Bidvest Bank Sorbet-Preneur Initiative Offers Empowerment Through Entrepreneurship

Bidvest Bank Sorbet-Preneur Initiative Offers Empowerment Through Entrepreneurship. Three winners of the second annual Bidvest Bank Sorbet-Preneur programme have been announced at an awards ceremony held in Morningside on Friday afternoon.

Nomalanga Mhlungu from Alexandra, Julia Simelane from Kyalami and Zelma Matinise from Cape Town will each receive the training, funding and the support they need to set up their very own Sorbet franchise stores. All three are employees (known as “Sorbet Citizens”) and have shown great aptitude for entrepreneurship.

Empowerment through entrepreneurship

Now in its second year, Bidvest Bank Sorbet-Preneur is an innovative empowerment programme unlike any other. It is open to all qualifying Sorbet Citizens who have been with Sorbet for over two years and aims to bridge the gap between untapped potential and accessible opportunities.

The three women have been identified as the top talent from 13 exceptional finalists who all had the opportunity to present business plans to a panel of esteemed businesswomen and men from varying backgrounds.

Linda Sinclair, CEO of Sorbet, comments, “The 2024 cohort will build on the success of the winners of last year’s inaugural programme”. “The quality of this year’s applicants far surpassed our expectations, and we unanimously decided to increase the number of finalists this year. After a rigorous selection process, the three winners – all of whom show exceptional entrepreneurial potential – were selected.”

The prize

These three winners’ lives are about to change for the better, as they now become franchise partners.Each of the women will receive 50% of the capital investment required to fund their own Sorbet store in the form of a grant from the competition partners Bidvest Bank, Clicks Group and Sorbet. This will enable them to enter into franchise agreements with Sorbet, who are waiving the initial franchising fee for the winners. The remaining 50% will be a business loan payable over five years aligned to the franchise agreement.

Further support includes a 12-month mentorship programme provided by all the sponsors and delivered by African Pursuit. In addition, each winner will be assigned a personal banker by Bidvest Bank, which will also provide access to a credit team to help them effectively manage their business finances.

Hannah Sadiki, MD of Bidvest Bank, comments, “It is once again a privilege to be part of a programme that is designed to empower young, aspiring entrepreneurs. Throughout this process the participants have demonstrated a high level of business acumen and entrepreneurial spirit. The winners will be equipped with the necessary skills, resources and support to establish and grow successful, sustainable businesses that will have an impact on the communities they serve.”

Bidvest Bank Sorbet-Preneur is aligned with Sorbet’s vision, which is not only to deliver the ultimate beauty and grooming experience for its guests but to elevate individuals, families and communities through its holistic approach to doing business. Similarly, Bidvest Bank’s goal is to change the way people and businesses view financial solutions, turning every opportunity into a success, striving to deliver convenient, secure and customised solutions for its customers.

“The aim of Bidvest Bank Sorbet-Preneur is to facilitate socio-economic upliftment 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 Sinclair. “While some of our other initiatives focus on external candidates, with this one we aim to empower Sorbet employees. We have so many talented Sorbet Citizens and it’ll be a pleasure to welcome three more of them on board as franchise partners.”

Evaluating success

While it is premature to draw definitive conclusions about the long-term success of each franchise, early indicators are promising. A noteworthy example is the L’corro store, which approached its target revenue of R550,000 with an impressive R498,000 average from August to October. Remarkably, in 2023 the L’corro Sorbet (owned and managed by one of the 2023 winners) ascended to rank 19 during the Black Friday sales, a significant leap from its previous position at 102 in 2022. This achievement not only boosts confidence in the store’s potential but also serves as a valuable case study.

Sadiki concludes: “By nurturing entrepreneurship, we seek to stimulate economic growth, create jobs and foster social inclusion within underrepresented communities. The lives of these three young women will be transformed as they are afforded the opportunity to own their stores, something that would otherwise have been beyond their reach. As part of the initiative Bidvest Bank and African Pursuit will provide comprehensive mentorship and business coaching to ensure the long-term success of the new franchise owners.”