CHECK CASHING BUSINESS PLAN SAMPLE
For the record, a check-cashing business is one that pays people the equivalent cash amount of checks they bring in while taking a percentage from it. It is pretty much a company where people come in to cash their check.
Since most companies prefer to pay their employees using cheques, the check cashing business is a pretty lucrative one.
Here is a sample business plan for starting a check-cashing business.
- Executive Summary
- Vision Statement
- Mission Statement
- Products and Services Overview
- Business Structure
- Market analysis
- Target Market
- Sales and Marketing Strategy
- Financial Plan: Pricing Strategy
- Conclusion
EXECUTIVE SUMMARY
Chikoxx Financial Services LLC is a registered and licensed check cashing company that will be based in New Jersey.
This check cashing firm will handle all forms of check cashing services ranging from cash handling services, cash management services for different companies and other cash checking services for different clients.
Chikoxx Financial Services LLC is well equipped with a well trained, certified and experienced team that will aid us in delivering the perfect services to our clients.
We are a firm that is customer-centric and focused on providing our clients with check cashing services that is unique and first class worthy at a very affordable rate.
Chikoxx Financial Services LLC will offer cutting edge check cashing services to individual clients as well as corporate clients both nationally and internationally.
At Chikoxx Financial Services LLC, customers’ utmost satisfaction will be our drive and focus. We will strive to create a work-environment that is friendly, captivating as well as approachable. This we will capitalize on till we become the leading check cashing firm in New Jersey.
Chikoxx Financial Services LLC is founded by Mark Sincter and Chloe Brunt both of whom have wide experience in the financial sector and have been partners for years.
Mark Sincter has 5 years’ experience managing a check cashing firm in New York while Chloe Brunt has 10 years working as a chartered accountant in a financial firm. Both of them have degrees in Accounting.
VISION STATEMENT
The vision of Chikoxx Financial Services LLC is to build a check cashing that is the leading cash checking firm in New Jersey for all individual and corporate entities.
MISSION STATEMENT
Chikoxx Financial Services LLC’s mission is to make available for our clients a reliable, quick and professional check cashing service. We will grow to become the number one brand when it comes to check and cashing services in New Jersey and even beyond. Within the first ten years of operation, we intend to become among the top ten check cashing firms in the United States.
OUR PRODUCTS AND SERVICES OVERVIEW
Chikoxx Financial Services LLC is going to offer different types of check cashing services to individual and corporate clients in the United States of America.
In order to meet with our vision and goals, we hope to offer our clients a wide range of check cashing services and accept checks such as
• Government checks
• Printed payroll checks
• Cashiers and financial loan checks
• Single-party and two party checks
• Tax refunds
• And lots more
BUSINESS STRUCTURE
At Chikoxx Financial Services LLC, we are concerned with building a leading and efficient check cashing firm in Los Angeles and this is why we make the effort to employ competent, motivated and hardworking to occupy positions in our company.
In response to the risks involved in check cashing business, we have honest, trustworthy and dependable employees working at our firm in order to help us create a work environment that is comfortable for our clients.
In view of the above, we have capable employees to fill in the following positions at our reputable firm.
• Chief Executive Officer (CEO)
• Check Cashing Consultants
• Admin Manager
• Human Resource Manager
• Marketing and Sales Representatives
• Accountants
• Customer Care
• Front Desk Officer
MARKET ANALYSIS
Market Trends
The check cashing sector of the financial sector has faced some challenges as a result of the recession. But this has a great potential to turn the other way round. This is because the check cashing sector a in addition to payday loan accounts for about a quarter of financial services done by underbanked clients.
There is high competition presented by the online vendors which does not make it easy for the industry. But with innovation and excellent service, the industry is bound to keep up with the trend.
TARGET MARKET
The services of a check cashing firm are needed by both individuals and corporate bodies and most especially, small businesses.
Chikoxx Financial Services LLC will provide check cashing services for both medium and small enterprises, startups as well as large corporations in and around New Jersey.
Below is a list of businesses we have specified as our target market.
• Small and medium businesses
• Startups
• Entrepreneurs
• Individuals and other corporate bodies
SALES AND MARKETING STRATEGY
At Chikoxx Financial Services LLC, we are aware of the fact that we are not the first in the industry and there are stiffer competition which have had years of experience as an additional advantage.
Hence, we placed sales and marketing as our top priority.
The sales and marketing team will comprise of experts in the field who have vast experience and are able to deliver.
Since we are aiming at becoming the leading check cashing firm in New Jersey in the next ten years, we have mapped out the appropriate strategy that will help us achieve this high bar we have set for ourselves.
Chikoxx Financial Services LLC plans to use the following sales and marketing strategies to meet our vision and mission.
• Advertise our brand by sending introductory letters and emails as well as our brochure to corporate organizations, households, schools, small and medium Businesses, Non Governmental Organizations and key stake holders in New Jersey and its surrounding cities.
• Place our advert in all online platforms including social media as well as relevant financial and business related magazines, newspapers, TV stations, and radio station.
• Attend business expos that are relevant to the financial sector both international and local seminars, and business fairs.
• Make use of direct marketing approach
• Encourage word of mouth marketing from satisfied customers
FINANCIAL PLAN: PRICING STRATEGY
At Chikoxx Financial Services LLC, we plan on charging our clients based on a flat fee according to the check cashing services we provide for them.
We will ensure to keep our fees below the average charge for our esteemed customers. Chikoxx Financial Services LLC will also provide a discount for startups and small and medium businesses.
This is what a check-cashing business plan sample should look like, taking into account all the details necessary for its smooth take-off.