donating surplus stock such as toys.
The Cash Converters franchising model includes a three-for-one income stream – dealing in:
- second-hand goods,
- pawnbroking and
- micro loans.
This structure offers newcomers such as the Kruger family the opportunity to build a strong, expanding business quickly, believes Group Chief Executive Officer Richard Mukheibir. The well-developed franchisee support offered by the company’s model also helps steer them away from common pitfalls for start-up businesses.
“We are delighted that the Kruger family has decided to become part of the Cash Converters family,” he says. “Each of us has benefited from family support and we know and appreciate its value. That is why we make strong efforts to create an environment that is supportive as well as professional to ensure that our systems support and ongoing training enable new business owners like the Kruger’s to grow their existing business skills and investment.”
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 700 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.