Your Business Intelligence Plan?

You’ve decided to go into the money transfer business. You have your licensing all figured out; you have your compliance manual ready. What else do you need? You need a business plan! Not just any business plan, but a business intelligence plan! What does it constitute? Watch this video to find out more.

Transcript:

Hello. My name is Faisal Khan. I’m a banking and a payments consultant. In my “How to start a money transfer” youtube series, the question now that we’re going to address is: You want to enter the business, you’ve probably have decided on a sort of licensing that you want to work with, what’s next?

What’s next is basically preparing your due diligence packet, but more importantly preparing your business intelligence packet. This entails, you know, what’s the business plan, how are you going to start, how’s the marketing funds going to come from. Where are they going to come from. Whose software are you buying. Do you have a contract in place. Have you figured out your end pricing. Have you put your compliance program has it written independently been reviewed has it been okayed by the license provider. How many transactions will you do. What’s the ramp up period. How many months do you require to get to a comfortable level where you start breaking even and make money not or not only for yourself but also for the bank or the license provider that you’re working with. What’s the ATV, the average transaction value. How many transactions per day will you be doing, which corridors get preference first, which gets preference less, how will you prefund all these?

These are the kind of business plan questions that you need to put together. This is what any entity that’s going to work with you be it a bank be it a regulator that is going to be looking at your license application or be it someone that has an existing license and is willing to do a white label for you. These are the questions they will look at. People have finite time. They want to make sure that the partnership that they enter into is the best for them. So if you are going to be partnering up with them and saying I’m going to do amazing I’m going to bring all these transactions in and blah blah blah make lots of money. They need to see it. So it is very important for you to work on these: the transactions, the market, the sales and marketing effort essentially that is what they’re looking at.

Do you have that figured out and figured out pretty well taking into consideration all the real scenarios all the nuances and you need to be aware of the nuances there. They can be very they can have a very large effect on your outcome of your sales spreadsheet if you will.

If you have any more questions or comments, feel free to ask below; I’ll be happy to answer. Till next time, have a good one.