Making money is the main reason people go into business, but the risks involved are often rather daunting. When looking at the most profitable franchises, though, you begin to see that there is a better option. Here are a few reasons why you should buy into Cash Converters as one of the most profitable franchise opportunities available in South Africa.
1. Franchising regulations and code of conduct
When looking into how to buy a franchise you will find that you are protected by certain laws, regulations and organisations. The Consumer Protection Act No. 68 of 2008 (CPA) is in place to regulate various franchise-related matters and guarantee consumer rights. The CPA also works to ensure that franchising agreements are fair, reasonable and just, as well as ensuring that these agreements follow all the necessary legal formalities.
Cash Converters Southern Africa (CCSA) has been a full member of FASA (Franchise Association of South Africa) since 1995, and we are all fully compliant with the Consumer Protection Act, National Credit Act and the Second-Hand Goods Act. CCSA is also a member of MFSA (MicroFinance South Africa) which is a self-regulating organisation designed to keep microlending ethical. We have also been a finalist for the Franchise Association of South Africa Franchisor of the Year Awards in 2014, 2015 and 2016 so far.
2. Established brand identity
Building up a brand that is recognised and trusted by the public is a major challenge and expense for all start-up businesses. When consumers need something the first brands they search for are the ones they know. Even if they search for products the results that come up first will always be the more trusted brands who have invested in their image.
Buying into any of the most profitable franchise opportunities in South Africa gives you instant access to this investment in brand identity. To give you an idea of how extensive our Cash Converters branding operations have been, we’ve invested over R260 million in our brand image strength and awareness over the last 24 years. And all of that is to your advantage as a franchisee.
3. Greater chance of success
Franchise opportunities in South Africa are an excellent business move because they guarantee a greater chance of success. On top of stepping into a well-established brand, Cash Converters also provides you with a proven recession-resilient business model that has led our more than 85 stores in Southern Africa to being highly profitable franchises.
4. Easier to obtain financing
One of the greatest concerns for those investigating how to buy a franchise is the financing of their business ambitions. Banks are hesitant to loan large amounts of money required for start-up capital because of the high risk of failure involved. However, if you are looking for financing to buy into one of the most profitable franchise opportunities in South Africa, such as Cash Converters, banks are more likely to approve those loans. Our successes are obvious and so the risks are far lower. We have very established relationships with the major banks in our region.
5. Share in the marketing benefits
Another benefit of joining an established brand is that you get to enjoy the benefits of the brand’s day-to-day marketing. The franchisor typically takes care of overall marketing of the brand, covered by an advertising fund or similar system, while franchisees are only required to budget for the necessary local marketing.
These are still just a few of the benefits of buying into Cash Converters as one of the most profitable franchising opportunities in South Africa. For more articles explaining the various ways to buy a franchise and the benefits thereof, read our franchising blog.