First Cash Converters Franchise to Open in Hermanus
Rudolph du Toit became so enthusiastic about shopping at Cash Converters that he bought a franchise, opening the first shop in the group in Hermanus on 8 December 2017.
“I love second-hand goods and I thought it would be great to have my own shop,” he says. “I love the Cash Converters franchise model. I believe it is a perfect match for me.”
Rudolph is originally from Paarl. Having qualified as a winemaker, he has since spent his working life so far in marketing with SFW and Distell. He moved to Onrus in November.
“I am keen to put down new, long-term roots in Hermanus,” Du Toit says. “I have been coming to Hermanus for years on holiday and I already know that this is where I should like to retire.”
Before that happens, Du Toit is keen to build his franchise and already plans to expand his start-up staff from seven to 10 in the New Year. “I feel the potential for a Cash Converters is definitely here and so is the mix of customers,” he says. “I love the company’s concept and the fact that it is part of an international group. This is my first experience of the business side of franchising so I thought it would be great to be supported by all the help that the company head office offers.
“It is a big learning curve but the training I have had so far has helped me tremendously. I am already enjoying working with my customers and I hope they will enjoy shopping at a store where all the staff are successful and happy.”
The Cash Converters franchising model includes a three-for-one income stream – dealing in second-hand goods, pawnbroking and micro loans. This offers newcomers such as Du Toit the opportunity to build a strong, expanding business quickly, believes Group Chief Executive Officer Richard Mukheibir, while the well-developed franchisee support offered by the company’s model helps steer them away from common start-up pitfalls.
“We are delighted that Rudolph has decided to move from customer to franchise and consolidate his relationship with the Cash Converters family,” he says. “He has personally made a big commitment and we are sure that our systems support and ongoing training will enable him as a new business owner to grow his existing business skills and investment within our supportive and professional environment.”
About Cash Converters
Cash Converters Southern Africa was co-founded in 1994 when Richard Mukheibir (CEO) and Peter Forshaw (CFO) 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 franchise stores in Southern Africa (as at 1 November 2017). These stores process over 2.2 million transactions a year and have a combined annual turnover in excess of R1.2bn across all products and services.
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 South Africa. Cash Converters Southern Africa was a finalist for the Franchise Association of South Africa Franchisor of the Year Awards in 2014, 2015 and 2016.