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Mobile Money Transfer Agency Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business Plans » Financial Services

Are you about starting a money transfer agency? If YES, here is a complete sample money transfer agency business plan template & feasibility report you can use for FREE .

Okay, so we have considered all the requirements for starting a money transfer agency . We also took it further by analyzing and drafting a sample money transfer agency marketing plan template backed up by actionable guerrilla marketing ideas for money transfer agencies. So let’s proceed to the business planning section.

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Have you ever dreamt of becoming your own boss? Did you per chance study Banking and Finance, Accountancy or any related course and are finding it difficult to get your ideal job? You don’t need to worry because your dream of becoming your own boss and still work as a professional can be fulfilled.

One of the business opportunities that you can leverage on is to start a money transfer agency business. Although you would need ample experience with good track record to be able to attract well – paying clients, but that does not stop you from still making headway in this line of business.

The truth is that the business has pretty low entry capital and you can start the business from your home, shared offices space or from a kiosk with one or two staff members.

You can be sure that your services would always be in demand by people who want to send money to other parts of the world especially migrants who want to send money back home. If you are interested in starting a money transfer agency, then you should be ready to conduct thorough feasibility studies and market survey before committing your money and other resources to it.

Aside from a thorough and detailed feasibility studies and market survey, one of the important documents that will aid the success of the business is a good and workable business plan. Below is a sample money transfer business plan template that can help you to successfully write your own.

A Sample Mobile Money Transfer Agency Business Plan Template

1. industry overview.

The money transfer industry comprises of firms that act as third-party agents that facilitate money transfers and payments among parties in different locations. Please note that this industry does not include organizations that are involved in bank wire services and card-based services.

Research conducted by IBISWorld shows that the Money Transfer Agencies industry has recorded robust growth over the past five years.

This growth is largely due to the increasing globalization and rising mobility of labor. Industry revenue is closely linked to the number of overseas workers employed in the united states, with many sending money back to their respective countries to support their families.

The resilience of the US economy relative to other developed economies and its skill shortages make the US an attractive place for overseas workers to seek employment. As a result, industry revenue is expected to increase at an annualized 7.2 percent over the five years through 2017-18, to $299.9 million. Industry revenue is anticipated to grow by 3.7 percent.

The Money Transfer industry is indeed a thriving industry and pretty much active in all parts of the world and the industry is responsible for employing several people.

The Money Transfer industry is in the growth phase of its life cycle. Industry value added, which measures an industry’s contribution to the overall economy, is forecast to grow at an annualized 4.5 percent over the 10 years through 2022-23.

This represents an outperformance compared with real GDP, which is projected to grow at an annualized 2.5 percent over the same period. This outperformance is a key characteristic of an industry in the growth phase of its economic life cycle. Increasing labor mobility and globalization will underpin demand for money transfer services over the next five years.

Any aspiring entrepreneur or investor that is considering starting this type of business whether on a small scale or in a large scale should ensure that he or she conducts thorough market survey and feasibility studies so as to get it right.

The truth is that, this type of business does pretty well when it is strategically positioned. Places like campus, school board / districts, passport office, immigration centers, licensing offices and migrant communities are ideal for this type of business.

Over and above, the money transfer business is profitable and it is open for any aspiring entrepreneur to come into the industry; you can choose to start on a small scale in one or two public facilities and operate on a local and national level. If you have the capital and business exposure, then you can choose to start on a large scale with several outlets in key cities.

2. Executive Summary

Swiftness© Money Transfer Agency, Inc. is a registered and licensed international money transfer agency. We have been able to secure all the required documentation and a standard office facility that is highly suitable for the kind of business we are into.

Our head office is situated in Los Angeles – California and we hope to sometime in the nearest future have branches scattered all across major cities in the United States of America.

Swiftness© Money Transfer Agency, Inc. will be involved in all aspect of money transfer, we will act as third-party agents that facilitate money transfers and payments among parties in different locations. Our business goal is to become one of the leading money transfer agencies in Los Angeles – California and we will make sure that every service we handle compete favorably with the best in the industry in terms of time.

We are aware that there are several money transfer agencies all around Los Angeles – California which is why we spent time and resources to conduct a thorough feasibility studies and market survey so as to position our business in strategic locations in Los Angeles – California.

Much more than prompt money transfer, our customer care is going to be second to none in the whole of Los Angeles – California. We know that our customers are the reason why we are in business which is why we will go the extra mile to get them satisfied when they patronize our services.

At Swiftness© Money Transfer Agency, Inc. our client’s best interest come first, and everything we do will be guided by our values and professional ethics. We will ensure that we hold ourselves accountable to the highest standards by delivering excellent jobs and also meeting our client’s needs precisely and completely.

Swiftness© Money Transfer Agency, Inc. is a family business that is owned and managed by Jude Adamson and his immediate family members.

Jude Adamson is a graduate of Business Administration and has extensive experience working with one of the leading global money transfer agencies in the United States of America. He will bring his experience and expertise to help grow Swiftness© Money Transfer Agency, Inc.

