Luis Rosa – Cash Converters Claremont
Name: Luis Rosa
Franchise name: Cash Converters
How long have you owned this franchise?
I’ve only owned the Cash Converters franchise for four months.
What did you do before that?
I owned a fast food chicken franchise for 15 years.
Why did you make the move from retail to food?
The fast food franchise term was only for five years. After 15 years they wouldn’t renew, and I was forced to sell my business. My son has a friend who has a successful Cash Converters and after some research I realised, with the longer term agreement (10 years), it was a good solution for me.
How does the environment differ on a day-to-day basis?
In our fast food chicken franchise, there were strict guidelines around the preparation of each menu item so it was easy to develop a routine. With the retail aspect of the Cash Converters franchise, every day brings a new customer wanting to sell a different item. You end up seeing items you never expected and you have to do research on that item so you can make sure it moves through the product cycle. You’re always learning.
Has the move impacted your home life?
We operate Monday to Saturday, from nine to six on most days, so there is definitely more time for family. In the restaurant industry, you spend much more time at work.
What is your biggest piece of advice for anyone looking to enter into franchising? Seriously consider the terms of a franchise agreement and how that impacts your life plan. Generally, fast food franchise agreements are for a five-year term whereas retail franchises offer a 10-year term. You do get the option to renew, however the fast food franchisor doesn’t have to renew.