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A Sample Bureau De Change Business Plan Template

Are you about starting a bureau de change? If YES, here is a complete sample bureau de change business plan template & feasibility report you can use for FREE.

Okay, so we have considered all the requirements for starting a bureau de change business. We also took it further by analyzing and drafting a sample bureau de change marketing plan template backed up by actionable guerrilla marketing ideas for bureau de change businesses. So let’s proceed to the business planning section.

Why Start a Bureau De Change Business?

The world is a global village and there are leverages available for citizens of one country who may decide to travel and do business, studies or leisure in another country. Aside from understanding how to community with people in your host country, you would need to change your money into their currency so that you can freely spend while you are there.

So also, if you want to engage in international trade cum business, you would need certain currencies of the world and the United States Dollar, Pound Sterling and the Euros readily comes to mind.

This goes to show that there is indeed vast business opportunities for as many aspiring entrepreneurs who looking towards starting a business. The truth is that if you choose to open a foreign exchange / bureau de change shop in a commercial city in your country, you will definitely make huge profit from the business because indeed it is a thriving and viable business all over the globe.

Part of what you would need to launch this type of business is a good business skill; excellent customer services skills, good understanding of world currencies, start – up capital and the required business license et al. Lastly, you would need a good and workable business plan to be able to build a business from the scratch to success and the sample foreign exchange / bureau de change firm business plan template will guide you to draft yours;

A Sample Foreign Exchange / Bureau De Change Firm Business Plan Template

  • Industry Overview

If you are interested in starting a business in the financial industry in any part of the world, one of the businesses that you can successfully start with little stress is to start a foreign exchange / bureau de change firm; a business where people can exchange one currency for another.

A non-bank foreign currency exchange company also known as bureau de change is a business in competition with other financial related businesses that make profit from selling currency at a higher exchange rate than a rate at which it buys the same currency, as well as any commission or fee it may charge.

In setting its exchange rates, they ensure that they keep an eye on the rates quoted by competitors, and may be subject to government foreign exchange controls and other regulations as it relates to financial institution in their country.

Generally, a foreign currency exchange company / bureau de change is often located in places such as bank, travel agencies, airports, hotel hubs, main railway station and international trade centers or any location where there is likely to be a market for people needing to convert currency.

This is the reason why bureau de change is particularly prominent at travel hubs, although currency can be exchanged in many other ways both legally and illegally in other venues. Some of the major players cum market leaders in this industry include HSBC, Travelex, JPMorgan Chase & Co., Wells Fargo, and Bank of America.

The Foreign Currency Exchange / Bureau De Change Services industry is indeed a large industry and pretty much active in countries such as United States of America, United Kingdom, France, Italy, Nigeria, Switzerland, Japan, China, Germany, and Canada et al.

Over and above, starting a foreign currency exchange / bureau de change business requires professionalism and good grasp of how foreign exchange works on a global platform. Besides, you would need to get the required certifications and license and also meet the standard capitalization for such business before you can be allowed to open a foreign exchange / bureau de change company in the United States; the industry is heavily regulated to guide against fraud and criminality.

Bureau De Change Business Plan – Executive Summary

Alex Santiago & Sons Bureau De Change, LLC is a registered and licensed foreign exchange / bureau de change company that will be located in the heart of Las Vegas – Nevada. The company will be involved in dealing in currencies from leading countries of the world whose currencies are traded in the United States of America.

We will serve as a bureau de change for business and individuals who want to buy or sell foreign currencies. We are aware that to run an all – round and standard foreign exchange / bureau de change firm can be demanding which is why we are well trained, certified and equipped to perform excellently well.

Alex Santiago & Sons Bureau De Change, LLC is a client – focused and result driven foreign exchange / bureau de change firm that will buy and sale foreign currencies from leading nations and also provide broad- based forex services at an affordable fee that won’t in any way put a hole in the pocket of our clients.

We will offer a standard and professional forex services to all to our individual clients, and corporate clients as well. We will ensure that we work hard to meet and surpass our clients’ expectations whenever they patronize our services.

At Alex Santiago & Sons Bureau De Change, LLC, our client’s best interest would always come first, and everything we do is guided by our values and professional ethics. We will ensure that we hire professionals who are well experienced in the foreign exchange / bureau de change services industry with strong bias in online forex trading.

Alex Santiago & Sons Bureau De Change, LLC will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.

We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.

Our plan is to position the business to become one of the leading brands in the foreign exchange / bureau de change services line of business in the whole of Nevada, and also to be amongst the top 20 bureau de change firms in the United States of America within the first 10 years of fully launching the business.

