Originally written by Partner Content on Small Business
Starting a financial-focused business in 2021 is challenging enough as the full impact of the Covid-19 pandemic has yet to be fully understood. This is especially true in the money exchange space as the industry is dominated by multi-billion pound giants like Wise (formerly TransferWise) who compete against multi-hundred-billion pound banks.
Anyone thinking now is an opportune time to enter the currency brokerages space may not fully understand how crowded the space is and just how much power the industry titans have.
The currency brokerage industry: many big and small players
One of the first steps in evaluating a business idea is understanding the competitive environment. Starting a business knowing there are few companies in the space offering a competing service makes the entrepreneurship journey just a little bit easier.
But looking at the global foreign exchange space shows this is far from the case. There are at least two dozen FX exchange providers in London alone. London is the epicenter of the global foreign exchange industry so it is natural for a large number of companies to be based out of the United Kingdom.
There are other major global money exchange hubs, including New York City, Singapore,
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Starting your own currency brokerage firm is a horrible idea
by Partner Content • • 0 Comments
Originally written by Partner Content on Small Business
Starting a financial-focused business in 2021 is challenging enough as the full impact of the Covid-19 pandemic has yet to be fully understood. This is especially true in the money exchange space as the industry is dominated by multi-billion pound giants like Wise (formerly TransferWise) who compete against multi-hundred-billion pound banks.
Anyone thinking now is an opportune time to enter the currency brokerages space may not fully understand how crowded the space is and just how much power the industry titans have.
The currency brokerage industry: many big and small players
One of the first steps in evaluating a business idea is understanding the competitive environment. Starting a business knowing there are few companies in the space offering a competing service makes the entrepreneurship journey just a little bit easier.
But looking at the global foreign exchange space shows this is far from the case. There are at least two dozen FX exchange providers in London alone. London is the epicenter of the global foreign exchange industry so it is natural for a large number of companies to be based out of the United Kingdom.
There are other major global money exchange hubs, including New York City, Singapore,
Hot Business News Today
How to start your own coffee shop
by Anna Jordan • • 0 Comments
Originally written by Anna Jordan on Small Business
Starting a coffee shop is at once exciting and daunting – there’s a lot to factor in before you even start writing your business plan.
This guide will take you through the main steps of how to start your own coffee shop, with comments from experts in the industry and links to further information.
What should be included in my coffee shop business plan?
The first part of your start-up is always the same: your business plan.
Your coffee shop business plan will look very similar to any other. It should include:
Your business proposition
Unique selling point (USP)
Target customer
Marketing strategy
Sources of funding
Overheads
Financial forecasts
What’s different with a coffee shop is that you’ll need to talk about what kind of coffee you’re going to use and what’s included in your menu. Is it food or drink that you expect to be your biggest money maker?
Along with the proposition, you should include your business’ purpose. Many businesses now launch with an ethical core. Not only will having your purpose in your business plan keep you on track with fulfilling your goals, but it will also help to attract ethical investors.
You must have these points nailed down before you approach partner companies.
Hot Business News Today
How to start your own coffee shop
by Anna Jordan • • 0 Comments
Originally written by Anna Jordan on Small Business
Starting a coffee shop is at once exciting and daunting – there’s a lot to factor in before you even start writing your business plan.
This guide will take you through the main steps of how to start your own coffee shop, with comments from experts in the industry and links to further information.
What should be included in my coffee shop business plan?
The first part of your start-up is always the same: your business plan.
Your coffee shop business plan will look very similar to any other. It should include:
Your business proposition
Unique selling point (USP)
Target customer
Marketing strategy
Sources of funding
Overheads
Financial forecasts
What’s different with a coffee shop is that you’ll need to talk about what kind of coffee you’re going to use and what’s included in your menu. Is it food or drink that you expect to be your biggest money maker?
Along with the proposition, you should include your business’ purpose. Many businesses now launch with an ethical core. Not only will having your purpose in your business plan keep you on track with fulfilling your goals, but it will also help to attract ethical investors.
You must have these points nailed down before you approach partner companies.
Hot Business News Today
Tips on running a B&B
by Alice Douglas • • 0 Comments
Originally written by Alice Douglas on Small Business
13 tips on running a B&B
In 2004 I opened a B&B in a converted church in Snowdonia. I was a single parent with two children under five. I was apprehensive at the prospect of welcoming strangers into my house and kept imagining one might be an axe murderer. However, I soon realized the best part of running a B&B is all the wonderful people you get to meet. Guests are rarely savage keyboard warriors out to immortalise you with a damning review, but on the contrary are mostly extremely forgiving of the odd mishap. I’ve had my fair share, like an escaped hamster paying a midnight visit in one of the four poster rooms, and other mundane but unavoidable dramas like boiler issues or hot tub breakdowns, but guests on the whole are very tolerant.
They are also in residence when good and bad life events happen to you, such as your child’s birthday celebrations or that sudden phone call when in the blink of an eye a loved one is lost. When that happened, a guest took over the breakfast service and persuaded me to go to London straightaway while they stayed to
Hot Business News Today
Tips on running a B&B
by Alice Douglas • • 0 Comments
Originally written by Alice Douglas on Small Business
13 tips on running a B&B
In 2004 I opened a B&B in a converted church in Snowdonia. I was a single parent with two children under five. I was apprehensive at the prospect of welcoming strangers into my house and kept imagining one might be an axe murderer. However, I soon realized the best part of running a B&B is all the wonderful people you get to meet. Guests are rarely savage keyboard warriors out to immortalise you with a damning review, but on the contrary are mostly extremely forgiving of the odd mishap. I’ve had my fair share, like an escaped hamster paying a midnight visit in one of the four poster rooms, and other mundane but unavoidable dramas like boiler issues or hot tub breakdowns, but guests on the whole are very tolerant.
They are also in residence when good and bad life events happen to you, such as your child’s birthday celebrations or that sudden phone call when in the blink of an eye a loved one is lost. When that happened, a guest took over the breakfast service and persuaded me to go to London straightaway while they stayed to
Hot Business News Today
'What's the Trick to Building Trust With Social Media Followers?'
by Brit Morin • • 0 Comments
In her column for ‘Entrepreneur,’ Brit+Co founder Brit Morin advises on the five types of value people get from social media content, and why sometimes it’s better to focus on one social media platform than splitting your time between a few.
Hot Business News Today
Helping Out in My Mom's Hair Salon Taught Me the Secret to Resilience, Even When Declaring Bankruptcy
by Brian T. Edmondson • • 0 Comments
I grew up watching my mom run a small business, and I carry the lessons I learned from her to this day.
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Dear Brit: 'How Do I Find Customers Who Will Spend Lots of Money and Gush About Me to Their Friends?'
by Brit Morin • • 0 Comments
In her column for ‘Entrepreneur,’ Brit Morin digs into her own experience to advise on finding your ideal customers and tailoring your business model to your company’s needs.