Wondering how to start a check cashing service? We take you step-by-step from start to success.
(article continues below)
How to Draft a Check Cashing Service Business Plan
We know - writing a business plan can be a daunting task for a new entrepreneur.
But here's the good news: With a few tips, any entrepreneur can create a successful plan for their business. In its simplest form, a business plan is a document that describes your company's goals and your strategy for achieving them.
Once your business plan is in place, you can use it for a variety of funding and planning functions.
Before you begin, we recommend reviewing a few sample business plans.
Don't Ignore the Competition
Well in advance of opening a check cashing service in your town, it's worthwhile to see how many competitors you have. We've provided the link below to help you get a list of local competitors nearby. Simply enter your city, state and zip code to get a list of check cashing services in your town.
Prior to opening your doors for business, be sure you fully understand the competitive landscape and where your new business will fit in.
Turning Competitors Into Collaborators
Once you've finished assessing the competion, it's a wise move to learn from folks who are already in business. If you think owners of nearby check cashing services will give you advice, think again. What's in it for them?
However, a fellow entrepreneur who has started a check cashing service on the other side of the country may be willing to share their entrepreneurial wisdom with you, provided that you won't be directly competing with them. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. In my experience, you may have to call ten business owners in order to find one who is willing to share his wisdom with you.
How do you go about finding an entrepreneur who is running a check cashing service on the other side of the country to talk to?
We can help. Follow the link below, try a few city/state combos or zipcodes, and then start calling!
How to Buy a Check Cashing Service
At Gaebler, we're big advocates of buying a check cashing service instead of a startup. But as a check cashing service buyer, you'll quickly discover that a business purchase isn't completely hassle-free.
As you would expect, there are a number of steps in buying a business. For most prospective business buyers, the first step is to contact a business broker.
Business brokers specialize in helping buyers locate profitable check cashing service opportunities. They are also adept at guiding you through the purchase process so you can avoid the mistakes that are commonly made by first-time check cashing service owners.
Explore Franchising Options
The odds of avoiding failure in business increase if you purchase a franchise instead of doing it all on your own.
Before you consider starting a check cashing service, you may want to check out whether buying a franchise could be the right move for you.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
These additional resources regarding starting a business may be of interest to you.
If you already are in business and came here to learn about growing an existing check cashing service, these resources will come in handy:
If you came here to learn about selling to check cashing services, you're in the wrong place. These resources are more appropriate for you:
If you are interested in starting a different kind of business, please browse our directory of guides below.