Tips for 1st-time franchise owner operators

In today’s economic climate, entrepreneurs and business owners have the luxury of choosing from numerous franchise models to invest in. Apart from working with a successful tried-and-tested model, the training and support included in the franchise package make franchising one feasible option to consider when wanting to own and manage a business yourself.

If you’re a first-time buyer, this article will help you through the process.

Have the required financial resources

Find out what the initial investment cost is, and what capital requirements are, so you are sure you have the necessary financial status to be able to invest in this business model. Discuss the initial start-up costs and cashflow projections with the franchisor so you have a clear understanding of the financial roadmap to the point of breakeven. At Cash Converters, we have ongoing support to guide you through this process.

Do you fit the profile?

Although franchise companies provide training for their new franchisees, it’s inevitable that you will be interacting with customers daily; so good customer relation skills, communication skills and the ability to motivate your staff members are crucial for any prospective franchisee.

Know your community

Buying into an established franchise model such as Cash Converters means that customers are likely to be familiar with the brand. A key pillar of the business model is that our franchise stores are part of their local communities. It’s important to spend time in the area where you wish to open a store so that you understand what levers you can pull to remain top of mind with your customer base.

While there are plenty of franchise opportunities, you can become a Cash Converters franchisee and run a profitable business. Our recession-proof business model has multiple revenue streams, including buying and selling second-hand goods, secured and unsecured lending. Click here for more info.

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