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Chapter 23 - Steps 4 Through 6 - Document, Broker, Implement

Transitioning to the card payments industry is often a two-edged sword: potentially a financially rewarding endeavor, yet often difficult for the sales professional new to an unfamiliar industry. This program is designed to assist both new and seasoned veterans attain true financial success by employing a simple and effective sales process.


Now that you have a thorough foundation of the payment processing industry, it’s now time to plan HOW you are going to find success. And that takes planning - more precisely a business plan. An overview of one such plan is outlined in this section.


We will split the discussion into two equal sections. Our iProcess business plan is laid out into six steps. In this chapter we discuss steps 1 through 3, self-evaluation, industry analysis, and establish our business identity and personal brand.


We will conclude our discussion of the iProcess 6 Step Success Plan by creating our written Business Plan Overview (Document), discuss how we can identify aagood processor to broker our services, and reveal our first action plan as a component of an implementation strategy.


“By failing to prepare, you are preparing to fail.”
-Benjamin Franklin

Step 4 - Document

Drafting your business plan can be a relatively simple process, or a time consuming and laborious one. The reality is that your business plan is a matter of personal preference and function.   Here are some examples you should consider.

Example 1 - Small, sole proprietor (processing agent)

This may represent over 75% of agents who enter into the processing sales arena. They are small, single person enterprises who will work from home. They typically are self employed with no peripheral sales or support staff (employees).

Again, in this instance, the business plan may be a document only a page or two in depth. And could be crafted just as easily within Microsoft Word as to go online and download a free Business Plan template.

Our recommendation is for this person to feel comfortable with their choice. Seek professional support from a lawyer or similar professional resource if that is what they wish, yet most will work to produce a basic business plan,one which doesn’t have to pass muster with funding organizations.

Example 2 - Small to midsize with possible staff and reseller agents (staffing agent)

This may represent around 20% of agents who enter into the processing sales arena. They have loftier aspirations and are set on adding staff early on and might be approaching investors such as a bank or even private investors.

These folks need a heftier, beefier business model if for no other reason than to pacify the money lenders. Such business plans could be designed and produced by an enterprising individual based upon resources they could find on a web. Our advise is to seek out professional assistance in this case.

With so much on the line, why take chances. Additionally, there may be many unique forms required for this type of business plan that we aren’t equipped to address.

Again, If you will be seeking outside financing ...

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