Head on Support for Cash Converters Franchise
Franchise: Cash Converters
Why did you go down the franchise route?
We felt it best to have the guidance and support from a Franchisor in a field new to us. We believe the global market has huge space for this kind of business and we were most comfortable with this Franchisors support. This Franchise has the mechanics in place to guide one in the business and takes a load off when it comes to set up, IT, Legal and management.
Why did you choose your franchise?
It’s unique in Nelspruit, the only one of its kind. Also the economic climate and head office support and backup that’s second to none. I’ve researched over 2000 other business’s from food to retail – and the affordability and offering this franchisor offered was head and shoulders above the rest. It’s the only one that fits the bill and suits the market we’re in. This is an amazing Franchise and is really going places as a business here in SA and internationally.
What did you do before taking up a franchise? We were in the construction property industries. How did you raise the finance?
Privately in a partnership.
What training and support did you receive initially and ongoing?
Top management is hands-on and they’re very proactive and innovative in this sector. It’s also because of their business approach and people’s skills – they’re people’s people. So I’d say the support we’re given is the biggest factor. You’ve got to be a fool to mess this business up. You receive all round service from top management, so it’ll run by itself. It’s just up to you to make it successful and profitable. The Head Office team have vast experience in all aspects from store management to people management and and business management incl all the functions – i.e. marketing, financial controls, legal and this makes it really attractive to enter the market with. Training in all aspects is delivered pre-opening and is constantly on going.
What is a typical day for you as a franchisee?
This is business and it’s a cash business within retail. It has many challenges and it takes some time for your staff to settle and grasp the concept. It’s a dynamic environment and the business grows in leaps and bounds. It is a very unique business in the product offerings we have and this makes it more interesting to grow. Head Office support removed would make it risky. Cash management is key, people management is vital and stock control imperative. Our days are full, exciting and most interesting. There have been dull moments for 5 minutes in the past 18 months.
What challenges have you faced?
The biggest 2 challenges have been cash flow due to the unexpected growth of the business and the demands for cash in the Pawning and Buying of Stock and the recruitment of the right staff.
Has becoming a franchisee changed your life, if so how?
Yes, it’s a disciplined environment and structure and order are vital. It comes with a certain perception to the public and immediately places your business in trusted and reliable category. It makes growing a business somewhat easier. This business does take time and huge effort to get it off the ground and it does impact on ones life. In time I believe the business will be strong, solid and its momentum will carry it through rough patches.
What advice would you give to someone thinking of buying their first franchise?
Do thorough research and as with Cash Converters – go into a store and spend time doing physical and practical work. Understand the business and understand the Franchisor. A Franchisor can be your best asset but if you are not the person for a franchise it will be a nightmare and that’s not why we got into business.
What are your plans for the future?
We hope to move our business to a larger store in the coming months and once we have settled we will actively be looking at opening more stores in Lowveld and hopefully in Maputo.
Would you do it again?
And Then Some!