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.
STEPS 4 THROUGH
6 - DOCUMENT, BROKER, IMPLEMENT
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.
to prepare, you are preparing to fail.”
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 ...