Hello and welcome back to TRUSTECH site in today post or article we are going to learn how to start a successful mobile money business with little capital.
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I have decided to write ✍️ this post because I found mobile money business to be a good business any one can start as long as you own a phone 📱 let it be a smart phone or keypad phone.
I have been operating mobile money business for almost 5 years and what ever am going to write ✍️ in this post it will from experience.
I started operating mobile money business just after my A level and UpTo now and I have benefited alot from this business.
Mobile money business has helped many archive their goals since it's a type of business that allows the owner to save some amount daily.
These days starting a mobile money business is not simple because of documentation and that is to say one to start a mobile money business he or she needs to have alot of documents such as national ID, letter from the lc1 chairperson,bank statement,trading license.
What to consider before starting a mobile money business.
1. Population
2. Capital
3. Demand basing on the type of network that is to say mtn or Airtel.
4. Number of agents in the area.
5. Availability of float exchange.
6. Extra
Population - mobile money business
When starting a mobile money business one should consider population as factor number one because the higher the population the higher the number of customers who will come to transact from your mobile money premise or point and vice versa.
Capital - mobile money business.
Am considering Capital as factor number two because in mobile money business when you have enough Capita you will accumulate alot of commission thus a lot of profits but instead I can't tell you the exact amount of capital you should have in your mobile money business only that the demand will tell you how much capital you have in your mobile money business but to my point is that you invest averagely due risks involved in mobile money business such direct theft,con men and fraud stars.
Demand basing on type of network - mobile money business.
When starting a mobile money business one an agent to be should carry out research In order to which network is on high demand that's is to say mtn and Airtel which one is demanded highly ,after coming up with final research then one should a mobile money business basing on which network is highly demanded and the other will be a supplement.
Number of agents in the area - mobile money business.
Before starting any type of business one should always make research on how many business many and women are dealing in a such type of a business and am saying this basing on the principle of monopoly but I don't encourage you to rely on the principle because these days it's hard to find a business that you will be doing alone in the area but rather start a business with a few number of competitors so that is the reason why I recommend you making research on the number of agents in the area before you invest your cash in this type of business.
Float exchange services - mobile money business.
While planning to start a mobile money business you should first consider availability float exchange services in the area , alright I know you will ask your self why am considering this as another factor influencing mobile money business.
Now here is the reason to why float exchange services comes in ,no matter how much capital your having or using in your mobile money business you will still need float exchange services such as bank,float sellers or exchangers ,other agents to exchange float and cash with.
Float exchange services help agents to have available to cash and float at any time as you know in mobile money business you can't shop at once like they do in other business because one comes and asks for cash and another one ask for float and vice versa.
How can one start a mobile money business with little capital.
This is the main reason why we are leading this blog post or article so without wasting any more time let's unwrap the package 📦 concerning how to start mobile money business with little capital.
Renting a mobile money agent line or sim card from other agents.
These days mobile telecom companies had paused issuing out new agent line or sim cards and being so most people who want to join the mobile money business find it hard for them to join the race.
So for one to join the mobile money business these days you have to rent the agent lines or sim cards from those agents who got them earlier.
I know you already developed a question in your mind which am going to answer right away.
And here is the answer to your question that came into your mind saying that how much am I supposed to rent the agent line or sim cards, renting a mobile money agent line has never gone beyond 50,000ugx basing on the experience I have but other agents can even rent their agent line or sim cards basing on their targets and needs.
Start a mobile money business using trusted Mobile money apps.
These days things have been simplified by technology in the powers of app developers.
How have they simplified everything,apps which can carry out transactions of all types have been developed such as making mobile deposit transactions , withdraw transactions,airtime, paying bills and so on.
Currently the app I can recommend you to use for online mobile money business translations is ChapChap mobile money merchant app and to know more about this you can read our other post about how to transact using ChapChap mobile money merchant app or even make use of our YouTube channel.