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Starting a Bureau de Change Company – Sample Business Plan Template
How do you keep tab with the constantly changing currency exchange rate of the market? Who are the major competitors? In fact, this is why I recommend you work or understudy under an established bureau de change operator; so as to learn firsthand everything you need to know.
Write a business plan. As is the case with any other business, writing a business plan for your bureau de change business is very important. It helps you analyze your chances of succeeding amidst competition. It helps you know your operating cost and expected revenue, and helps you make other financial projections. It helps you know what to focus on at every stage of growth of the business.
It helps you understand your customers, their preferences and expectations, and how you can quickly attract them. And it helps you come across as an organized and focused entrepreneur. You will most probably need funds from extra sources to start your business. Preparing a compelling and comprehensive business plan will help you get finance from banks or investors.
If you cannot prepare it yourself, hire a professional business-link adviser. Find a good location. You need to locate your business in one of those places where your customers usually are. Since much of your business will come from travelers, you should consider a location in or around international train stations, big hotels, tourist attractions, airport terminals, and seaports. You can site your business in major markets where importers and exporters are situated.
Never worry if you cannot get space as large as you need. Most bureau de change operators run their businesses from kiosks and small offices; and still turn over millions of dollars annually. There is hardly anything we can do as regards these threats other than to be optimistic that things will continue to work for our good.
The truth is that, a company in the manufacturing sector that depend on raw materials from the international market, or a company actively involved in importing and exporting and of course international tourist and international students et al cannot effectively operate their business or fit into a new country without having the currency of the host nation.
Going forward, increasing product penetration and of course an expanding customer base is expected to drive growth in the industry.
Our target market cuts across businesses of different sizes and industries. We are coming into the industry with a business concept that will enable us work with individuals, small businesses and bigger corporations in and around Las Vegas — Nevada and other cities in the United States of America.
Below is a list of the businesses and organizations that we have specifically design our products and services for;.
The truth is that players in this industry usually locate their office in business hub that attracts international business men and women, tourists and international students. They are people who are core professionals and licensed and highly qualified forex traders in the United States. These are part of what will count as a competitive advantage for us. Our sales and marketing team will be recruited base on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of the organization.
Our goal is to grow our bureau de change services firm to become one of the top 20 bureau de change firms in the United States of America which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with not only in the Las Vegas but also in other cities in the United States of America. We have been able to work with our brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market.
The sales projections are based on information gathered on the field and some assumptions that are peculiar to startups in Las Vegas — Nevada. Please note that the above projection might be lower and at the same time it might be higher.
It is a fact that forex trading both online and offline is driven by the demand of a certain currency which is why the prices cannot be fixed; prices for forex fluctuates on a regular basis. In addition, we will also offer special discounted rates to all our customers at regular intervals. In view of the above, we have chosen banking platforms that will enable our client make payment for farm produces purchase without any stress on their part. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer for purchase of our currency.
Aside from the working capital or capitalization as is required by the regulating body, basically what you should be concerned about is the amount needed to secure a standard office facility in a good and busy business district, the amount needed to furniture and equip the office, the amount to purchase the required software applications, the amount needed to pay bills, promote the business and obtain the appropriate business license and certifications.
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