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Steps on how to venture into Bureau De Change Business in Nigeria



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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