Vital Stats
- Company:Cash Converters
- Established:1994
- Investment Required:Min R1.3 Million
- Set-up Costs:R2.6 Million to R3.2 Million
- Management fees:4% – 5%
- Marketing Fees:3% – 4%
- FASA Member? Yes, Fully
- Contact person:Ilse Murray
- Email:ilsem@cashconverters.co.za
- Visit:franchise.cashconverters.co.za
- Call: +27 (0)87 820 7411
About The Brand
Since Brian Cumins founded Cash Converters in Perth, Western Australia in 1984, the Cash Converters chain has grown exponentially into a multi-million dollar international business with more than 750 stores in 22 countries, and growing.
Cash Converters has pioneered the transformation of the buying and selling of pre-owned goods, and offers an exceptional franchise opportunity which provides franchisees with an internationally proven, recession-resilient business model for achieving real wealth.
A Cash Converters store offers multiple revenue streams providing income from the retail floor and our unique financial services, making this a sustainable franchise that offers the cash you need to live the life you want.
The Concept
Whatever happens in the world, people will always need access to cash, whether they’re selling their belongings, loaning money or just looking to save on a great bargain.
The Cash Converters business model is based on the principle that we provide consumers in the communities we serve with access to cash through a number of different products and services that suit their personal and financial circumstances.
A Cash Converters store is divided into two distinct areas: retailing and financial services.
This gives franchisees the security of three revenue streams:
- Retail floor: specialising in the selling of quality second-hand household goods
- Cash Advance: secured lending against the customer’s valuables (pawnbroking)
- PayDay Advance and 1 | 2 | 3 : unsecured loans against a customer’s salary
A store development manager spends a month with the franchisee prior to opening their store and assists with setting up the business, recruiting and training staff, as well as stocking the store.
Ideal Franchisee Profile
The following are some of the selection criteria that Cash Converters consider when deciding on awarding a franchise:
The Cash Converters model requires an owner-operator franchisee, with significant financial investment combined with a hardworking, hands-on approach to running a customer-orientated business.
The following are some of the selection criteria that we consider when deciding on awarding a franchise.
- Owner-operator
- Previous business experience
- Trader mentality, “smous’’
- People’s person
- High degree of energy
- Initiative
- Motivated
- Sense of humour.
Franchisee Training and Development
Cash Converters head office support structure consists of an 109-man strong team including 15 national operations and training consultants.
Cash Converters Training Academy has developed a comprehensive training programme for franchisees and their store staff. Each new Franchisee is required to attend an intensive two month training programme prior to opening their store.
In addition, franchisees have a dedicated local area marketing specialist team which develops individual marketing strategies, plans and elements for their store in their unique community.
The internationally aligned rebrand and new store design of Cash Converters Southern Africa ensures that this household brand is top-of-mind when consumers choose to sell their goods or loan cash.
Franchisee Finance
R1,3m or 50% unencumbered, the balance can be financed.