3. Our Products and Services

Swiftness© Money Transfer Agency, Inc. is in the industry for the purpose of making profits and we will ensure we position our business to favorably compete for the available market in the industry. We are going to do all that is permitted by the laws in the United States of America to achieve our business goals.

Here are some of our service offerings;

• In-store money transfers operations
• Retail money transfer
• Online money transfer

4. Our Mission and Vision Statement

• Our vision is to build a money transfer agency that will have active presence all over the United States of America and the globe.
• Our mission is to establish a standard money transfer agency that will make available a wide range of services in the money transfer industry at affordable prices to residents of Los Angeles – California, and other locations in the United States of America where we intend operating from.

Our Business Structure

Our intention of starting a money transfer agency is to build a standard business with active presence in major cities in the United States of America and the globe. We will ensure that we put the right structures in place that will support the kind of growth that we have in mind while setting up the business.

In putting in place a good business structure, we will ensure that we hire only people that are qualified, honest, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of ten years or more. In view of that, we have decided to hire qualified and competent hands to occupy the following positions;

• Chief Executive Officer (Owner)
• Admin and Human Resources Manager

Sales and Marketing Manager

Money Transfer Agents

• Client Services Executive

5. Job Roles and Responsibilities

Chief Executive Officer – CEO:

• Intensifies management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, appraising job results and developing incentives
• Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Accountable for fixing prices and signing business deals
• Responsible for providing direction for the business
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization
• Reports to the board

Admin and HR Manager

• Responsible for overseeing the smooth running of HR and administrative tasks for the organization
• Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
• Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
• Defines job positions for recruitment and managing interviewing process
• Carries out induction for new team members
• Responsible for training, evaluation and assessment of employees
• Responsible for arranging travel, meetings and appointments
• Oversees the smooth running of the daily office activities.
• Manages external research and coordinates all the internal sources of information to retain the organizations’ best customers and attract new ones
• Models demographic information and analyze the volumes of transactional data generated by customer purchases
• Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
• Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of the business
• Documents all customer contact and information
• Represents the company in strategic meetings
• Helps to increase sales and growth for the company
• Handle in-store money transfer operations
• Handle retail money transfer
• Handle online money transfer
• Responsible for operating IT systems for the organization
• In charge of planning for and negotiating technical difficulties
• Responsible for monitoring exchange rates
• In charge of negotiating service charges.
• Responsible for dealing with the effects of network congestion.
• Responsible for preparing financial reports, budgets, and financial statements for the organization
• Provides managements with financial analyses, development budgets, and accounting reports
• Responsible for financial forecasting and risks analysis.
• Performs cash management, general ledger accounting, and financial reporting
• Responsible for developing and managing financial systems and policies
• Responsible for administering payrolls
• Ensures compliance with taxation legislation
• Handles all financial transactions for the organization
• Serves as internal auditor for the organization

Client Service Executive

• Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
• Assist in helping clients track their transfer and provide helpful information as required
• Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
• Manages administrative duties assigned by the human resources and admin manager in an effective and timely manner
• Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information are supplied to clients when they make enquiries.

6. SWOT Analysis

Our intention of starting our money transfer business in Los Angeles – California is to test run the business for a period of 3 to 6 months to know if we will invest more money, expand the business and then open transfer centers all around key cities in the United States.

We are quite aware that there are several money transfer agencies in the United States and even in the same locations where we intend locating ours, which is why we are following the due process of establishing a business.

We know that if a proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be equipped to confront our threats.

Swiftness© Money Transfer Agency, Inc. employed the services of an expert HR and Business Analyst with bias in startups to help us conduct a thorough SWOT analysis and to help us create a Business model that will help us achieve our business goals and objectives. This is the summary of the SWOT analysis that was conducted for Swiftness© Money Transfer Agency, Inc.;

The strategic locations we intend positioning our business, the business model we will be operating on, ease of transfer, wide range of services and our excellent customer service culture will definitely count as a strong strength for Swiftness© Money Transfer Agency, Inc.

So also we have a team that can go all the way to give our clients value for their money; a team that are trained and equipped to pay attention to details and swiftly and safely transfer money both locally, nationally and internationally.

A major weakness that may count against us is the fact that we are a new money transfer agency and we don’t have the financial capacity to compete with multi – million dollar money transfer agencies in this industry.

• Opportunities:

Rising globalization and labor mobility continues to benefit the industry’s revenue performance and online operators have benefited from their lower cost base and the rise of online transfers. The fact that people and businesses are always sending money from one location to another provides us with unlimited opportunities.

We have been able to conduct thorough feasibility studies and market survey and we know what our potential clients will be looking for when they patronize our services; we are well positioned to take on the opportunities that will come our way.

Just like any other business, one of the major threats that we are likely going to face is economic downturn. It is a fact that economic downturn affects purchasing / spending power; in essence, if the economy is under stress, people will find it difficult to transfer money.

