Financial Service Business Plan
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4. Write a business plan. A business plan for a financial services business is a guide that sets the goals of the business, how the business operates and what type of clients your services cover. The business plan should also address how you plan to finance the start-up costs of your business, your financial services business location and how you plan to reach clients.
A financial services business typically consists of one or more financial advisors, who may also be financial planners, helping individuals manage their money. Some financial services businesses specialize in certain areas, such as retirement planning, while others are general financial advisors who assist with managing assets, liabilities and insurance, in addition to setting and meeting financial goals.
Staffing: Micro finance has been driven by nongovernmental agencies. As such, management and individuals working in the field usually come from a social service delivery background rather than a business background. However, micro finance is based on business fundamentals. Attracting individuals from the business sector has historically proven challenging because of the pay differential and lack of compensation incentives such as employment stock option plans. Prisma has already been able to attract staff from the business sector by offering competitive salaries; by converting to a for-profit stock company Prisma is now in a position to offer ESOPs, thus narrowing the differential between for-profit and nonprofit compensation packages. New ventures not in a position to do this will be hard pressed to attract employees with the skills necessary to run a successfully micro finance company.
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1. Research other financial service businesses in your area. Conduct research to determine what other financial services businesses are operating in the same niche and covering the same area. Examine the types of services these companies offer. Review the company website, print advertisements, brochures and more to see how these organizations are reaching out to potential clients.
At Prisma Micro Finance, access to affordable credit is considered a right, not a privilege. Providing affordable capital is a business model that will allow the company to offer reliable financial returns and significant social returns to its investors, while providing a valuable service to its borrowers. "We believe in doing well by doing good."
Prisma Micro Finance, Inc., is a private, mission-driven company with operating subsidiaries in Central America that provide "micro credit" to entrepreneurs. Since 1995, Prisma has provided lending and savings services to people in the developing world considered "unbankable" by formal financial institutions. By operating a profitable private-equity funded business in the Nicaraguan micro finance market—where most competitors are nonprofits— the company seeks to revolutionize and to grow the world's micro finance industry. The company upholds a dual mission of providing affordable capital to "unbankable" individuals while operating an efficient, profitable business.
Prisma's customers are individuals who are not in an economic position to secure funding from traditional financial institutions. The majority are small-business owners, operating in the Nicaraguan capitol of Managua. Prisma has a strong lending history with taxicab owner operators, and it plans to solidify its reputation within this market. By FY2004, its customer base will be an equal split of micro, small, and medium-size business owners.
The necessary capital to operate Prisma is raised through private equity and debt from individual and institutional investors in the developed world. With $1.5 million in new equity, the company will be able to support expansion efforts and leverage at least this amount in debt financing. This capital will accelerate growth, exponentially increasing the number of customers and amount lent. Prisma's customers are primarily business owners who do not have access to affordable capital to finance their operations because they are considered unbankable by traditional financial institutions.
Although these poor business owners may operate on a very small scale, their operations are profitable. They remain locked in the poverty cycle because of the premium they pay for being perceived as a risky investment. Prisma's experience, and that of the micro finance industry in general, has proven just the opposite. Lending to poor individuals poses risks because of the precarious nature of their cash flows, but providing them access to affordable capital allows them to even out cash flows and break out of the poverty cycle.
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