CAPE TOWN - The trend of more women taking opportunities in the franchising industry over the last ten years, is expected to further increase over the next five years.
According to the international Franchise Association (IFA), more than 25% of women are operating franchises in the world and this doesn't include another 17% of the population where men and women operate franchises together as partners.
Head of Franchising at FNB Business, Morne Cronje said: "Women have the ability to use their time, energy and resources effectively to meet and achieve business goals. This trait, in my view, is the cornerstone for successful women in franchising. In a country like South Africa, the growing involvement of women in franchising is vital, considering that women make up the majority of our population."
Cronje said there are four successful franchising industries that women are dominating in.
Education - He said that more women are attracted to the education space because not only are they looking to make a profit but they are also looking for the sense of community and making an economic impact.
Slimming salons - Franchises in this space that are led by women, tend to specialise in weight loss products and services and currently there seems to be good business opportunities in this part of the health sector as more people are becoming health conscious.
Accessory and arts - More women are starting to become thought leaders in the designing and selling of jewelry such as rings, necklaces, earrings and bracelets and by doing this they are setting trends and staying ahead of popular accessories.
Beauty salons & Nail bars - This being one of the industries that are pioneered by women, has a main focus of hairdressing, make-up, cosmetic treatments, manicures, pedicures and nail enhancements. Interestingly men also seem to increasingly make use of these services.
Notwithstanding the limited awareness about the importance of the roles and great strides women continue to make in franchising, it is important for even more women to take the exploring of the opportunities in this sector into consideration as it's one of the most resilient.
The success rate of franchise businesses is better than a traditional start-up or small business and consequently, franchising is but one of the few industries in South Africa that are showing a steady contribution to the economy and employment.
- BUSINESS REPORT ONLINE