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The success story of Cash Converters started with Brian Cumins in 1984, who saw an exciting opportunity in Perth, Western Australia, to package pawn-broking and second-hand retiling services into a mainstream, professional operation that has since progressed into a globally successful franchise operation.
Fast forward to 1994 when Richard Mukheibir (CEO) and his business partner Peter Forshaw (CFO) introduced the Southern African wing of the brand.
Today, the operation has over 85 franchise-operated stores across Southern Africa. Collectively, Cash Converters’ franchises employ vaguely 1,500 employees, and by the end of 2019, will have processed over R2 million worth of transactions.
What does it mean to work for yourself in a franchising context? An owner-operator works in a proven business model. She could decide not to work too hard, and the performance of the business would reflect this. However, if she makes use of the support structures and uses her own entrepreneurial spirit and drive, the odds of her succeeding and becoming wealthy over the long term are stacked in her favour. What you put in reflects on what you take out.
Cash Converters’ franchise offering is designed to thrive in any economic climate – our three-stream revenue model creates three times the opportunity for our franchisees to generate profit and build sustainable wealth. This means franchisees have the opportunity to generate three times the profit.
As a customer-centric business, we remain a world leader in the buying and selling of quality second-hand household goods. We continue to invest in our vision of becoming a leading financial services provider.
We understand the size of the investment involved and it’s for this reason that we provide the level of support and infrastructure that we do. After all, your success is our success.
We want to guide new franchisees toward maximum profitability as quickly as possible, so we’ve established one of the industry’s most comprehensive training programmes. Our initial two-month training course includes in-store experience, supplemented with state-of-the-art e-learning, as well as classroom training provided by our executive team.
Beyond this initial on-boarding, all franchisees have access to our highly skilled team of specialists, who provide on-going access to the knowledge, tools and experience you need in order to run a profitable business. Our in-field experts, including regional operations managers, operations support staff and store development managers, are there to help you with day-to-day activity. Further, our Head Office comprises a team of support staff dedicated to accounting, marketing, IT, store design and customer care.
In addition, True Accounting is an independent business created to provide our franchisees with a complete accounting solution – from establishing a new company, legal compliance, to monthly management accounts, and the interpretation of these.
A successful owner-operator of a Cash Converters store is a particular kind of person. If this person, is you, it could be a winning match. So, what are the traits we look for in franchisees?
• A deep desire to be an owner-operator. In other words, you want your very own franchise(s).
• Agree with, and embody, the Cash Converters values: Professionalism; Passion; Respect; Integrity; Collaboration.
• Demonstrate experience in business. Have you run your own business or someone else’s business? What previous business experience do you have?
• Buckets of energy. Cash Converters needs energetic people.
• People skills. The product is secondary to the people: your customers, your suppliers, your staff.
• Show initiative and be motivated.
For more than 25 years we have built a respected brand, and our people are the face of the brand.
Founders
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1st Franchise Opened
CEO
Head Office
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Available Opportunities
FASA Membership
Average set-up cost
Initial franchise fee
Initial Working Capital
Minimum owners contribution
Management services fee
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