Over the last 10 years, the SME sector has seen a trend of more women taking up opportunities in franchising and this is expected to further increase over the next five years.
According to the International Franchise Association (IFA) there are more than 25% of women operating enterprises in the world and that doesn’t include another 17% of the population where men and women operate enterprises together as partners.
Tracy Eagles, FNB Chief Marketing Officer said; “Women have the ability to use their time, energy and resources effectively to meet and achieve business goals. This trait, in my view, is the cornerstone for successful women in enterprises. In a country like Namibia, the growing involvement of women in industry is vital, considering that women make up the majority of our population”.
Eagles shares four successful SMEs that women are dominating in:
Education - More women are attracted to this space because they are not only looking for profits but a community and economic impact.
Health studios - Women-led businesses in this space tend to specialise in weight loss products and services. Currently, there are good business opportunities in this component of the health sector as more people are becoming health conscious.
Accessory and arts - Designing and selling jewellery such as brooches, rings, necklaces, earrings, and bracelets. More women are starting to become thought leaders in this business, setting trends and staying ahead of popular accessories.
Beauty salons and nail bars - This is one of the industries pioneered by women, with its main focus being hairdressing, make-up, cosmetic treatments, manicures, pedicures and nail enhancements. Interestingly men are also increasingly making use of these services.
Despite the limited awareness about the important role and great strides that women continue to make in franchising, it’s important for more women to consider exploring opportunities in this sector since it’s one of the most resilient. The success rate of a SME business is far better than a traditional start-up. Consequently, franchising is one of the few industries in Namibia that are showing steady contribution to the economy and employment.