While looking at the best franchise opportunities available and wondering which franchise to choose, many people consider buying into restaurant or fast food franchises. After all, everybody needs to eat. However, what you might not have considered is the number of risks carried in terms of stock alone, never mind all the other costs and difficulties involved.
The risks of dealing in perishables
Food goes off, that is a well-known fact. This gets in the way of the best franchise opportunities in many ways, because there are so many factors that can lead to your stock becoming sub-par. Difficulties with the electricity grid and rising costs of electricity could result in fridges switching off without warning and staying off for extended periods, and even temporary interruptions while cooking with machines. These conditions can very quickly lead to your stock going off or becoming compromised.
Water shortages have also been a concern all over South Africa for many years. In some cases this has led to drastic and potentially irresponsible use of water in order to cut costs. The water being used to wash food and dishes might end up being overused, risking the quality of your food and utensils.
Perishing business results
You’ve most likely experienced something like this at a restaurant, maybe even as part of your research into which franchise to choose. But after receiving dirty cutlery or food that is off, you would have demanded they let you leave without paying, and you have probably never gone back. Especially for people who get food poisoning at a restaurant – neither those people nor their close friends and family are very likely to go back there.
Multiple revenue sources – Not prone to health risks
Our Cash Converters franchise doesn’t carry this kind of risk. Whereas a restaurant has only food as a source of revenue, subject to instability with such health crises, our business model has multiple revenue sources. We are one of the best franchise opportunities in South Africa because of the safety and stability this offers.
The retail side
Each Cash Converters franchise store has two areas on the floor: retail and financial services. The retail side is always busy, because our customers know that there are always quality second-hand goods available at a fraction of the usual price. And who doesn’t love a bargain?
The financial services side
The financial services side of our stores is actually our core reason for being – we exist to provide customers in the communities that we serve instant access to cash. Some customers just need a loan to get by for a while, and we provide the opportunity for this with both secured and unsecured loans against goods or salaries. This means that you always have business because you always have something that your customers need and/or want.
Consistent business opportunities
What makes a Cash Converters franchise one of the best franchise opportunities possible is the fact that our multiple revenue streams are immune to the instability of the food industry. Even if there is an announcement of economic difficulties that pushes customers to spend less, you will always have something to offer. So if you’re still wondering which franchise or industry to choose, get in touch and we will explain to you in further detail why our stores are so lucrative.