Another threat that may likely confront us is the arrival of a new money transfer agency in same location where ours is located. unfavorable government policies and technology can also pose a threat to businesses such as ours.

7. MARKET ANALYSIS

• Market Trends

Rising globalization and labor mobility continues to benefit industry’s revenue performance and online operators have benefited from their lower cost base and the rise of online transfers.

Although the fact that the industry is divided in the two categories makes it easier for aspiring entrepreneurs to choose to start on a small scale by servicing local communities and small to medium scale businesses or to start big by offering all the services.

A common trend in this industry is that money transfer agencies usually position their offices close to colleges and migrant communities. This is so because statistics shows that international students and of course working class migrants/expatriates are known to be top on the list when it comes to transferring monies from the United States to other countries of the world.

8. Our Target Market

The target market for those who need the services of money transfer businesses are all encompassing. In view of that, we have positioned our transfer centers in strategic locations to service residents and businesses in Los Angeles – California and other towns in key cities in the United States of America. We are in the money transfer industry to attract the following clients;

• Expatriates
• Business men and women
• Small scale businesses
• Clearing and forwarding agents
• Corporate Executives

Our competitive advantage

The competitions that exist in the industry is stiff because anyone that has the finance and business expertise can decide to start this type of business howbeit on a small scale servicing a city or more. Although, the money transfer industry requires some form of trainings and expertise, but that does not in any way stop any serious minded entrepreneur from starting the business and still make good profit out of it.

The business model we will be operating on, having a good reputation, proximity to key markets, unlimited access to the latest available and most efficient technology and techniques, ease of money transfer, wide range of services and our excellent customer service culture will definitely count as a competitive advantage for Swiftness© Money Transfer Agency, Inc.

So also, we have a team that can go give our clients value for their money; a team that is trained and equipped to pay attention to details and deliver parcels on time both locally, nationally and internationally.

Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives.

9. SALES AND MARKETING STRATEGY

• Sources of Income

Swiftness© Money Transfer Agency, Inc. is established with the aim of maximizing profits in the money transfer industry and we are going to ensure that we do all it takes to offer our services and products to a wide range of customers. Swiftness© Money Transfer Agency, Inc. will generate income by offering the following services;

10. Sales Forecast

One thing is certain; there would always be individuals, businesses or corporate organizations in Los Angeles – California and in the United States of America who would always need the services of money transfer agencies.

We are well positioned to take on the available market in Los Angeles – California and we are quite optimistic that we will meet our set target of generating enough income from the first six months of operation and grow the business and our clientele base.

We have been able to examine the money transfer agencies industry, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. Below are the sales projections for Swiftness© Money Transfer Agency, Inc., it is based on the location of our business and the wide range of services that we will be offering;

• First Fiscal Year: $240,000
• Second Fiscal Year: $450,000
• Third Fiscal Year: $750,000

N.B : This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and natural disasters within the period stated above. There won’t be any major competitor offering same services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.

• Marketing Strategy and Sales Strategy

Before choosing a location for our business, we conducted a thorough market survey and feasibility studies in order for us to penetrate the available market and become the preferred choice for businesses and residents of Los Angeles – California.

We have detailed information and data that we were able to utilize to structure our business to attract the number of customers we want to attract per time.

We hired experts who have good understanding of the money transfer agency industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Los Angeles – California.

In summary, Swiftness© Money Transfer Agency, Inc. will adopt the following sales and marketing approach to win customers over;

• Introduce our business by sending introductory letters alongside our brochure to corporate organizations, households and key stakeholders in Los Angeles and other cities in California.
• Print handbills about our business and its locations
• Advertise on the internet on blogs and forums, and also on social media like Twitter, Facebook, LinkedIn to get our message across.
• Create a basic website for our business so as to give our business an online presence (list the locations of our transfer centers)
• Directly market our business
• Join local business center associations for industry trends and tips
• Provide discount days for our customers
• Advertise our business in community based newspapers, local TV and radio stations
• List our business on yellow pages’ ads (local directories)
• Encourage the use of Word of mouth marketing (referrals)

11. Publicity and Advertising Strategy

Despite the fact that our office facility and transfer centers will be well located, we will still go ahead to intensify publicity for the business. We are going to explore all available means to promote our business.

Swiftness© Money Transfer Agency, Inc. has a long term plan of opening our transfer centers in various locations in key cities all around the United States of America which is why we will deliberately build our brand to be well accepted in Los Angeles – California before venturing out.

As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand. Here are the platforms we intend leveraging on to promote and advertise Swiftness© Money Transfer Agency, Inc.;

• Place adverts on both print (community based newspapers and magazines) and electronic media platforms
• Sponsor relevant community programs
• Leverage on the internet and social media platforms like; Instagram, Facebook, twitter, et al to promote our brand
• Install our billboards in strategic locations all around Los Angeles – California
• Distribute our fliers and handbills in target areas
• Position our Flexi Banners at strategic positions in the location where our money transfer centers are located.
• Ensure that all our workers wear our branded shirts and all our delivery vehicles are well branded with our company’s logo.

