Old Mutual together with business incubator, Raizcorp have come up with a targeted programme to attract more entrepreneurs into the franchise industry.
According to Old Mutual, the partnership will provide entrepreneurs with a unique business opportunity to own an Old Mutual franchise after undergoing an intensive training programme.
Entrepreneurs will be put through a 6-month training programme facilitated by Raizcorp which will equip them with necessary basic and advanced skills and support to setup an Old Mutual franchise.
Raizcorp CEO, Allon Raiz, said in a statement that the training programme will equip franchisees with a holistic approach to entrepreneurship and that the entrepreneurs would through the incubator be assigned business coaches in strategy and sales.
“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.
“Raizcorp has an excellent track record with cultivating great entrepreneurs”
As franchise owners, entrepreneurs will manage and oversee the sale of Old Mutual’s products to the public. Each franchise, and entrepreneur, will be backed by Old Mutual and Raizcorp.
The entrepreneurs will continue to have access to product and operational training, as well as support, even after their franchises are up and running.
All the entrepreneurs will go through the Raizcorp selection process. Once these entrepreneurs are selected, they will go onto a 6-month training programme aimed at assisting them in effectively running a franchise by providing them with all the business skills and learning they might require.
Asked how these entrepreneurs were different from ordinary Old Mutual agents, Raiz said in this new programme the difference is that the franchise owner is not required to have a financial background necessarily.
“However, if he doesn’t have a financial background, he then needs to employ a franchise principal with the necessary financial experience,” said Raiz.
There are no dedicated office spaces for these franchises, but as part of the programme they get access to all of the Raizcorp branches where they can make use of the hot desk facilities available.
“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,” said Farhad Sader, General Manager: Agency Franchise Distribution of Old Mutual.
According to Old Mutual, the programme will have no set up costs, which they hope will ease the burden of raising capital, thereby allowing entrepreneurs to focus solely on building their businesses.