A Cash Converters franchise represents an opportunity to open a franchised business that is part of one of the largest pawn brokers in the world.
Since being founded in Australia in 1984 Cash Converters has shown a considerable and stable growth into a global company with 700 stores across the world, 230 of which are located within the UK. On top of this Cash Converters are keen to continue expanding into the UK market so there is always growth opportunities. Cash Converters is a full member of the British Franchise Association as well as an active council member on the Consumer Credit Trade Association and the Consumer Finance Association. On top of this, Cash Converters CEO David Patrick sits on the National Pawnbrokers board. This all shows that Cash Converters are dedicated to a sustainable business model through sensible policies.
A Little Background
Application to become a Cash Converters franchisee is a relative simply process with online application available on the website. Cash Converters seek out franchises who have high integrity and standards as well as showing financial acumen. It is also a requirement that you have good management skills and strong leadership. In return Cash Converters offer a 10 week induction plan which is a combination of classroom based and in-store training. As well as the initial training Cash Converters also provide on-going training a Franchise Business Development Manager and Regional Training Manager.
It is expected that you have at least £125,000 in liquid cash before applying for a Cash Converters franchise with other assets worth up to at least £223,000 (the cost of a store). In terms of franchise costs, there is a flat fee of £30,000 which affords a franchise 10 years of trading. There are also additional weekly costs for licences, marketing and a service fee that combined cost a little less than £750.
Cash Converters claim that the average yearly profit for a store is £125,000 however this can vary based on a number of factors.
The costs involved in setting up a Cash Converters store are pretty hefty, but when you consider what you are buying into it doesn’t make it a bad deal. The fact is that within the UK Cash Converters are one of the most recognised pawn brokerages and this will generally make you the first port of call for your clientèle. To top this off the business that you are operating is essentially recession proof and in fact, should thrive under difficult circumstances.