12. Our Pricing Strategy

At Swiftness© Money Transfer Agency, Inc. we will keep the prices of our money transfer service charges below the average market rate for all of our customers by keeping our overhead low and by collecting payment in advance from corporate organizations who would hire our services. In addition, we will also offer special discounted rates to all our customers at regular intervals.

• Payment Options

The payment policy adopted by Swiftness© Money Transfer Agency, Inc. is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.

Here are the payment options that Swiftness© Money Transfer Agency, Inc. will make available to her clients;

• Payment via bank transfer
• Payment with cash
• Payment via online bank transfer
• Payment via check
• Payment via Point of Sale Machines (POS Machine)
• Payment via bank draft
• Payment via mobile money

In view of the above, we have chosen banking platforms that will enable our clients make payment for our services without any stress on their part.

13. Startup Expenditure (Budget)

When it comes to starting a money transfer agency, the major areas that you should look towards spending the bulk of your cash is in the renting or leasing of well – located facilities. Aside from that, you are not expected to spend much except for paying of your employees and the purchase of supplies. These are the key areas where we will spend our startup capital;

• The total fee for registering the Business in the United States – $750.
• Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $1,300.
• Marketing promotion expenses for the grand opening of the business in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
• The cost for hiring Business Consultant – $2,500.
• The amount needed for the purchase of insurance policy cover (general liability, workers’ compensation and property casualty) coverage at a total premium – $2,400.
• The cost for payment of rent for 12 months at $1.76 per square feet in the total amount of $35,600.
• The cost for the facility and remodeling – $10,000.
• Other start-up expenses including stationery ( $500 ) and phone and utility deposits ( $2,500 ).
• Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $100,000
• The cost for store equipment (cash register, security, ventilation, signage) – $13,750
• The cost of purchase and installation of CCTVs and car tracker devices – $10,000
• The cost for the purchase of furniture and gadgets for the office (computers, internet device, photocopy machine, computers, fax machine, phone box, printing machines, laminating machines and scanning machine, TVs, Sound System, tables and chairs et al) – $20,000
• The cost of launching a website – $600
• Miscellaneous – $10,000

We would need an estimate of $150,000 to successfully set up our money transfer agency in Los Angeles – California.

Generating Startup Capital for Swiftness© Money Transfer Agency, Inc.

No matter how fantastic your business idea might be, if you don’t have the required money to finance the business, the business might not become a reality. Finance is a very important factor when it comes to starting a money transfer agency.

Swiftness© Money Transfer Agency, Inc. is a family business that is solely owned and financed by Jude Adamson and his immediate family members. They do not intend to welcome any external business partners which is why he has decided to restrict the sourcing of the startup capital to 3 major sources.

• Generate part of the startup capital from personal savings
• Source for soft loans from family members and friends
• Apply for loan from the bank

N.B: We have been able to generate about $50,000 ( Personal savings $30,000 and soft loan from family members $20,000 ) and we are at the final stages of obtaining a loan facility of $100,000 from our bank. All the papers and documents have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.

14. Sustainability and Expansion Strategy

The future of a business lies in the number of loyal customers that they have, the capacity and competence of their employees, their investment strategy and the business structure. If all of these factors are missing from a business, then it won’t be too long before the business close shop.

One of our major goals of starting Swiftness© Money Transfer Agency, Inc. is to build a business that will survive off its own cash flow without injecting finance from external sources once the business is officially running.

We know that one of the ways of gaining approval and winning customers over is to offer our money transfer services a little bit cheaper than what is obtainable in the market and also to ensure timely and safe deliveries. We are well prepared to survive on lower profit margin for a while.

Swiftness© Money Transfer Agency, Inc. will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List/Milestone

• Business Name Availability Check : Completed
• Business Registration: Completed
• Opening of Corporate Bank Accounts: Completed
• Securing standard photo booths: In Progress
• Opening Mobile Money Accounts: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of Insurance for the Business: Completed
• Leasing of facility for positioning and remodeling the facility: In Progress
• Conducting Feasibility Studies: Completed
• Generating capital from family members: Completed
• Applications for Loan from the bank: In Progress
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents and other relevant Legal Documents: In Progress
• Design of The Company’s Logo: Completed
• Printing of Promotional Materials: In Progress
• Recruitment of employees: In Progress
• Purchase of furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business both online and around the community: In Progress
• Health and Safety and Fire Safety Arrangement (License): Secured
• Establishing business relationship with third party services providers – banks, technology companies and other financial institutions et al: In Progress

E-Book Download – 2024 GUIDE: Building a high-performing mobile money business strategy

Key Takeaways:

• Learn the truth behind the buzz: what does it really take to launch a successful mobile money business?
• Go inside a mobile money company five years after deployment, using numbers based on real-world metrics to understand their rollout strategy.
• Gain a fly-over perspective on what’s working and what isn’t in the mobile money regulatory environment.
• Look ahead at where the next mobile money opportunities may lie.

