A new Entrepreneurial Venture has been established for the development of local township-based hair salons. Jointly funded by Old Mutual, Nedbank and Izingwe through the Black Business Partners Legacy Fund, The My Expression Salons brand is a modern salon franchising concept. The joint R3 million investment aims to back five aspiring salon owners (franchisees) in Township. The project aims to mentor and up-skill hair and beauty professionals while providing them with funds to own their own state-of-the-art hair salons. This is the latest commitment as part of the Programme’s ongoing drive to support South Africa’s economically critical Small and Medium Enterprise (SME) sector.
The entrepreneurs chosen for the programme are: Lydia Veronica Moatshe (Tembisa), Portia Mhlongo and Ntombikayise Matsatsi (Alexandra), Khothatso Victor Monese (Soshanguve) and Refiloe Buthelezi (Vosloorus). The franchise initiative was launched earlier in March 2018 at The Box Shop Soweto, Vilakazi street.
The Expressions Salons will be established across Gauteng with sites identified in Soweto, Alexandra, Tembisa, Soshanguve and Vosloorus. Apart from receiving financial support, the salons will benefit from a dynamic ecosystem of business support, capacity building and professional advice from franchisors and the BBP Legacy Programme.
Khanya Okumu, Enterprise Development Manager at Old Mutual, believes that the township initiative is a highly effective way of empowering new businesses and entrepreneurs. A clear indication of the power of collaboration to create a nurturing ecosystem that drives both social and business value. Old Mutual is proud of its growing role in supporting the economic renewal of townships.”
Sipho Pityana, Executive Chairman of Izingwe, adds: “Our townships have seen a lot of entrepreneurial activity which has been marginalized or suffocated. Our partnership offers a realistic prospect for its mainstreaming as profitable businesses of scale.”
Successful township businesses help the broader community by providing better services, creating jobs and building vital skills in technology, customer service, as well as fundamental retail areas. Initiatives such as this are helping independent entrepreneurs to overcome the challenges, make their businesses successful and play a greater role in growing the economy.