Like all successful franchise groups, Cash Converters has developed a number of highly effective operational systems to ensure that its franchisees operate their stores in accordance with the high standards for which Cash Converters has become renowned. These systems have been tried and tested in many different markets in both good and poor economic conditions. The ability to deliver uniform standards in service, store appearance, merchandising strategies and consumer image is central to the success of Cash Converters.
Cash Converters began life in Perth, Western Australia in 1984. It was founded by Brian Cumins and a group of partners. The ‘idea’ was to turn second hand goods stores into professional retail outlets. The partners proved to their own satisfaction over four years that this process worked by operating seven separate outlets in the Perth area under a variety of trading fascias. Having proved the concept, the partners converted all seven outlets overnight to a prototype of the current Cash Converters style.
The business continues to trade as Cash Converters. However its original logo - “We Buy, We Sell, We Swap” which has been copied by ‘would be’ competitors has been updated to “A better way to sell, A great place to shop”. This more accurately reflects the contemporary market position being sought and emphasises the difference between Cash Converters and other operators of second hand goods stores. The significant difference with most second-hand outlets lies in the quality of the retailing approach taken by Cash Converters.
The international franchisor, Cash Converters International Limited (“CCI”), was listed on the London Stock Exchange on 30 November 1995. In August 1996 Cash Converters International bought back the Cash Converters franchise rights for the United Kingdom as part of its’ growth strategy. The Company was listed on the Australian Stock Exchange on 12 February 1997.
The core business involves the buying and selling of secondhand goods over the counter for cash. Secondhand merchandise traded includes:
· electrical goods
· audio visual equipment (TV, video, CD players, etc)
· musical instruments
· white goods
· automotive accessories
· hand and power tools
· computers and games
· household hardware
· jewellery (gold, silver, coins, watches, etc.)
· personal ornaments
· sporting equipment and apparel
· household merchandise
After cleaning, effecting repairs as necessary, receiving formal valuations by an accredited valuer for jewellery items and pricing, the goods are displayed for sale in a modern retail outlet. This retail model is applied throughout the franchised chain.
Some Territories within Australia also offer a pawnbroking service offering the advance of cash secured by goods of value held as prescribed under the relevant legislation. All stores offer personal finance.
Each franchisee is provided with:
High consumer recognition of Cash Converters' name and the public's perception of Cash Converters as a professional and reliable business developed through mass media advertising and promotional programs and the consistent high level of presentation and service offered and developed over time.
Intellectual Rights "How the system works"
Corporate and National Identity
Trade mark and copyright protection
Franchise Agreement compiled by our lawyers at no charge to the franchisee
Cash Converters manual "Book of Rules"
Access to computer software designed specifically for Cash Converters and constantly being evaluated and updated.
Help to identify suitable locations
Advice in design and fit out of shop
An exclusive trading area within which no other Cash Converters secondhand franchisee may compete
Stock, initial supply
In-house documentation to assist in the smooth running of each outlet
Initial and ongoing training of you and your staff
National/regional advertising pool for TV, Radio, Newspaper, etc. Cost shared between outlets "Not possible as a single operator"
Credibility created by a national chain. Research shows that today's consumers associate both quality and competence with size and that consumers prefer to deal with large internationally recognised organisations
Strength in numbers. Benefit of a large organisation while simultaneously remaining independently owned and operated
Interchange of stock from one outlet to another (by mutual agreement between franchisees)
Finance and insurance assistance
Accounting and financial procedures
Fees not geared to turnover which does not "Penalise Success"
Relief Management Service.
The Ideal franchisee candidate is someone oriented towards sales and marketing with a CEO/Investor attitude. Submit your request and we will answer you quiclky!