MORE WOMEN were finding a business home in the franchise sector, thereby setting up other women to do the same, the Franchising Association of South Africa (Fasa) said yesterday.
The association’s chairperson, Pertunia Sibanyoni, who is also the chief executive of InspectaCar, said as the country celebrated Women’s Month in August, it was encouraging to see how many strong women were heading franchises or were successful franchisees – a figure that stood at more than 30 percent in the 2019 Fasa survey.
The Franchise Firm director Lindy Barbour believed that franchising offered a relatively low-risk barrier to entry, paticularly for women starting out as entrepreneurs.
“The benefits of skills transfer and the ongoing support of the franchisor make it far more attractive than pursuing an independent start-up. Add to that the fact that women set very high standards for themselves and are generally more detail-orientated, and you have a formula for success,” said Barbour.
Absa business banking head of wholesale, retail and franchise James Noble said the importance of franchising over the past 40 years could be seen in many of the banks having dedicated franchise divisions, as franchises had always proved to be more resilient and successful than start-ups.
“As bankers, we have always worked closely with franchise brands, are able to audit their growth and ensure that new franchisees coming into their systems are well supported and are set up with all the necessary financial supports to be successful. The franchise industry, like many others, faces challenges in the various business categories that make up the sector. But the challenges forced businesses to think outside of the box and to become smarter at delivering their products and services, fast-tracking their e-commerce strategies with online sales platforms and finding new avenues for growth,” said Noble.
Fasa’s Franchising in Africa conference will be held virtually on August 25 and 26. This was as women across the world had found themselves hardest hit by the pandemic, often having to balance work responsibilities with looking after their families, while the impact of Covid-19 knocked their revenue generation as entrepreneurs.
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