Writing a business plan for remittances? The remittance document typically describes a business plan model where you earn revenue by facilitating money transfers between individuals, often where the sender and the recipient are in different countries. The remittances you facilitate should be described in as much detail as possible, along with an assessment of the market opportunity you can find with the expansion capital you are seeking. If your business is already operational, it is good to show the past performance you have achieved to date by including a profit and loss and balance sheet for each of the (up to) 3 years of business operations so far. If you are a pure start up, focus on the following:
• Which markets will you serve?
• Who is the target customer?
• How will you market to them?
• How much capital do you need?
• How will you spend it, by category?
• How much profit do you project having by Year 3 or Year 5?
• Who will run the team?
In addition to management bios and a breakdown for key employees and hiring timelines, your business plan should also show what the industry is like for remittances and what the outlook is over the next few years. Use current data sources and give a meaningful analysis of the local or regional markets that your remittance business will service. You can also support your claims by pinning the core numbers in your financial analysis to real market data wherever possible and citing your sources. MasterPlans has developed more than two dozen business plans for remittance firms in both start-up mode and expansion phase. Call our team of consultants today to receive a free quote. (877) 453-2011.
