What solution(s) does your initiative address to help emerging entrepreneurs and small businesses grow and thrive in underserved communities? (select all applicable)
Access to financing, Access to supply chains, Access to technology, Access to economic opportunity.
What has been the impact of your solution to date?
TCB has trained more than 250 women that run successful businesses, of which 91% have improved their whole family living conditions and 88% have started saving.
TBP has since 2000 helped more than 40,000 entrepreneurs across South Africa. It highlights that there is a vibrant market and that with the right business opportunities jobs can be created.
At the moment, we developed and are rolling out two franchise models for 50 franchisees, impacting the lives of 250 people indirectly for the first 6 months. The idea is to make sure that our franchisees can generate at least R5,000 profit per month, which is above the R3,500 tipping point we have found from our research on our entrepreneurs.
What is your projected impact over the next 1-3 years?
1) Western Cape region for the 1st year, national level from year 2, following TCB and TBP branches
2) Create portfolio of 30 franchise models to choose from for potential franchisees and create about 2,000 jobs (2/3 employee per franchise)
3) 600 franchisees with successful businesses (30 franchise models replicated 20 times) who are empowered, earn more than R5,000 profit per month, have started saving, are sending their children to school and have increased standard of living in general
4) Creation of network of franchisees who shares knowledge and benefits from workshops, on-going trainings and a full range of support and services from the MFA
What barriers might hinder the success of your project? How do you plan to overcome them?
Main barrier for large companies or investors to enter the micro-franchise market is that the small scale of operations means that a high number of profitable franchisees are needed to reach break-even. With the MFA providing generic systemization & operational tools, market info, as well as support services the market entry costs are drastically lowered. Furthermore there’s a pipeline of screened, experienced and mentored franchisees.
For the MFA to tackle this same challenge, we are working directly with more than 4,000 entrepreneurs available at TCB and TBPP at any point in time and keeping our costs low by using our partner organization’s premises, staff and equipment.
Winning entries present a strong plan for how they will achieve and track growth. Identify your six-month milestone for growing your impact
Now think bigger! Identify your 12-month impact milestone
Be a sustainable micro franchise center that provides a portfolio of franchise opportunities for our necessity entrepreneurs