Money Making Innovation for Women in Nicaragua

1. MONEY MAKING INNOVATION FORWOMEN INNICARAGUA

2. Nicaragua is one of the most impoverished countries in Central America and the second poorest in the Western Hemisphere. Such widespread poverty arises due to many reasons, including political instability, high unemployment rate, and lack of education. B I O T I NB E N E F I T S | A M C

3. Amid such health and wealth crunches, non- profit organizations like Supply Hope in Nicaragua are working day and night to uplift women from low-income communities and help them support their families by making a stable monthly earning. How you may ask? One of the concepts that are increasingly gaining traction for the upliftment of BOP communities, especially Nicaragua, is micro franchising. for women in

4. It is an innovative, money-making approach helping several families take care of their essential needs like food, shelter, water, education, and medical assistance. Elizabeth Valente from Supply Hope NGO is one of those people working for the betterment of women in Nicaragua. She believes that micro franchising is a ground-breaking solution for promoting local enterprise creation to eliminate poverty to a greater extent.

5. BUTHOWISMICROFRANCHISINGHELPINGERADICATEPOVERTY? Micro franchising is like presenting keen and deserving locals with a business in a box to become their own boss and make a steady income while offering quality products and services to community men. This business model helps them take leverage of regular income generation opportunities to move out of poverty. For instance, Supply Hope pilots Mercado Fresco, a micro franchise running in Nicaragua since 2012. It is operated by the locals and for the locals.

6. The model is basically a system of home-based stores, all linked by a common brand but owned by low-income group individuals who sell products to fellow community people and make a higher social impact. Supply Hope offers the necessary assistance, business plan, equipment, and inventory for the operators to start building upon. As franchisors, Supply Hope promises to arrange for everything that would help operators start and run their business. In turn, the operators agree to maintain quality standards and work with full dedication taking the sales up. The concept has a disruptive design to cater to the global Bottom of the Pyramid markets from local innovations.

7. WHATISTHEIMPACTOFMICROFRANCHISINGONWOMEN? This model works based on the principles of traditional franchising approaches but on a micro-level. For the people living in poverty, it provides opportunities to make a steady income for themselves by operating a proven, sustainable business plan. The chain of individually run stores offers customers with high-quality services at the most affordable prices at every location. The operators do not require a huge investment, professional degrees, or years of experience. It is advantageous if the operators may have obtained primary education or some business skills, but it isn’t necessary. All they must have is the will to take up challenges and run the business to sustain their families.

8. Supply Hope mostly employs women in Mercado Fresco since most men move to bigger cities searching for jobs. Women gain more education than men, making them competent to take up even complex tasks that may otherwise be a little difficult. Women who may never have seen a steady paycheck or be employed at a respectful place, confidently give their 100% to make their lives better. In just six to eight months, the operators are able to make more than their usual income and provide themselves a livelihood. It is certainly an innovative approach to improving and enhancing the BOP markets by empowering women to facilitate income generation, entrepreneurship, and independence.