Banking on experience at Elgin Park Cash Converters

Bev Howie, the new co-owner of the Elgin Park Cash Converters franchise, has almost a quarter of a century of experience in retail and business banking. This strong foundation will support and guide her as she begins this new phase of her business life, she says.

There was a party atmosphere at the Elgin Park Cash Converters franchise store for the grand reopening. “It was exciting to see customers’ reaction to all our new stock and their enthusiasm has been a lovely bonus for myself and our staff,” says Bev. “We have always loved the Cash Converters brand and can never pass one of the stores without going in and checking out the stock because we have found so many treasures there – and that is what we want to create for our customers.”

Bev lives in the Kempton Park area with husband and co-owner Len. “This is absolutely where I want to be because I have always wanted to own my own business,” she says. “I am bursting with passion for the business and dedication to this store. We are here for the long term and want to become part of this community.”

Len, who helped pay his way through varsity by selling cleaning chemicals door to door, continues to pursue his career in banking. One day, says Bev, these two fledgling franchisees dream of building their own little business empire of three or more franchises. “I understand and am excited by the Cash Converters business model that is all about the customer so it is very similar to our background in relationship banking,” she says.

Bev’s most recent role was running provincial acquisitions and franchises for one of the Big Four banks where she worked so the transition to franchise-owner has been smooth.

“When we decided the time was right to buy a franchise, we investigated a range of different franchise options,” she says. “We really liked the customer-centric approach at Cash Converters together with its three-for-one income stream for franchisees – dealing in second-hand goods, pawn items and cash loans. That creates a strong foundation for start-ups.”

The group’s community marketing programme was a wonderful guide for the store’s launch, she says.

“We sent out about 7 000 SMSes, ran a Facebook campaign reaching about 40 000 local people and dropped 4 000 pamphlets in letterboxes in the area. We are serious about letting people know we are here and open for business!” she recalls.

Bev feels she has benefited enormously from the two-phase training offered to new franchisees by Cash Converters and says she is also reassured by the group’s strong systems and operational support. The directors are also accessible and keen to guide franchisees to make the most of their investment, being readily available to talk and making regular advisory visits to franchise stores.

“We are delighted to welcome Bev to the Cash Converters family,” says Richard Mukheibir, CEO Cash Converters Southern Africa. “Each of us has benefited from family support and we know and appreciate its value. That is why we make strong efforts to create an environment that is supportive as well as professional to ensure that our systems support and ongoing training enable new business owners like Bev to grow their existing business skills and investment.”