Bidvest Bank Sorbet-preneur empowers women with franchise ownership

Source: Supplied. Hannah Sadiki, chief executive officer of Bidvest Bank.

Significant barriers to entry nevertheless remain, especially for women from historically disadvantaged communities. The cause is two-fold: firstly, their ability to access start-up capital is often very limited and, secondly, many lack the business and financial skills needed to set up and run a successful business.

This is where the one-of-a-kind Bidvest Bank Sorbet-preneur initiative is stepping in to help fill the gap.

Established in 2022, Bidvest Bank Sorbet-preneur is an empowerment programme designed to give Sorbet "citizens" (all Sorbet employees) who have been working in a store for at least two years, the opportunity to establish their own franchise: either a Sorbet salon, nailbar, hairbar, Sorbet Man and Candi & Co.

“The aim of the programme is to facilitate development by providing career and life-skills opportunities and training to enable interested individuals, especially women, to enter into and thrive in the beauty and grooming industry,” says Linda Sinclair, chief executive officer of the Sorbet group.

“We have so many talented Sorbet "citizens" and it’ll be a pleasure to welcome more of them on board as franchise partners at the end of this year’s selection process.”

Empowering entrepreneurial journey

Hannah Sadiki, chief executive officer of Bidvest Bank adds, “For the second year in a row, we’re excited to trailblaze the Bidvest Bank Sorbet-preneur initiative. It presents a unique opportunity for entrepreneurs to start their own business.

"As a bank that invests in small and medium enterprises, we know that true empowerment isn’t just about providing access to funding, it’s also about supporting entrepreneurs on their business journey and helping them to build successful and sustainable businesses.”

Last year’s winners, Sharon Dikgale (Johannesburg), Zimkita Yeki (Cape Town), Sibongile Dlamini (Durban) and Palesa Kaokou (Sun City, Northwest) have hit the ground running and taken ownership of their own Sorbet salons. Each winner has been successful in transitioning to franchise partners in their respective locations since winning in 2023.

Now a new cohort is seizing the opportunity to do the same.

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The call for entries drew applications from across the Sorbet franchise network and a shortlist of 13 participants has been announced.

Similar in concept to the reality TV show, Dragon’s Den, Bidvest Bank Sorbet-preneur gives aspiring business owners a chance to pitch their business plans to a discerning panel of judges and to stand the chance to be one of a select few to win their very own Sorbet franchise.

“Few people who start their careers working in a beauty salon imagine that they might have the opportunity to own a franchise themselves,” says Sinclair.

“At Sorbet, our vision is not only to deliver the ultimate beauty and grooming experience for our guests but to elevate individuals, families, and communities. Together with our partners, we are making a real difference to people who would otherwise not have had the opportunity to become a Sorbet franchisee.”

Exceptional applicant quality

Sadiki comments on this year’s entrants, “This year the quality of applicants far surpassed our expectations, and the decision was taken to increase the finalist numbers from 10 to 13.

"In keeping with our commitment, Bidvest Bank will assign a personal banker to each of the winners and give them access to a credit team to help them manage their business finances.”

An initiative like no other, the Bidvest Bank Sorbet-preneur programme gives aspirant entrepreneurs who are passionate about owning their own salon the chance to become business owners.

Sorbet citizens who are 25 years old or older, have a matric qualification or similar, are South African citizens with a valid ID, and are resident in the country qualify to apply. All "citizens" who meet these requirements can apply but, in accordance with national empowerment guidelines, preference is given to black, coloured and Indian women.

All applications for this year’s programme were thoroughly reviewed through a vigorous selection process, considering everyone’s commitment, exceptional service standards and industry knowledge.

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It’s all systems go as the finalists are preparing to make their presentations on Thursday, 18 July, 2024 and Friday, 19 July, 2024. All 13 are receiving coaching to help them put together their pitches and are being mentored throughout the preparation process.

Each participant will pitch to a panel of judges, which include representatives from Sorbet, Bidvest Bank, Clicks group and an independent franchise partner, who will act as a guest judge.

The presentations will be judged on the candidates’ understanding of the industry and the franchising process, their business and financial acumen, their leadership skills, their ability to interact confidently with other people, and their understanding of the need for marketing to drive the growth and sustainability of the Sorbet franchise.

Winners will ultimately embody the Sorbet values of integrity, service-excellence and empowerment as they embark on a new chapter in their lives, taking with them the responsibility of positively impacting the communities in which they operate.

Each winner will receive 50% of the capital investment required to own their own store in the form of a grant from Bidvest Bank. This will enable them to enter into franchise agreements with Sorbet as Sorbet waives the initial franchising fee for the winners.

The remaining 50% will be a business loan payable over five years aligned to the franchise agreement. This funding can be used to set up and equip the various stores.

In addition, the winners will benefit from a rigorous 12-month mentorship programme supported by all the sponsors and delivered by African Pursuit.

On this powerful partnership, Sinclair and Sadiki agree, “We are so proud to be able to offer this unique empowerment opportunity to such a worthy group of people.”

Winners will be announced in August.