Franchising sector takes the lead in driving economic growth

Sector to come under the spotlight at the 2018 FASA Franchise Convention

With the economy showing a positive growth for the coming year and public and business sentiment more positive, the Franchise Association of South Africa (FASA) is poised to spearhead initiatives and events that will nurture entrepreneurship, encourage small business development, add to skills growth and ultimately add much needed jobs to the economy.

The franchise sector has continued its growth trajectory despite the tough economic conditions of the past eight years, adding around 88 new franchise systems and 2 789 new outlets in 2017 – proving that franchising remains one of the soundest business formats, structured to withstand economic challenges. With a contribution of 13,3% to the country’s GDP through its 845 franchise systems, over 40 000 franchise outlets are giving direct employment to close to 400 000 people.

According to Vera Valasis, Executive Director of FASA, “the continued growth of new franchise concepts proves that franchising is the entrepreneurial heart of any economy – its growth might be temporarily curbed due to economic influences, but it remains the one business sector that is always innovating and has the highest success rate.”

Vera Valasis believes that on a global front, our changing world is opening up opportunities on the franchise horizon. “As spending patterns change, entrepreneurs will be looking at business sectors where there is an appetite for franchising and flourishing new industries will start to see the light. Niche markets are also offering one-of-a-kind franchises that give one the opportunity to get in on the ground floor of a new franchise trend.”

With the country’s renewed energy and more positive outlook, both on the political and economy front and for those wanting to go the franchise route, whether as a prospective franchisee or as a developer of a new franchise concept, FASA has the following events and initiatives during 2018 which include:

FASA’s annual Convention, sponsored by Absa, aimed at industry stakeholders as well as those wanting to franchise their business or purchase a franchise, takes place at the Forum Campus in Bryanston on Thursday 28th June 2018. Convention. Convention delegates have access to attend no less than 50 lectures or presentations, during which various topics and issues related to the franchising sector will come under the spotlight.

Dumisani Bengu, Head of Franchising at Absa, says: “As a leading player in the franchising sector in South Africa, the bank is delighted to be partnering with FASA in bringing together various stakeholders to discuss some of the issues the industry faces, as well as seeking ways to ensure its continued and sustainable growth. Franchising remains a key focus area for Absa, especially given the resilience of franchising businesses in tough economic times and the overall sector’s potential to be a major driver to grow the economy, for employment opportunities and to reduce poverty.”
As the economy recovers, FASA’s International Franchise Expo (IFE), taking place on Level 5, Entrance 22 and 25 of the Mall of Africa from the 29th June to the 1st July 2018 is where the who’s who of the franchising world will be on show to promote their brands and offer franchise and business opportunities.

For more information visit IFE at http://ife.co.za. Book now to attend one or more of the 21 free public seminars by emailing fasa@fasa.co.za - seats are limited http://ife.co.za/free-franchise-seminars/

For more details on the convention visit http://ife.co.za/franchise-convention-southafrica