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Mobile Business Ideas to Make Money on Wheels Discover mobile business ideas for the modern age and learn how to leverage flexibility and innovation for on-the-go profits.

By Entrepreneur Staff Aug 7, 2023

In today's fast-paced, technology-driven world, the entrepreneurial landscape is evolving at an unprecedented pace. Innovation is at an all-time high, driven by advanced technology, consumer behavior changes and market dynamics that consistently challenge traditional business models.

This shift is characterized by the increasing dominance of service-oriented businesses, the integration of technology in all aspects of operations and the rise of entrepreneurship as a viable career choice for many. Furthermore, the advent of digital transformation has made it easier for businesses to reach out to consumers and vice versa, thus leading to more dynamic interaction and transaction models.

Amidst this transformation, one particular trend has caught the eye of many entrepreneurs and investors — mobile businesses. These enterprises are not tied to a specific location, and instead bring their services or products directly to the consumer.

The concept isn't an entirely new creation; think of food trucks or traveling salesmen. However, the modern interpretation of mobile businesses has expanded to include a wide array of sectors and services, all leveraging the power of modern technology and digital connectivity.

Related: Thriving in a Rapidly Changing Business Landscape with Innovation and Agility | Entrepreneur

Why is the popularity of mobile businesses skyrocketing?

The rise of mobile businesses is no accident. Various benefits make them attractive for entrepreneurs, contributing to their growing popularity. Here are some reasons why mobile businesses are currently enjoying the spotlight:

Flexibility

At the core of mobile businesses is their inherent flexibility, which allows them to maneuver swiftly and adjust to evolving market conditions .

Unlike traditional businesses tied to a specific location, mobile businesses can move directly to where their customers are. This ability to "go where the customer is" greatly reduces dependence on foot traffic and physical location, providing an edge in today's consumer-centric market.

Furthermore, the mobility of these businesses enables them to respond promptly to changing market needs, customer preferences and emerging trends. Whether it's moving to a new location to tap into a different demographic or adapting services based on real-time feedback, the flexibility of mobile businesses is a key factor driving their popularity.

Lower startup costs

Another compelling factor is the cost-efficiency of mobile businesses.

Starting a traditional brick-and-mortar business often requires a substantial investment upfront, including rent for premises, renovation costs, utility bills and property maintenance expenses. In contrast, mobile businesses, whether they operate from a food truck or via a smartphone, typically have significantly lower startup costs.

The absence of expenses related to physical premises allows entrepreneurs to channel more resources into improving their products or services and enhancing customer experience. This makes mobile businesses an accessible entry point for aspiring entrepreneurs or those with limited capital.

Related: How to Track Your Startup Costs and Save Money | Entrepreneur

Digital connectivity

The digital revolution has undoubtedly paved the way for the growth of mobile businesses. The ubiquity of high-speed internet and the proliferation of smart devices have changed the way businesses interact with their customers.

In today's digital age, businesses are no longer confined by geographical limitations. They can reach global customers with just a few clicks, provide real-time updates via social media and offer personalized online shopping experiences.

Online platforms, social media and digital marketing are all significant elements in a mobile business's toolkit. They enable mobile entrepreneurs to engage with, attract and serve customers in ways that were unimaginable a decade ago.

These tools also facilitate seamless transactions, customer relationship management and data-driven decision-making, making it easier for businesses to grow and succeed in the digital sphere.

Related: 5 Ways Small Business Owners Can Embrace Rapid Digital Change to Get Closer to Their Customers | Entrepreneur

What mobile business ideas stand out in the modern age?

There is no shortage of ideas when it comes to opening a mobile business. Here are just a few examples of the best mobile business ideas of the modern age:

Mobile food and beverage enterprises

There's no denying that mobile food businesses have surged in popularity over the past decade.

Whether it's a gourmet food truck offering locally-sourced delicacies, a mobile coffee shop brewing artisanal blends or an ice cream van bringing joy to local neighborhoods, mobile food and beverage businesses provide a flexible, cost-effective alternative to traditional brick-and-mortar establishments.

The mobility of mobile food businesses allows them to cater to different locations and events, creating a diverse customer base. Furthermore, these ventures often draw attention with their unique branding and innovative menu offerings.

Related: Why Food Truck Businesses Are Revving Up | Entrepreneur

Mobile retail shops on-the-move

The idea of a "store on wheels" has reinvented retail in many ways.

Mobile retail shops offer a unique shopping experience, bringing products directly to consumers. From fashion and accessories to books and homewares, these stores can pop up anywhere – festivals, street fairs, corporate events or busy urban areas.

This business model reduces overhead costs associated with a physical store and allows for more dynamic customer interaction. Additionally, the novelty of shopping in a mobile retail store can attract clientele.

Health and wellness services on wheels

The health and wellness industry is another area where mobile businesses are making a significant impact. On-the-go health and wellness services, such as mobile medical clinics, mobile spa services or even a traveling fitness coach, are increasingly sought after.

