Figures show that the SA franchise industry has grown its turnover by 55% from R465billion in 2014, when the Franchise Association of South Africa conducted its first survey, to R721bn last year. Alongside this, the sector’s contribution to the country’s GDP has expanded by 62%, from 9.7% in 2014 to 15.7% last year.
Richard Mukheibir, chief executive of Cash Converters Southern Africa, offers four tips on how to find a good franchise opportunity.
Choose a credible brand: As you shortlist franchisors, go beyond what they tell you about themselves and find out what people are saying about them. Do social media searches. Your franchise fee should buy you a halo effect thanks to your franchisor’s good reputation. Too much negativity around a brand will affect the potential success of your franchise.