However, without a proper knowledge on how to handle one, you may easily lose everything. Choosing the Location Money changer business should always be located in a place where your customers can easily reach. If possible you can rent or buy a place near a commercial establishment since most of the money changer can be found there. However, before establishing your business in this location, make sure that you are not competing in two or more money changer business, or does the place need it.
If you do the Math, that means in a span of 5 months you double your money. Oh, no… not so fast. Perhaps I should warn you first that it is a very risky proposition that you better leave it up to your friendly neighborhood Bombays, who are the true masters at that business.
But not getting your money back, probably would. On top of that, through the PCSO, you are also helping your fellow countrymen who are in dire need of money. It offers a lousy return, but at least your money is a little safer at the bank. If you are thinking along those lines, I guess you already know that money can be used to make money.
They are the following: And in the Philippines they are all over the place — from the remote parts of the provinces to the most crowded corners in the cities. For many Filipinos, a pawnshop is one place they can rely on as a source of quick money normally used for emergencies or immediate needs. That is, given the right collateral something of value the pawnbroker the company or the individual running the pawnshop business lends them money for a set period of time and for a given interest.
The beauty of this process is that it is very fast, with no complicated document requirements like you would encounter when applying for a loan from a bank. On the business side, there are three ways a pawnshop makes money: From the sale of unredeemed items that served as collateral for the loaned money.
But remember that the real business of pawnshops is from the two items aforementioned. We are not into the business of buying. We are in the business of lending.
The first two spots are taken by India and Mexico. No wonder, the Overseas Filipino Workers are considered as heroes of the nation.
The Money Remittance Market in the Philippines used to be dominated by commercial banks. But thanks to the improving telecommunications technology, smaller players are now competing with the banks offering lower service charges and reaching wider areas of coverage. If you wish to run a money transfer business, keep in mind the following: If you have an operation in another country, requirements differ from one country to another.
Usually you will be required to place a cash bond and present your operating manual. It is important that you are aware of our local Anti-Money Laundering Law or similar laws if you have branches abroad. Equipping your premises with security systems, CCTV and alarms would be of help.
Important to setup a continuity plan in case the computerized system goes offline. A money remittance business has two ways of earning money: Service charge when someone sends money.
Foreign exchange when a foreign currency is converted to the local currency when money is claimed. Microfinance Institution The concept of microfinance is nothing new. But it became really popular with the success of Grameen Bank in Bangladesh.
For an overview of Microfinance, take a look at this inspiring short video presenting Dr Muhammad Yunus, known as the banker to the poor. Microfinance is the provision of a broad range of financial services such as deposits, loans, payment services, money transfers and insurance products to the poor and low-income households and their microenterprises.
The entrepreneurial poor We all know them. They are the hardworking mom-and-pop and perhaps kids, too vendors in the local market. They are the sari-sari store owners serving the community in your subdivision. They are the small-time farmers raising poultry and other animals in their backyard in some remote countryside.
They are deemed too risky by the banks to able to deserve a business loan. Well, I hope you already get the picture of who I am referring to. Essentially, microfinance is meant to help fund the entrepreneurial and business ventures of these poor entrepreneurs.
How to fund a startup. How to setup a Microfinance Venture in the Philippines Quite ironically, microfinance services are already available in some rural and thrift banks. These are smaller banks usually serving the countryside.
Savings and Credit Cooperatives are also among the most active providers micro-financial services.Bitcoin trading is a new concept.
Ten years ago, “cryptocurrency” was a foreign word. Today, cryptocurrencies have a market cap of over $ billion USD. Bring a little Magic into your feeding routine! The Chicco Polly Magic highchair is designed to accommodate children from newborn through toddler in the comfort of its premium, upholstered seat pad.
BUSINESS PLAN TEMPLATE Table of Contents Executive Summary Vision/Mission Statement and Goals A.
Vision Statement B. Goals and Objectives C. Keys to Success Company Summary A. Company Background B. Resources, Facilities and Equipment C. Marketing Methods D.
Management and Organization E. Ownership Structure G. Internal Analysis Products and/or. Singapore Airlines has long stood as a model of service excellence. But the rise of upstart competitors has brought new challenges in the industry, and pressure on SIA’s bottom line.
Associate Professor Nitin Pangarkar says this demands a change of approach by the airline if it is to retain its leading position. So you want to send money to the Philippines, what’s the best option to choose?
Some of the most well known options have very high fees. For example the fees to send money . I don't plan on ever returning.
Behind the curtains of the hawker stands and the brand new five billion dollar casino, there is a struggle in Singapore.
A struggle that is constrained to the small boundaries of this city-state, but reflects issues rooted in the human experience.