These services can provide valuable care in underserved areas or offer clients a convenient, personalized experience. They can also partner with businesses to offer on-site services, creating an additional stream of clientele.

Related: 4 Reasons Why You Should Enter the Health and Wellness Industry Now | Entrepreneur

On-the-go pet care ventures

As pet ownership continues to rise , so does the demand for pet care services. Mobile pet care ventures can range from on-the-go grooming and veterinary services to mobile pet daycare or dog walking services.

By coming to the pet's home environment, these businesses can provide less stressful and more convenient services for both pets and their owners.

Mobile educational and tutoring services

In the age of remote learning , mobile educational services have become increasingly relevant.

Whether providing tutoring in various subjects, teaching musical instruments, or offering language classes, mobile education businesses can deliver personalized, one-on-one instruction tailored to the learner's pace.

Moreover, by using digital tools, these services can be offered both in-person and virtually, further expanding their reach.

Related: Examples of Educational Business Ideas | Entrepreneur

Tech and repair services at your doorstep

As we become more dependent on technology, on-demand tech support and repair services become increasingly valuable. A mobile tech repair business can offer services ranging from smartphone and computer repairs to home network setup and troubleshooting.

Such businesses provide a convenient solution to clients, saving them the trouble of disconnecting their devices and hauling them to a repair shop.

Related: Beyond the Food Truck: 10 Unique Mobile Businesses | Entrepreneur

How do you launch a successful mobile business?

Starting a successful mobile business involves a blend of strategic planning, compliance with regulations and effective marketing. Here's how to set your mobile venture on the path to success.

Develop an effective mobile business plan

A well-crafted business plan serves as a roadmap for your mobile business. It should outline your business concept, target market, competition analysis, operational plan, financial projections and marketing strategies.

Research your industry thoroughly and identify the unique selling proposition of your mobile business. Develop a solid financial model, including startup costs, operational expenses and revenue projections. Your business plan should also incorporate growth strategies, highlighting how you plan to expand and scale your business over time.

Related: How to Prepare and Write the Perfect Business Plan for Your Company | Entrepreneur

Consider regulatory aspects for mobile businesses

Mobile businesses, like their brick-and-mortar counterparts, need to comply with various regulatory requirements.

These might include obtaining necessary permits and licenses, complying with health and safety regulations (especially for food and health-related businesses) and ensuring you meet zoning laws for operating in different locations.

Make sure you understand the specific regulations in your industry and locale to avoid potential legal issues.

Create a marketing strategy for your mobile business

Effectively marketing your mobile business is crucial to attracting customers. Leverage the power of social media, create a compelling website and use online marketing tools to reach your target audience.

Local SEO is particularly vital for mobile businesses as it helps local customers find you. Offering promotions and discounts can attract initial clientele and engaging with customers online can help you build a strong brand reputation.

Related: 9 Tips to Successfully Market Your Business | Entrepreneur

How can you overcome the unique challenges that come with a mobile business?

Like any business venture, mobile businesses come with their unique set of challenges.

For instance, the nomadic nature of mobile businesses can make it hard to establish a steady customer base. Unpredictable weather conditions can also impact operations. However, these challenges can be tackled with the right strategies.

Building a loyal customer base can be achieved by consistently offering high-quality products or services and maintaining a strong online presence. Regularly updating your locations and hours on social media can help customers find you. As for weather conditions, having a backup plan for bad weather days, like offering home deliveries or focusing on online sales, can be beneficial.

Related: 5 Ways to Grow Your Customer Base Organically | Entrepreneur

Finding a winning business idea

In conclusion, the mobile business trend has become a powerful entrepreneurial path, offering the flexibility and potential for creative business ideas.

With strategic planning, compliance, effective marketing and resilience in overcoming challenges, you can successfully ride the wave of this trend. As technology advances and consumer behaviors shift, the future for mobile businesses looks promising and full of exciting opportunities.

The ideas above are only scratching the surface for potential mobile business ideas. By using your imagination, you just might create the next billion-dollar industry.

If you're interested in learning more about how to start a business, then check out some of the additional information available at Entrepreneur today.

Entrepreneur Staff

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• Best Business Cell Phone Plans

Best Business Cell Phone Plans Of 2024

Updated: Mar 17, 2024, 11:08am

Business cell phone plans are an important consideration for any team. LinkedIn reports that 57% of sales professionals saw an increase in calls to customers in 2020. Ensuring that all of your staff can pick up the phone no matter where they are can make a huge difference in your overall sales.

If you want phone calls on the go, you have several options at your disposal. For one, you could go with a business-centric plan from one of the major United States wireless carriers. Alternatively, you could use one of the leading voice-over-internet-protocol (VoIP) platforms and stay connected via a mobile app. Forbes Advisor ranked the best mobile options on the market to help you figure out which is best for your brand.

• Best VoIP Service
• Best Free VoIP Phone Service
• Best VoIP Cell Phone Service
• Best Conference Calling Services
• Best Call Center Software

The Best 5 Business Cell Phone Plans of 2024

Why you can trust forbes advisor small business.