This might look too tall a dream but we are optimistic that this will surely be realized because we have done our research and feasibility studies and we are enthusiastic and confident that Las Vegas is just the right place to launch our foreign exchange / bureau de change company before sourcing for clients from other cities in The United States of America.

Alex Santiago & Sons Bureau De Change, LLC is private registered business that is owned by, Mr. Alex Santiago and his immediate family members. Alex Santiago is forex trader per excellence with adequate results to show for it. He has well over 15 years of experience working at various capacities within the financial consulting industry with strong bias for forex in the United States of America. Mr. Alex Santiago graduated from both University of California – Berkley with a Degree in Accounting, and University of Harvard (MSc. Finance) and he is a chartered account.

  • Our Product and Services

Alex Santiago & Sons Bureau De Change, LLC is going to offer varieties of services within the scope of the foreign exchange / bureau de change services industry in the United States of America and of course on the global stage. Our intention of starting our foreign exchange / bureau de change firm in Las Vegas – Nevada is to leverage on the opportunities available in the city.

We are well prepared to make profits from the industry and we will do all that is permitted by the law in the United States to achieve our business goals, aim and ambition. Our business offering are listed below;

  • Trade forex on behalf of our clients (both corporate clients and individual clients)
  • Buy and sell forex (currencies) from leading countries of the world
  • Provide other related forex and financial consulting and advisory services

Our Vision Statement

Our vision is to build a foreign exchange / bureau de change services brand that will become the number one choice for individuals, smaller businesses and corporate clients in the whole of Las Vegas – Nevada. Our vision reflects our values: integrity, security, service, excellence and teamwork.

  • Our Mission Statement

Our mission is to provide professional, reliable and trusted foreign exchange / bureau de change services that assist individuals, start – ups, corporate organization, manufacturing companies and non-profit organizations in sorting out their foreign exchange and financial related concerns.

We will position the business to become one of the leading brands in the foreign exchange / bureau de change services line of business in the whole of Nevada, and also to be amongst the top 20 foreign exchange / bureau de change services firms in the United States of America within the first 10 years of operations.

  • Our Business Structure

Alex Santiago & Sons Bureau De Change, LLC, is a foreign exchange / bureau de change firm that intend starting small in Las Vegas – Nevada, but hope to grow big in order to compete favorably with leading forex brokerage cum forex trading firms in the industry both in the United States and on a global stage.

We are aware of the importance of building a solid business structure that can support the picture of the kind of world class business we want to own. This is why we are committed to only hire the best hands within our area of operations.

Ordinarily we would have settled for two or three staff members, but as part of our plan to build a standard bureau de change services firm in Las Vegas – Nevada, hence we have perfected plans to get it right from the beginning.

The picture of the kind of bureau de change services business we intend building and the business goals we want to achieve is what informed the amount we are ready to pay for the best hands available in and around Las Vegas – Nevada as long as they are willing and ready to work with us to achieve our business goals and objectives.

At Alex Santiago & Sons Bureau De Change, LLC, we will ensure that we hire people that are qualified, hardworking, and creative, result driven, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers).

As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more as agreed by the board of trustees of the company. In view of the above, we have decided to hire qualified and competent hands to occupy the following positions;

  • Chief Executive Officer
  • Forex Traders / Consultants
  • Admin and HR Manager
  • Marketing and Sales Executive
  • Accountant
  • Customer Care Executive / Front Desk Officer

Roles and Responsibilities

Chief Executive Office:

  • Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
  • Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
  • Responsible for fixing prices and signing business deals
  • Responsible for providing direction for the business
  • Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
  • Responsible for signing checks and documents on behalf of the company
  • Evaluates the success of the organization

Forex Traders / Forex Consultants

  • Responsible for trading forex for the organization and for our clients under the firm’s platform
  • Handles business activities such as buying and selling forex from leading countries of the world in a highly professional manner
  • Responsible for ensuring that all forex transactions whether it is cash transaction or online credit transaction are recorded in the correct daybook, supplier’s ledger, customer ledger, and general ledger
  • Provides other related forex and financial consulting and advisory services

Admin and HR Manager

  • Responsible for overseeing the smooth running of HR and administrative tasks for the organization
  • Designs job descriptions with KPI to drive performance management for clients
  • Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
  • Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
  • Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
  • Defines job positions for recruitment and managing interviewing process
  • Carries out staff induction for new team members
  • Responsible for training, evaluation and assessment of employees
  • Responsible for arranging travel, meetings and appointments
  • Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
  • Oversees the smooth running of the daily office activities.

