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Growing the franchise industry

Oct 09 2014 18:00
Fin24

Johannesburg – FNB will be hosting the third annual FNB Franchise Leadership Summit in Johannesburg on October 15 and Cape Town on November 19.

Thought leaders and industry experts will come together to discuss key issues and innovative trends in the franchise industry.

Through the summit, franchisors and franchisees will be able to integrate business efforts which will ensure a greater diversification in the sector.

“For many, franchising has become an attractive option. With franchising you learn about new markets, customer needs and wants and continually look at innovative opportunities that will enhance your business value proposition,” said Morne Cronje, head of FNB Franchise.
 
Franchising across the globe has faced economic challenges, but has remained a lucrative industry globally.

With reliable support systems and ongoing research, franchising is seen as an industry with no boundaries and if successful it could be a profitable business venture in any industry.

Franchising encourages small business development and is a great catalyst for job creation, skills transfer and wealth creation.

This year’s summit will see key speakers concentrating on Africa, global expansion as well as how the franchise world is constantly changing.

“The potential for business growth in Africa is remarkable. Africa is seen as a generator of new business, innovative brands and plays a pivotal role in the economic success of any country," said FNB chief economist Sizwe Nxedlana.

"Doing business in Africa requires an understanding of the current economic landscape, the customer and the legislation. Government and the private sector can contribute to the franchise industry and help stimulate entrepreneurship and SME development in these regions.”

Cronje said while they continue to look at ways that can improve the local franchise industry.

"We need to start tapping into foreign markets that has the potential for development.  Together, we can find workable solutions that not only raise the franchise bar in South Africa but also encourages growth in the rest of Africa,” he said.

fnb  |  entrepreneurs  |  small business  |  franchising
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