One of the best ways to create financial independence for residents in your local, largely unbanked population is to encourage entrepreneurship wherever you find interest. Entrepreneurship helps people to understand how to have a relationship with a bank, how to understand their current financial situation and how to improve it.
However, for many would-be entrepreneurs that would like to increase resources for their families, finding a financially viable business idea that will produce a profit in a small community is challenging. Here are some ideas you can give them of the types of business models that often prove successful in small and/or rural communities all over the world.
Develop a business that serves the local market. Find a need and fill it.
Perhaps young people want more access to music from other countries,
Perhaps women need better yarn, fabric and thread to produce the clothes they make for their families,
Perhaps men need quick, cheap lunches at their worksites,
Perhaps men need to rent tools to work and they can’t afford to buy them,
Perhaps students could use calculators for school that aren’t readily available in your country.
When entrepreneurs focus in on a very specific need, they often find a profitable short or long term business idea.
Buy Out an Existing Business
Sometimes business owners need to retire or do other things. Maybe they’ve created a reputation for their brand name in the community, but don’t have the resources to continue to operate. Entrepreneurs can use this established community reputation to their advantage. They will find customers that are “pre-built in” to the business, (regulars); along with curious new customers that will patronize their business just to see, “what they’ve done with the place,” or, “what’s new.”
Capitalize on a Familiar/Popular Franchise
Many franchises are recognizable to developing nations whose residents have TV or web access. In addition,
The product or service price point,
The seamlessness of the corporate business model, and
- Product desirability
can still create customers out of people that aren’t immediately familiar with the franchise brand the entrepreneur chooses.
Serve Local Businesses and the Local Government
Does a local woman sell food? Perhaps having a delivery person would bring in more money for her and for the entrepreneur that delivers food for her.
Businesses and government agencies almost always need janitorial services.
Local businesses and local government agencies also need to hire computer repair services, IT services and office product suppliers.
- Lastly, learning basic accounting skills can instantly create a business for an entrepreneur. Most business owners want an accountant to handle their books to make sure it’s done right.
Encouraging entrepreneurship can create great lifelong customers for your bank.