Marketing and Sales Executive

  • Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
  • Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of relevant projects.
  • Writes winning proposal documents, negotiate fees and rates in line with company policy
  • Responsible for handling business research, marker surveys and feasibility studies for clients
  • Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
  • Develops, executes and evaluates new plans for expanding increase sales
  • Documents all customer contact and information
  • Represents the company in strategic meetings
  • Helps to increase sales and growth for the company

Accountant

  • Responsible for preparing financial reports, budgets, and financial statements for the organization
  • creates reports from the information concerning the financial transactions recorded by the bookkeeper
  • Prepares the income statement and balance sheet using the trial balance and ledgers prepared by the bookkeeper.
  • Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
  • Responsible for financial forecasting and risks analysis.
  • Performs cash management, general ledger accounting, and financial reporting for one or more properties.
  • Responsible for developing and managing financial systems and policies
  • Responsible for administering payrolls
  • Ensures compliance with taxation legislation
  • Handles all financial transactions for the company
  • Serves as internal auditor for the company

Client Service Executive / Front Desk Officer

  • Welcomes guests and clients by greeting them in person or on the telephone; answering or directing inquiries.
  • Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
  • Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
  • Manages administrative duties assigned by the manager in an effective and timely manner
  • Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients
  • Receives parcels / documents for the company
  • Distribute mails in the organization
  • Handles any other duties as assigned my the line manager

Bureau De Change Business Plan – SWOT Analysis

Alex Santiago & Sons Bureau De Change, LLC engaged the services of a core professional in the area of business consulting and structuring to assist our organization in building a well – structured foreign exchange / bureau de change firm that can favorably compete in the highly competitive bureau de change services industry in the United States and the world at large.

Part of what the team of business consultant did was to work with the management of our organization in conducting a SWOT analysis for Alex Santiago & Sons Bureau De Change, LLC. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Alex Santiago & Sons Bureau De Change, LLC;

  • Strength:

Our core strength lies in the power of our team; our workforce. We have a team that can go all the way to give our clients value for their money; a team that are trained and equipped to pay attention to details and to deliver excellent returns whenever our clients engage our services to trade forex for them.

We are well positioned and we know we will attract loads of clients from the first day we open our doors for business because we are set to buy and sell currencies from different countries of the world.

  • Weakness:

As a new foreign exchange / bureau de change firm in Las Vegas – Nevada, it might take some time for our organization to break into the market and gain acceptance especially from corporate clients in the already saturated foreign exchange / bureau de change services industry; that is perhaps our major weakness.

So also, we may not have the required cash to leverage on the opportunities of buying huge forex as permitted by the law of the United States when such opportunity present itself to us. So also, we may not have enough budgets to give our business the kind of publicity we would have loved to.

  • Opportunities:

Aside from the fact that our business is positioned in a city that welcome loads of visitors year in year out, the opportunities in the bureau de change services industry is massive considering the number of individuals especially students, players in the manufacturing sector, importers and exporters, start – ups and of course corporate organizations who can’t afford to do without the services of bureau de change / forex trading companies.

As a standard and well – positioned bureau de change / forex trading firm, we are well – equipped and ready to take advantage of any opportunity that comes our way.

  • Threat:

Some of the threats that we are likely going to face as a bureau de change / forex trading firm operating in the United States are unfavorable government policies, the arrival of a competitor within our location of operations and global economic downturn which usually affects purchasing / spending power. 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.

Bureau De Change Business Plan – MARKET ANALYSIS

  • Market Trends

The bureau de change / forex trading services industry are indeed a very large industry and of course it is one industry that works for individual and businesses across different industries. If you are conversant with the trend in the bureau de change / forex trading industry, you will agree that loads of businesses in the United States and in other part of the world are becoming active in international trades and international students are travelling to other countries to study hence the increase demand for forex.

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.

Another notable trend in the bureau de change / forex trading services industry is that in the last five years, the industry has performed impressively as a large reduction in unemployment boosted the revenue generated in the industry. Going forward, increasing product penetration and of course an expanding customer base is expected to drive growth in the industry.

  • Our Target Market

The demographic and psychographics composition of those who need the services of bureau de change / forex trading firms cuts across individuals, small businesses and large corporations.

Alex Santiago & Sons Bureau De Change, LLC will initially serve small to medium sized business, from new ventures to well established businesses and individual clients, but that does not in any way stop us from growing to be able to compete with other leading bureau de change service firms in the United States.

