Cash Converters on what makes a good franchisee

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What does it take to be a success within the franchise model? Here’s what Jean-Pierre Seger, franchise sales manager for Cash Converters, looks out for.

Investing in a franchise is a big decision. So how should you know if you’re cut out to be a franchisee?

According Seger, experience and business know-how is not as important as one might think. Of course, some basic business acumen is always useful, but it isn’t crucial. Nor is a business degree all that important.

KEY LEARNING

When it comes to owning and operating a franchise, business acumen and retail experience is not as important as you might imagine. These skills can be taught, but if a franchisee isn’t passionate and excited about a brand, success is much harder to attain.

So what does Cash Converters look out for?

“For us, fit is the most important thing,” says Seger. “We want to attract the right people. It is important that franchisees be incredibly passionate and enthusiastic. They have to embrace what Cash Converters stands for.”

The success of its franchisees is very important for the company.

“We look for franchisees who are not afraid to work hard and grow. We want all our store owners to eventually become multi-unit franchisees.”

Since experience in business and retail is not a requirement, Cash Converters is cognisant of the fact that some training is needed. So, it does everything to ensure that new franchisees are ready for the job.

Since experience in business and retail is not a requirement, Cash Converters is cognisant of the fact that some training is needed. So, it does everything to ensure that new franchisees are ready for the job.

A helping hand

“All new franchisees spend six weeks in an operating store, working alongside the owner and getting a very good idea of how things should be done,” says Seger. “And once the franchisee’s store is open, he or she gets another four weeks of intensive training, right there in the store.

“We never want our new franchisees to feel as if they have been left to try and figure things out for themselves. The early days of a new franchise are so important, which is why we want to provide as much support as possible.”

Reference: Standard Bank BizConnect – www.bizconnect.standardbank.co.za

 

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