Greg and Leonel, Cash Converters Stellenbosch & Kuils River Franchisees
Name: Greg Da Costa (41) and Leonel De Gouveia
Franchise name: Cash Converters
Location: Stellenbosch (Featured Image) and Kuils River respectively
Any small business needs imaginative and hardworking leaders to succeed, particularly in a challenging economy. These characteristics are a natural fit for millennials, many of whom are sidestepping traditional career paths in favour of entrepreneurship and franchising.
A 2006 survey by the Franchise Business Review reveals more and more millennials are opening franchises. Many of them are natural entrepreneurs and they’re bringing with them a very refreshing approach.
Why did you chose franchising?
Greg: I have always been in retail and have experience running independent brands. Running independently means you’re basically on your own, whereas with a franchise you’re part of a brand, you buy in to tried-and-tested methods and you have support. That really attracted me.
Leonel: I also had an independent business before turning to franchising, but I soon realised that it’s hard on your own and you don’t have a support structure or colleagues who you can draw experiences from.
Has age impacted your journey?
Greg and Leonel: No not at all. It is determination and drive that make the difference.
Does experience count?
Greg: Yes, there is definite value in having more experienced franchisees to turn to for advice, as well as being a part of an international brand. I acknowledge that there is a lot to learn.
Leonel: I believe in learning from other people’s mistakes and successes and therefore speak to senior franchisees for advice and guidance. You do research by talking and listening to people in and out of our trade as we all want the same thing: Happy customers. I don’t look at my business as a second hand store but rather as a business delivering a service to customers.
What is the number one drawcard for wanting a franchise?
Greg and Leonel: The number one reason is freedom. To get a better work/life balance.
Franchising gives millennials the power to be in full control of their careers and their lives, choosing how little or how much they want to devote to the business. However, looking at the success of franchises run by Generation Y, it’s clear they have the right mix of independence, nimbleness, drive and ambition.