How to Start a Money Transfer Business – Financing Tip! (Going to be using money from friends and family? – well, listen to what I have to say).
This video deals with one of 5 points I want you to consider BEFORE you jump into the money transfer business idea.
Hello. My name is Faisal Khan and I’m a banking and a payment consultant. We are going to be talking about the how to set up a money transfer business today. So I’ve got about five videos that I’m going to do today very short, two minutes each. And they basically discuss points that you need to be aware of before you dive in to the money transfer business.
The first one that we’re going to discuss in this video is related to financing. One of the biggest mistakes I’ve seen that people make is they’ve been told by family or friends, you know, I think we should get into the money transfer business. You know, the uncle is based in Chicago, the son is based, you know, in Bangladesh, and the nephew is telling the uncle you know hey there’s a huge business. Why don’t we do this thing? Why don’t you invest and so forth or vice versa. Family members telling each other, friends telling each other that, you know, money transfer is a very lucrative business and so forth.
If you are going to be investing your retirement fund, your child’s college fund, college education your savings etc. into the business – Don’t. PLEASE FOR THE LOVE OF GOD, DON’T. Do not put that money because you will most likely burn it, you will most likely lose it and you have nothing to hold back on to. I have seen too many times when family or friends are insisting you put the money, I got everything else taken care of, we’re going to make gazillion and bazillions of dollars. You’re going to be the next Transferwise, you’re going to be the next Western Union etc. That is not going to be the case.
So, think many many times over. If you’re going to be putting any money in. Also be very cognizant that you, if, no matter how you feel about it. Just don’t put your own money. If you are going to put your money then, be ready to lose it. If you’re okay with that, then maybe you want to continue with the next video. Till then, have a good one.