As a standard and licensed bureau de change / forex trading service firm, Alex Santiago & Sons Bureau De Change, LLC offers a wide range of forex related services hence we are well trained and equipped to services a wide range of clientele base.

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;

  • Manufacturing Companies
  • NGOs
  • Blue Chips Companies
  • Corporate Organizations
  • International businessmen and businesswomen
  • International Students
  • Importers and exporters
  • International Tourists and visitors
  • Individuals
  • Entrepreneurs and Start – Ups

Our Competitive Advantage

The level of competitions in the foreign exchange / bureau de change services industry depends on the location of the business. 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.

We are quite aware that to be highly competitive in the foreign exchange / bureau de change services industry means that we should be able to make available forex from leading countries of the world and also to produce results and give good returns on investments when our clients, both individual clients and corporate clients give us forex to trade on their behalf.

Alex Santiago & Sons Bureau De Change, LLC might be a new entrant into the foreign exchange / bureau de change services industry in the United States of America, but the management staffs and owners of the business are considered gurus. 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.

Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category (start – ups bureau de change / forex trading firms) in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives.

Bureau De Change Business Plan – SALES AND MARKETING STRATEGY

We are mindful of the fact that there are stiffer competitions amongst bureau de change / forex trading firms in the United States of America; hence we have been able to hire some of the best business developer to handle our sales and marketing.

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. We will also ensure that our integrity and excellent service deliveries speaks for us in the market place; we want to build a standard foreign exchange / bureau de change service business that will leverage on word of mouth advertisement from satisfied clients (both individuals and corporate organizations).

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.

Alex Santiago & Sons Bureau De Change, LLC is set to make use of the following marketing and sales strategies to attract clients;

  • Introduce our business by sending introductory letters alongside our brochure to corporate organizations, schools with international students, players in the manufacturing sector, importers and exporters, international tourists and other key stake holders in Las Vegas and other cities in Nevada.
  • Advertise our business in relevant financial and business related magazines, newspapers, TV stations, and radio station.
  • List our business on yellow pages ads (local directories)
  • Attend relevant international and local forex, finance and business expos, seminars, and business fairs et al
  • Create different packages for different category of clients (start – ups and established corporate organizations) in order to work with their budgets and still deliver profits to them they hire our services to trade forex on their behalf
  • Leverage on the internet to promote our business
  • Engage direct marketing approach
  • Encourage word of mouth marketing from loyal and satisfied clients
  • Join local chambers of commerce and industries with the aim of marketing our services

Bureau De Change Business Plan – Publicity and Advertising Strategy

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. We are set to take the foreign exchange / bureau de change services industry by storm which is why we have made provisions for effective publicity and advertisement of our bureau de change / forex trading firm.

Below are the platforms we intend to leverage on to promote and advertise Alex Santiago & Sons Bureau De Change, LLC;

  • Place adverts on both print (community based newspapers and magazines)
  • Sponsor relevant community based events / programs
  • We will leverage various online platforms to promote the business. It makes it easier for people to enter our website with just a click of the mouse. We will take advantage of the internet and social media platforms such as; Instagram, Facebook , twitter, YouTube, Google + et al to promote our brand
  • Install our Bill Boards on strategic locations all around Las Vegas – Nevada.
  • Engage in road show from time to time all around Las Vegas – Nevada to promote our brand
  • Distribute our fliers and handbills in target areas all around Las Vegas – Nevada
  • Ensure that all our workers wear our branded shirts and all our vehicles are well branded with our company’s logo et al.

Sources of Income

Alex Santiago & Sons Bureau De Change, LLC is established with the aim of maximizing profits in the foreign exchange / bureau de change services industry and we are going to go all the way to ensure that we do all it takes to attract both corporate and individual clients on a regular basis.

Alex Santiago & Sons Bureau De Change, LLC will generate income by offering the following services for individuals, manufacturing companies, NGOs and for corporate organizations;

  • Trade forex on behalf of our clients (both corporate clients and individual clients)
  • Buy and sell forex from leading countries of the world
  • Provide other related forex and financial consulting and advisory services

Sales Forecast

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.

We are well positioned to take on the available market in Las Vegas – Nevada and on our online platforms and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow the business and our clientele base beyond Las Vegas to other cities in Nevada and other states in the U.S.

We have been able to critically examine the bureau de change / forex trading market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to startups in Las Vegas – Nevada.

Below are the sales projections for Freeman Alex Santiago & Sons Bureau De Change, LLC, it is based on the location of our business and the wide range of forex related services that we will be offering;

  • First Fiscal Year-: $250,000
  • Second Fiscal Year-: $550,000
  • Third Fiscal Year-: $950,000

N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and natural disasters within the period stated above. There won’t be any major competitor offering same additional services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.

