Thinking about opening a money orders and transfer services business? We tell you what you need to know to get started.
(article continues below)
How to Draft a Money Orders & Transfer Services Company Business Plan
We know - writing a business plan can be a daunting task for a new entrepreneur.
There is nothing magical about a first-rate money orders and transfer services company business plan. Business plans are entrepreneurial roadmaps that identify destinations for growth and the routes your money orders and transfer services business will take to reach 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 Overlook the Competition
Before you open a money orders and transfer services business within your community, it's essential to find out how you will fit in the competitive landscape. Use the link below to find competitors in your city. Complete the form by entering your city, state and zip code to get a list of money orders and transfer services businesses that are close by.
Is the local market large enough to support another money orders and transfer services business? If not, you had better be sure that you are doing things much better than the competition.
Talk to People Who Are Already in the Business
After you've evaluated your local competitors, be sure to talk to somebody who is already in the business. It's very unlikely that the local competition will talk to you. What's in it for them?
However, an entrepreneur who owns a money orders and transfer services business in a different city may be more than happy to give you a few tips, given that you don't compete with them in their area. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. If you are persistent, you can find a business mentor who is willing to help you out.
How does one go about finding a money orders and transfer services business manager outside of your area who is willing to talk?
Here's how we would do it. Try the useful link below and key in a random city/state or zipcode.
Purchasing a Money Orders & Transfer Services Business
So you're seriously considering buying a money orders and transfer services business rather than starting one from scratch. Smart move. Yet the process of buying a money orders and transfer services business introduces a new set of challenges.
There are no reliable shortcuts in buying a business. A business broker is the gateway to the buying process.
Business brokers specialize in helping buyers locate profitable money orders and transfer services business 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 money orders and transfer services business owners.
Explore Franchising Options
You should know that your odds of being a successful business owner are much better if you buy a franchise and benefit from the prior work of others and their lessons learned.
Prior to making the decision to open a money orders and transfer services business, a smart move is to assess whether franchise opportunities in your space might help you on your entrepreneurial journey.
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 currently own a money orders and transfer services business, these resources will come in handy:
If you sell to money orders and transfer services businesses, you're in the wrong place. Try these resources instead:
If you are interested in starting a different kind of business, please browse our directory of guides below.