Franchising is an attractive business model for entrepreneurs who want to be their own boss, without starting from scratch. Running a franchise, just like any other business, does come with its own challenges though. You must be willing to put in long hours, be mindful of cashflow and learn to deal with different types of employees and customers. However, there are easy, practical ways to make your franchise business a success. 

Franchising ― 8 steps to success: 

1. Understand the franchise agreement 

This is a crucial first step, which will help you to fully grasp the ins and outs of what running a franchise really entails. It will allow you to work out whether franchising is something you can truly commit to – on a day-to-day basis and in the long run. 

2. Follow the franchise business model 

At Cash Converters, we give you a ‘recipe’ – all you need to do is follow it. Our tried-and-trusted business model comes with the backing of nearly 700 stores around the world and an international track record.  

3. Constantly upskill yourself and your team 

We place a huge emphasis on training for all our staff members. Our digital (downloadable) e-modules, with over 500 items of content, make it easy for you and your teams to learn at a time that is most convenient to you – even if that means learning on-the-go in a taxi. 

4. Build a team you can trust 

The team that you choose to help you run your store will help (or hinder) your steps to success – and will become like a second family to you, so choose your team members wisely. 

5. Focus on customer service 

The customer is always right. Nowhere is this truer than in the franchising industry. Much like any business, those franchisees who place customer service as ‘pivotal’ are more likely to see return business from customers and a quicker road to success for their business. 

6. Be involved in your local community 

No matter which city or town you choose to open a Cash Converters’ franchise, customers should know you by name. Community is at the heart of everything we do ― and besides offering consistently good service, this often means giving back too.  

7. Embrace technology that will improve efficiency  

At Cash Converters, tech is a big part of our (collective) success. We have the ability to monitor, maintain and support all of our stores in Southern Africa out of our HQ in Johannesburg – and this is just the start. 

8.  Stay committed  

Becoming a franchisee is a long-term investment. If you stick it out, you can achieve year-on-year sustainable wealth for you and your family. 

For more information and to apply to become a franchisee, click here.