Bureau de change business is a
lucrative business in Nigeria. On this article I am going to show you are to
venture into Bureau de change business in Nigeria. This business actually deals
on foreign exchange. There are actually different ways to venture into this
business here in Nigeria. Any person that is into bureau de change business
makes is profit through the exchange rates that is used to measure the transactions
done, and again they also receive fixed and instant commissions for their
service(s).
Furthermore, the exchange rates that
are charged at interbank forex dealings and bureau are the same. This was
designated by central bank, actually this is to ensure that both the bureau de
change users and the banks make a profit.
This particular business is a very
profitable business venture that anyone can engage in, as long as that person
is good with numbers, the person can run the business. This business is really
a lucrative business because people exchange currencies every day. Anybody that
is actually entering into a country from another country really need to change is
currency into that of the destination country. Every of countries in the world
today welcome visitors every day, making it a constant demand for currency
exchange. Also there is a steady demand for currency exchange services by a lot
of business owners and entrepreneurs, most especially those that are really into
importation and exportation business.
If you have been searching for a
lucrative business to start, a currency exchange business known as bureau de
change might be the best option for you. Without been told setting up this
business really requires thorough planning, research, investment, and also professional
advice. On this article you will learn a brief guide on how to start the
business. Below are the steps you really need to take if you are interested in
starting the bureau de change business here in Nigeria:
1. Carryout a proper research to confirm
if the business is actually for you. It is really important you carry out a
proper research to really learn more about the business. Without been told bureau
de change business in Nigeria is overshadowed by the Hausas and Fulani’s, although
that does not actually mean you cannot break in if you want to. The truth is
that bureau de change business is not actually fit for everyone, because the
business really requires 24 hours of operation. Which simply means running the
business will take hard work and devotion. The business also requires management
experience, stellar numeracy, and customer service skills.
2. Make sure you learn everything you
can concerning the business: Before you think of venturing into the business
you need to invest time to examine the mode of operation of the business, which
include how you will source for capital, the fitting price to buy and sell, keeping
tab with the continue change of currency exchange rate in the market, some of
the major competitors in the business, etc. That is why it is advisable you understudy
under an established bureau de change operator in other to learn everything you
need to know.
3. Write a business plan: Without been
told writing a business strategy for the bureau de change business is very
important. Drafting a business plan will help you analyze your possibilities of
succeeding in the midst of competition. Also it will really help you to know
your operating cost and expected revenue, and also it will enable you to make
other financial prognostications. Drafting a business plan will help you to know
what to concentrate on at every stage of growth of the business. Also it
enables you to understand your clients, their preferences and expectations, and
how you can attract them. If you cannot
actually develop it yourself you can hire an expert business-link adviser to
develop it for you.
4. Make sure you find a suitable
location for the business: The business needs to be located where your clients
are. This business is best located in places around international train
stations, tourist attractions, prominent hotels, airport terminals, and
seaports. Also you can locate the business in major markets where importers and
exporters are settled. This particular business does not actually need a vast
space to run. A lot of bureaus de change operators run their businesses from
stalls and small offices, and still make their millions.
5. Secure a loan from commercial bank or
microfinance bank: Bureau de change business requires capital to start, you can
use your business plan to secure a loan from commercial bank or microfinance
bank or any other lending organization. Before you apply for the loan you need
to consider the costs that is required for the setup and the running of the
business such as the equipment, the premises, the mortgage or rent costs,
insurance, professional fees, signage, etc.
6. You need to get the required equipment
and premises: For you to actually run a bureau de change business in Nigeria
you need bureau de change license. This license can be gotten from the central
bank of Nigeria. Some of the equipments you will need are computers, money
safes, office furniture, computers, and cash tills. Don’t forget that you will
also need to choose premises that really attract passing trade such as a kiosk
or small office. Make sure you open a
domiciliary account with any considerate business-friendly banks around your
office location. Try as much as possible to make sure your business
surroundings meet all the health, safety, and fire rules.
7. Make sure you setup your legal
structure: There is really a need for you to set up your business formally for
tax and accountancy purposes. Make sure you get it registered as a sole proprietorship,
partnership, or limited liability company. Also make sure you get a professional
advice from an accountant or a solicitor before taking this crucial step. Try
as much as possible to register with all government agencies that bureau de
change operators need to register with, also try and get all the required
licenses, doing all this will enable you to transact your bureau de change
business properly.
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