Taking your career into your own hands by investing in franchise opportunities is a great way to start being your own boss. There are multiple franchises for sale, but knowing exactly what you want and how to go about it is important.
When researching how to buy a franchise you will come across terms that may confuse you. Here is a handy franchising phrasebook to help you avoid confusion and to understand the words you are sure to come across when finding out how to take advantage of franchise opportunities.
The individual who buys a location and pays for access to the franchise and its resources.
The creator of the franchise and the owner of the business model and brand.
The contract signed by both parties (the franchisee and franchisor) agreeing to the rights and responsibilities that are to be taken by both participating parties. It is a legally binding document that makes the franchisee officially part of the franchise.
Due diligence must be performed by potential franchisees by examining all the elements involved in buying into franchise opportunities.
Recession-resilient Business Model
When perusing franchises for sale, if research tells the franchisee that the business model it is based on is recession-resilient this is great news. This means that the business has been tested and survived the economic climates and the product or service has not lost value in its years of operating.
Corporate Membership and Compliance
This means you are compliant with the Consumer Protection Act, National Credit Act and in the case of Cash Converters the Second-Hand Goods Act, as well as enjoying membership to the Franchise Association of South Africa since 1995 and the National Association of Franchised Second-Hand Dealers.
Cash Converters’ success is largely thanks to the implementation of operational support. It is a support structure whereby franchise owners can consult with:
- In-field experts
- Training – online, instore and in classroom
- Regional operations managers
- Specialised accounting services
- Marketing – both national and local area
- Store design
- Property experts for lease negotiation
- Customer care support staff
- Store development experts
- And more!
This means that expertise is virtually on tap so any business issue does not exist for long before it can be dealt with in the best possible manner with unwavering support.