  • Our Pricing Strategy

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.

At Freeman Alex Santiago & Sons Bureau De Change, LLC we will keep the prices of our services a little bit  below the average market rate (amongst bureau de change operators) for all of our customers by keeping our overhead low and by collecting payment in advance from corporate organizations who would need our services. In addition, we will also offer special discounted rates to all our customers at regular intervals.

  • Payment Options

The payment policy adopted by Alex Santiago & Sons Bureau De Change, LLC is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.

Here are the payment options that Alex Santiago & Sons Bureau De Change, LLC will make available to her clients;

  • Payment via bank transfer
  • Payment with cash
  • Payment via POS
  • Payment via mobile money platform
  • Payment via online bank transfer
  • Payment via check
  • Payment via bank draft

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.

Bureau De Change Business Plan – Financial Projections and Costing

Starting a bureau de change / forex trading firm can be cost effective; this is so because on the average, you are not expected to acquire expensive machines and equipment. 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.

This is the financial projection and costing for starting Alex Santiago & Sons Bureau De Change, LLC

  • The Total Fee for incorporating the Business in the United States of America – $750.
  • The budget for basic insurance policy covers, permits and business license – $2,500
  • The Amount needed to acquire a suitable Office facility in a business district 6 months (Re – Construction of the facility inclusive) – $40,000.
  • The amount required for capitalization (working capital in different currencies of the world) – $50,000
  • The Cost for equipping the office (computers, software applications, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) – $5,000
  • The cost for purchase of the required software applications (CRM software, Accounting and Bookkeeping software and Payroll software et al) – $10,500
  • The Cost of Launching your official Website – $600
  • Budget for paying  at least three employees for 3 months plus utility bills – $10,000
  • Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) – $2,500
  • Miscellaneous: $1,000

Going by the report from the market research and feasibility studies conducted, we will need over one hundred and fifty thousand (200,000) U.S. dollars to successfully set – up a medium scale but standard bureau de change forex trading services firm in the United States of America.

It is important to state that the testing and evaluating expenses would be high because of the large amount needed as working capital.

Generating Funds / Startup Capital for Alex Santiago & Sons Bureau De Change, LLC

Alex Santiago & Sons Bureau De Change, LLC is a business that will be owned and managed by Alex Santiago and his immediate family members. They are the sole financial of the firm, but may likely welcome partners later which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources.

These are the areas we intend generating our start – up capital;

  • Generate part of the start – up capital from personal savings
  • Source for soft loans from family members and friends
  • Apply for loan from my Bank

N.B: We have been able to generate about $50,000 (Personal savings $40,000 and soft loan from family members $10,000) and we are at the final stages of obtaining a loan facility of $150,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.

BUREAU DE CHANGE BUSINESS GROWTH: Sustainability and Expansion Strategy

The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.

One of our major goals of starting Alex Santiago & Sons Bureau De Change, LLC is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.

We know that one of the ways of gaining approval and winning customers over is to buy and sell forex services a little bit cheaper than what is obtainable in the open market and we are well prepared to survive on lower profit margin for a while.

Alex Santiago & Sons Bureau De Change, LLC will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner of our business strategy.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more as determined by the board of the organization. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List / Milestone

  • Business Name Availability Check: Completed
  • Business Incorporation: Completed
  • Opening of Corporate Bank Accounts various banks in the United States: Completed
  • Opening Online Payment Platforms: Completed
  • Application and Obtaining Tax Payer’s ID: In Progress
  • Application for business license and permit: Completed
  • Purchase of All form of Insurance for the Business: Completed
  • Conducting Feasibility Studies: Completed
  • Generating part of the start – up capital from the founder: Completed
  • Securing a standard office facility in a commercial district: Completed
  • Applications for Loan from our Bankers: In Progress
  • Writing of Business Plan: Completed
  • Drafting of Employee’s Handbook: Completed
  • Drafting of Contract Documents: In Progress
  • Design of The Company’s Logo: Completed
  • Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
  • Recruitment of employees: In Progress
  • Purchase of the Needed software applications, furniture, office equipment, electronic appliances and facility facelift: In progress
  • Creating Official Website for the Company: In Progress
  • Creating Awareness for the business (Business PR): In Progress
  • Health and Safety and Fire Safety Arrangement: In Progress
  • Establishing business relationship with vendors and key players in the industry: In Progress
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