Cape Town – Partner a leading financial service provider with a trusted incubator and then offer a chance for top entrepreneurs to start their own franchise, coupled with expert mentorship and training.
Africa’s only unfunded for-profit incubator Raizcorop has partnered with Old Mutual to offer this exciting opportunity.
In this story:
AUDIO: Interview with Farhad Sader, the GM for the Agency Franchise Distribution of Old Mutual.
AUDIO: Allon Raiz, CEO of Raizcorp, talks about the deal as well as the state of entrepreneurship in South Africa.
“Old Mutual is committed to doing great things,” said Sader. “A focal point for us is creating new opportunities for young entrepreneurs to join the financial services industry.
"Raizcorp has an excellent track record with cultivating great entrepreneurs, and we believe that partnering with them will enhance our ability to develop sustainable businesses going forward.”
Specialised programmes
Capitalising on Raizcorp’s assistance and expertise, Old Mutual has designed a six-month programme for entrepreneurs that will equip them with all of the necessary skills they need to run their own successful franchises.
Entrepreneurs who join the programme will have access to Council on Higher Education-approved Learning presented by Raizcorp and will be assigned leading business coaches in the fields of strategy and sales.
As franchise owners, entrepreneurs will manage and oversee the sale of Old Mutual’s products to the public. Franchise owners can look forward to ongoing training and business support; financial planning and advice tools; operating under the Old Mutual Financial Service Provider License; competitive and comprehensive product ranges; compliance support; and marketing and sales support.
“We need to play, as a leader in the country, a more active role in the growth of our industry to be successful into the future,” Sader said in his interview with Fin24.
Listen:
No set up costs
An added advantage of becoming an Old Mutual franchise owner is that there aren’t any set up costs required for opening a new franchise. This will allow entrepreneurs to focus solely on building their business and doing what they do best, instead of having to worry about start-up costs.
Each franchise and entrepreneur is backed by Old Mutual and Raizcorp. Entrepreneurs will continue to have access to product and operational training, as well as support, even after their franchises are up and running.
“Raizcorp is proud to have partnered with Old Mutual, who for years has actively been promoting the development of small businesses in South Africa.
"Together we have developed a programme that will not only support and develop entrepreneurs who want to become franchise owners, but will also equip them with everything they need to ensure that their businesses thrive,” said Raiz.
Creating sustainable franchises
Raizcorp supports up to 500 businesses in a high touch programme, Raiz told Fin24.
“A big problem around start-up businesses is the high failure rate,” he said. “With 96% of all businesses failing within a 10 year period, a huge a percentage of that in the first year or two and the most in the first six months. That’s the most vulnerable time.
“We are working with Old Mutual in terms of setting up franchisees that comes from our selection process, which is quite a rigorous selection and then we support them through a six-month programme to ensure the highest probability of success.”
Listen to the full interview:
- Fin24.
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