Cash Converters Southern Africa (Pty) Ltd
Back in 1984, Brian Cumins of Perth, Western Australia, saw the opportunity to open a concept store where customers could buy and sell quality second-hand merchandise in a modern, retail environment. Within four years, seven more outlets had opened. And it was just the beginning.
Since then, the Cash Converters chain has grown exponentially. With over 700 stores across 18 countries, this multi-million dollar business has built a solid reputation as a world leader in the trading and marketing of pre-owned goods, and more recently, in smart financial solutions.
Today, Cash Converters offers an exceptional franchise opportunity with access to a proven business model and one of the most comprehensive training programmes in the industry.
As we continue to grow towards the future, we’re looking to recruit determined, motivated and passionate people to join our team. If you want to be a part of a rapidly expanding global franchise and convert your potential into profit, this is your opportunity.
Our mission is:
To ensure smart ways for savvy customers to access instant cash, we’ve evolved to offer a number of different products and services to suit their changing personal and financial needs. With these multiple sources of revenue, you can be confident that your business has the means to consistently generate income. Here’s how:
We Buy
Customers bring in their unwanted goods. We conduct an evaluation. If we like what we see, they leave with instant cash and we get stock for our floor, which we then sell at a profit. We adhere to a strict no-tolerance policy on stolen goods. For peace of mind, all sales are recorded on CCTV and accompanied by proof of ID. In this way, we ensure our stores offer an extremely diverse array of top-notch products.
We Sell
Cash savvy customers know that when it comes to finding quality pre-owned goods at bargain prices, our retail floor is the place to be. Modern, bright, and welcoming, our stores offer a wide and continuously changing range of items from household goods to electronics and jewellery. In compliance with the Consumer Protection Act, most of our merchandise comes with a 6-month guarantee.
We Loan Cash
With the advent of the National Credit Act in 2007, we expanded our business model to include financial services. Our secured money lending option, Cash Advance, allows customers access to instant cash against their valuables, which are then returned once the loan is repaid, or sold on our floor to defray costs. Our unsecured money lending products, enable customers to take out short-term loans against their salaries. Our qualification process is very strict and as a result, bad debt is kept to a minimum.
The story of Cash Converters Southern Africa started in 1994, when Richard Mukheibir (current CEO) and his business partner, Peter Forshaw (current CFO), were among the first people to bring international franchising to the country. The duo introduced South Africans to several franchises, one of which was Cash Converters – an Australian franchise that focused exclusively on the buying and selling of quality pre-owned goods. Cash Converters continues to hold the master franchise licence in sub-Saharan Africa
Providing hundreds of entrepreneurially-minded people with the infrastructure to become financially independent and thriving business owners, the Cash Converters franchise has a successful track record of more than 28 years of operation in Southern Africa and over 35 years globally.
Our 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.
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 use technology to continuously grow our franchise offering, providing an exciting, innovative and rewarding business opportunity – so our franchisees have the potential to build wealth for their families.
The traits of a successful franchisee
If the glove fits, wear it. An owner-operator of a Cash Converters store needs to be a particular kind of person. If this person is you, it could be a winning match. What are the traits we look for in franchisees?
- A deep desire to be an owner-operator. In other words, you want to build and run your very own franchise operation.
- Agree with, and embody, the Cash Converters values: Professional; Passion; Respect; Integrity; Collaboration.
- Previous business experience. Have you run your own or someone else’s business?
- Buckets of energy. Cash Converters stores need energetic people.
- People skills – at the end of the day, the product is secondary to the people: your customers, your suppliers, your staff.
- Show initiative and be motivated.
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 a complete accounting solution – from establishing a new company, legal compliance, to monthly management accounts, and the interpretation of these.
We have franchise opportunities available throughout South Africa and globally.
Establishment cost = Total set-up cost + opening costs
Own cash contribution requirements: R2.1 million (50% of the establishment cost)
*Estimated costs
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