The basic challenges of creating, maintaining, and growing a successful business are the same worldwide. In developing countries, these challenges can be amplified for a variety of reasons, including widespread poverty, lack of infrastructure, and unstable government.
The objective is not to overcome these challenges overnight, but to work within them and make them work for you!
- Identify a niche. In order for small business to thrive, it needs to create a product or provide a service that is both unique and relevant to the target community. Creatively thinking outside the box and developing complimentary yet separate services to those that already exist can boost not only your own profits, but those of an entire community!
- Begin locally. Often, the best resources can be found at home. Identify partners who understand the needs and culture of the target community. Let them guide you through the proper channels to help minimize vulnerability and maximize opportunity. Consider forming a cooperative with local entrepreneurs who are willing to share not only the business and investment risk, but also the skills and rewards of a grassroots partnership!
- Develop your brand. As a small business, you want to build recognition, trust, and loyalty around your product, sustaining its value long after its initial reception. This requires confidence and objectivity to step outside yourself and see your product or service as others perceive it. Only then can you commit to improving your brand with a recognizable logo, a catchy tagline, and an overall image that speaks well of its origin, of its grassroots.
- Partner globally. Yours might be a business that started out as local, but if perchance to dream, why not go global? In this way, with proper and careful management, an entirely new market can open up. Products considered essential or custom in one country can take on new meaning in another, where a shrinking world view creates a consumer preference for ethnic goods from far flung places.
- Go social. There is no better way to advertise a product then by word of mouth. In developing countries, reaching rural or underserved populations can still pose a challenge, but working within the local framework of community connectivity and tradition can open doors. And, with technology reaching new frontiers every day, going social not only means recommending a product to the neighbor next door, it also means bringing your product to a worldwide consumer base linked via online social networks and video sharing.
Launching a business in a developing country takes courage, foresight, creativity, and a plan that is flexible enough to allow for a little experimentation and risk. Without risk, we cannot reap the rewards!
Paul and his wife Julie both spend quite a bit of time coming up with ideas, blogging, and researching all things related to childcare. They take care of all the necessary information related to “babysitting”. He personally thinks his blog will help finding information on all things related to a babysitter.