Monday, December 12, 2011

A Guide to Starting a Money Transfer Business

When starting a money transfer business, analyze the market and determine the business' primary customer base, potential affiliates, and competitors. Perform a market research study to gain insights from your key customer target and affiliate base. Engage in a sharing of ideas and strategies and obtain the sign on of these stakeholders, to assist the money transfer website developer in the creation of money transfer web applications, selection and implementation of software. Require the money transfer website developer to create logins to competitors' websites and to assess the functionalities of the available money transfer web applications and software. Assess the developer's findings and compare to the insights provided by the customers and affiliates during the market research study. Evaluate the competitions' market offerings and work with the developer to create the software specifications. Utilizing the competitors' websites, determine the type of web presence essential to drawing the attention of the business' target audience and mock-up a draft of the website layout.

When recruiting a website developer, ensure that you like the developer and that the developer has the appropriate experiences necessary to implement the web application. A skilled developer should be able to provide a free consultation, giving their opinion of the available software and web applications. Also, ask the potential developer to provide an example of their coding capabilities and references from previous projects. The opinions provided in the consultation can be used to obtain feedback from potential customers and affiliates. Analyze the feedback provided by the target customer and affiliate base and then ask the developer to make changes to incorporate the suggestions/concerns of these stakeholders.

Once you have determined that all parties are on the same page and that the money transfer website developer has an adequate grasp of your business' vital objectives, allow the developer to run with the project. Focus on your own core competencies and prepare for the inaugural launch of the website. Schedule follow-up meetings with customers and affiliates and continue to establish and develop additional partnerships, while strengthening the business' marketing capabilities and ability to appear in search results. Allow time for a subsequent market research review of the end-product web application and website before the launch. Offer market research participants a discount during the beta stage of the website and web application, in exchange for support via providing positive reviews and references for further customer base growth.

Spread the word that your new application is available and install analytical trackers to monitor how the software is used, how often, by how many people, and from which source users accessed the site. This data can be used to continually develop the web application.

Curious about what your money transfer application would look like? Contact the development team at CodersCode about your Money Transfer System and let the experts shed some light on the web-based application your business requires, and what it would look like if we were to develop it.

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