RingCentral

Verizon Wireless

Google voice, at&t wireless, forbes advisor ratings, methodology, considerations for choosing the best business cell phone plan, frequently asked questions (faqs), next up in business.

Featured Partners

$20 per user, per month (paid annually)

On RingCentral's Website

Starts at $10 per user, per month

On Zoom's Website

$18.95 per user, per month

On Nextiva's Website

• RingCentral: Best VoIP business mobile plan
• Verizon Wireless: Best traditional wireless carrier
• Google Voice: Best mobile solution for sole proprietors and freelancers
• AT&T Wireless: Best for mobile security
• T-Mobile: Best for novel features

The Forbes Advisor Small Business team is committed to bringing you unbiased rankings and information with full editorial independence. We use product data, strategic methodologies and expert insights to inform all of our content and guide you in making the best decisions for your business journey.

We reviewed the leading mobile phone providers in the market using a detailed system to determine the five best cell phone services for small businesses. Pricing was an essential consideration when putting together our list as were the features that each provider offered. We also took into consideration real users’ experiences with the cell phone providers to come up with our final rankings. All ratings are determined solely by our editorial team.

Best Overall Business Cell Phone Plan

Starting price

$24.99 per user, per month

Free hardware available

International coverage

RingCentral is a far cry from your traditional business cell phone plan. It does not offer a wireless network or devices for your team. Instead, this VoIP service offers a monthly (or annual) subscription to software you can use from a computer, tablet or smartphone via an app. In most cases, subscribing to RingCentral and having your team log in to the app via their accounts is a lot more affordable than going with one of the big wireless carriers. Therefore, it is our top overall pick for business cell phone plans.

Regardless of which plan you choose, all versions of RingCentral come standard with the following:

• Unlimited calls within the United States and Canada
• Unlimited business short message service (SMS)
• Team member messaging
• Voicemail to text
• Document sharing
• Toll-free numbers

Service plan costs vary depending on how many people you employ. Pricing for two to 20 users on an annual basis is as follows:

• Essentials: $24.99 per user, per month with unlimited domestic calling, SMS, document sharing and voicemail-to-text functionality
• Standard: $27.99 per user, per month with unlimited fax, video calling for up to 100 people, the ability to adopt a number in more than 100 countries and more
• Premium: $39.99 per user, per month with automatic call recording, third-party software integrations and more
• Ultimate: $54.99 per user, per month with advanced status reports, alerts and unlimited online file storage

RingCentral’s plans offer features that aren’t available through larger carriers. The fact that RingCentral offers toll-free numbers is helpful in commanding a more professional business presence, and features like video calling and faxing are nice bonuses. RingCentral also has an intuitive, modern interface that closely resembles your smartphone’s default phone and texting apps. Once it is installed, you can think of the app as a business phone that lives in your personal phone.

The only downside with RingCentral as a business cell phone plan is it requires a fair amount of trust. On one end, you will need to consider whether or not you can count on your team members to keep company information secure if the app is installed on their personal devices. Additionally, your staff may not feel comfortable with having their work phone installed onto their smartphones.

While the lines between work and home continue to blur, thanks in large part to apps like Slack and Zoom, you might want to evaluate your company culture before moving forward. It’s also worth noting that all of RingCentral’s features can be used on a PC or Mac.

Learn more: Read our full RingCentral review .

Who should use it:

RingCentral’s pricing and features make it a good fit for businesses of every size.

• Free 15-day trial
• Very affordable monthly plans
• Able to customize service by business size and industry
• Available across multiple devices
• Possible to video conference with up to 200 people
• Must upgrade for 24/7 customer support and, even then, it apparently leaves a lot to be desired
• Plans get inexplicably more expensive for sole proprietors
• Can only rent phones with multi-year contracts

Best for Traditional Plans and VoIP Features

Plans as low as $30 per month, per line

Verizon is one of the largest carriers in operation, with coverage and services spanning from coast to coast and beyond. The company makes our list as it provides solid cell phone plans for small and large businesses alike. You can choose from one of several subscription options according to what works best for your company.

Flexible Business Wireless Plans

The Flexible Business Wireless Plan offers unlimited domestic talk and text, unlimited international messaging and a mobile hot spot. It also comes with a shareable data pool for your phones, tablets and other devices. You can even gain access to corporate email services.

What makes this plan “flexible” is that you get to choose the amount of data you want to add to your smartphone, tablet or both. The pricing plans vary according to the amount of data you need for your device. Use a handy calculator to determine how much smartphone or tablet data you’ll need to get an idea of your expected monthly price.

