What is the role of a franchisor?
Find out what you can expect from a franchisor, what sets Cash Converters apart and how the company really upped the game in terms of franchisee support during Covid-19.
How franchising is different to any other industry
Making the decision to invest in a franchise business is different to working in any other company or industry. With franchising, you enter into an agreement with an existing, established brand, and operate as an independent business, within the confines of the agreement that you signed. In this instance, the importance of relationships ― particularly between the franchisor and franchisee ― cannot be underestimated.
What you can expect from a franchisor
The franchisor provides you with a business model, systems, processes and support. It is important to keep in mind, however, that the business model, and the level of support, might differ drastically from one franchised business to the next. The relationship that you have with your franchisor is critical. In the end, it is a mutually beneficial partnership and you need to work closely together for your business (and the business as a whole) to be a success. For both parties, there are three key areas that have a big impact on this relationship, namely: clear and honest communication; accountability and personal responsibility; and emotional intelligence.
What you can expect from Cash Converters
- A solid reputation for franchise opportunities
Cash Converters Southern Africa has demonstrated consistent and steady growth for more than two decades. The international franchise, which was brought to South Africa in 1994, has since extended into sub-Saharan Africa. Over the years, the business has successfully grown its network, allowing hundreds of entrepreneurially-minded individuals to build sustainable wealth for themselves and their families.
- A 3-in-1 business model for financial success
Cash Converters offers a recession-resistant business model with three different revenue streams; this means three different ways for franchisees to make money and build a profit. The revenue streams include buying and selling of pre-loved goods, secured money-lending (against goods) and unsecured money lending (against a salary), both of which comply with the National Credit Act.
- A noteworthy level of training and support
Cash Converters has created one of the industry’s most comprehensive training programmes. Besides the initial on-boarding, all franchisees have access to a highly skilled team of specialists, who provide ongoing access to knowledge, tools and experience. The Head Office team also helps with everything from site inspection to accounting, marketing and more.
How Cash Converters set the bar high during a global pandemic
The level of support from Cash Converters was really taken up a notch during Covid-19. The global pandemic forced various lockdown levels in the country, which crippled entire industries. “During this time of uncertainty and amid the ever-changing ‘new normal’, the role of a franchisor was to simultaneously create certainty, construct a new company roadmap and help franchisees to build their individual businesses,” explains Trevor Locker, COO of Cash Converters Southern Africa.
Throughout all the various lockdown levels, the team at Cash Converters was extremely proactive and helped franchisees with items that were fundamental to the success of their business. This included helping franchisees with rental and loan deferments (from both their landlords and their bankers respectively); submitting UIF documents to the Department of Trade and Industry (DTI) for staff members; and home support and guidance for franchisees (around staff and salaries). All of this practical, behind-the-scenes support from Cash Converters was in most cases, significantly more than many other franchise businesses were doing for their franchisees.