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How Can Business In A Box Encourage Development?

The concept works on a social vision to facilitate the mature marketu2019s advantages in driving a revolution for the local and emerging markets. It applies the traditional franchising concepts to the smaller business avenues in the developing world, so eventually, the business owners can pull themselves out of poverty.

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How Can Business In A Box Encourage Development?

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  1. HOW CAN BUSINESS IN A BOX ENCOURAGE DEVELOPMENT?

  2. Business in a box, also termed as micro- franchising, is one of the recent approaches that allows thinking globally while innovating and acting locally.

  3. The concept works on a social vision to facilitate the mature market's advantages in driving a revolution for the local and emerging markets. It applies the traditional franchising concepts to the smaller business avenues in the developing world, so eventually, the business owners can pull themselves out of poverty.

  4. Mercado Fresco and many others are amongst the most dedicated micro-franchises working towards poverty alleviation and using this business-focused tool as a road to development and creating wealth at the bottom of the pyramid. The following three aspects define how micro-franchising is bringing about the needed change: #1. LOWERED ENTRY BARRIER Individuals or teams who are from financially vulnerable families can get into the business world without taking the risk of becoming an entrepreneur first. Micro-franchise operators get the required training, equipment, and inventory to run their small business successfully. They also acquire the needed skills and training while on the job.

  5. NGOs such as Supply Hope also design the micro-franchises from scratch, so the operators can fully concentrate on serving the customers. Within months, the operator is able to exceed the initial investment costs and even expand their venture to other areas or communities. #2. GREATER EMPLOYMENT OPPORTUNITIES Considering the current times, there is a pressing need for newer and better job opportunities. Micro-franchising is the vehicle that drives more employment prospects for the willing and deserving candidates. It is like creating those opportunities that did not exist in the community previously.

  6. Micro-franchising presents a strong vision to bring about more jobs in developing economies so that everyone can earn a decent and stable income. Such a scenario does not only create possibilities for the youth and women but for people from all age groups and gender. #3. PRODUCT OR BRAND RECOGNITION There are greater chances of recognizing the local and services in a market filled with just a few established brands. Products and brands can cross the last mile, which they would otherwise be unable to. This business model operates based on identifying and filling the gap with the most practical and affordable solutions. Also, once the model is tested, the mandatory alterations are made depending on the outcomes of real-world applications.

  7. Homegrown franchises adopt more straightforward yet flexible approaches that help them succeed with their offering. Locally designed models can also customize their services, enhance customer relationships, and advance practical solutions, even where a prominent brand may not do well. Once the business scales up, more franchises are recruited, enabling more people to make themselves a better living. Having a source of income allows better access to food, shelter, healthcare, education, etc. Plus, micro-franchising is also a useful tool to fight fraudulent and bribery at the local levels. It instills a sense of financial independence and responsibility.

  8. Business in a box is simple to learn, manage, and grow. Those who are ready to adjust to failures and improvements can successfully make their way through and assume on the ground ownership to their venture.

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