Business Unlimited Plans

These Verizon business phone subscriptions provide companies with unlimited talk, text and data through three tier levels: Start. 2.0, Plus 2.0 and Pro 2.0:

• Business Unlimited Start 5G: As low as $30 per month when you add five or more lines. Includes unlimited talk, text and data; 5G nationwide/4G LTE and call filter
• Business Unlimited Plus 5G: As low as $40 per month with five or more lines; it includes everything in Start plus 5G Ultra Wideband, 100 GB Premium network access and an unlimited mobile hotspot. The tier also offers Business Mobile Secure, which protects your smartphones against potential security threats.
• Business Unlimited Pro 5G: As low as $45 per month when you buy five or more lines; offers unlimited Premium Network Access and a 50% discount on Business Unlimited Pro tablet plans

The monthly plan price fluctuates according to the number of smartphone lines you buy. Although Verizon offers generous price discounts with each tier, smaller businesses might find the pricing plans a bit expensive, even excessive if they don’t need five or more lines.

Verizon lets you bring your own device (BYOD) to the service and even offers discount deals for doing so. However, not every device is compatible, and the brand recommends confirming compatibility before making the switch. Verizon often offers free phones or generous credit, between $200 and $1,000, toward purchasing a new phone.

Like many service providers, Verizon tends to automate customer support to the point where some customers struggle to speak with an actual human. Because it can be hard to talk to anyone, customers often find Verizon’s customer service somewhat lacking. To make up for this, Verizon offers a feature in which an agent will call you when one is available if you don’t feel like waiting on hold.

Verizon represents a more traditional phone plan structure, one with its service easily accessible across the country and via different locations worldwide. As such, even pricing and customer service issues are but minor deterrents. You’re still getting a big carrier plan with coverage in most of the United States and a wide range of service plans and devices to suit your needs.

Verizon works well for small to large businesses with a healthy budget.

Learn more:

Read our full Verizon Wireless review .

• Nationwide coverage
• Offers mobile VPN with certain plans
• Data, calls and texting available to use while in Canada and Mexico
• Ability to mix and match plans
• Could be overkill for smaller organizations
• Plans can get expensive

Best for Sole Proprietors and Freelancers

Plans starting at $10 per month, per user

Google Voice is an ideal choice for those who need an extra business phone number but might not be able to afford a complex and pricey service plan. Google Voice is a popular virtual phone service that offers call forwarding, voice and text messaging and voicemail options. Best of all, there is a version of the system that is entirely free to use as long as you have a Google Account.

Google Voice is popular for offering an impressive set of functionality in its free tier. As long as you have a personal Google Account, you can adopt a local number with nearly any area code in the United States. You can make unlimited domestic calls and texts across the U.S. and Canada from your phone or computer.

Because Google Voice is a free service, it can be especially useful to a small, cash-strapped business that wants to be able to make and receive calls without committing to pricier service plans offered by AT&T or T-Mobile. Though an existing number is required, once you link it to Google Voice, you’re able to communicate using virtually any device. If your business needs more than what the freeware offers, you can sign up for one of Google Voice’s subscription plans:

• Business Starter: $10 per user, per month; recommended for entrepreneurs or small businesses with 10 people or less
• Business Standard: $20 per user, per month; works for businesses of any size
• Business Premier: $30 per user, per month; aimed at larger, international companies

Once you upgrade, you can enjoy features such as unlimited domestic calling and text, voicemail transcripts, a “do not disturb” feature linked to your Google Calendar working hours, use and activity reports and 24-hour technical support. Upgrade to Standard or Premier for additional perks, including desk-phone compatibility, auto attendants and eDiscovery for calls, text messages and voicemail.

Overall, Google Voice offers businesses several benefits at either no cost or through very affordable service plans. Even if there are downsides, with the amount of free features, Google Voice is a beneficial service.

Learn more: Read our full Google Voice review .

Google Voice works best for organizations, small and large, that want a business cell phone plan that streamlines their contacts across multiple devices.

• Free version available
• 14-day trial for paid features
• Highly scalable, with service options for businesses of every size and budget
• Get a local number
• Unlimited calling and SMS
• Need an existing phone number to forward calls
• Must have internet/Wi-Fi connection to use

Best for Mobile Security

$30 per line, per month

We chose AT&T Wireless as it offers flexible cell phone plan options with plenty of added perks. With AT&T, your company has access to nationwide coverage and a range of plans that come standard with unlimited talk, text and data.

In addition to domestic coverage, AT&T provides unlimited talk and text from the United States to Canada or Mexico with no roaming fees. Some plan options even extend service options from the U.S. to up to 120 countries. It is crucial to note that some features are only available through devices compatible with AT&T’s service.

You can choose between one of several business-related subscription plans, priced per month and per smartphone line. AT&T’s best per-line pricing options come with six or more lines.

Unlimited Your Way

AT&T provides unlimited business service plans that let you choose only what you need for team members. There are three tiers available; you can purchase between one and 10 lines with these plans (per the Unlimited Your Way plan group), with per-month pricing fluctuating according to your decision.

• Business Unlimited Starter: Begins at $30 per month, per line with five or more lines and includes unlimited domestic talk, text and data, and unlimited talk and text to Canada and Mexico; offers access to AT&T’s 5G and 5G+ services on compatible devices where available and standard streaming and mobile security
• Business Unlimited Performance: Begins at $35 per month, paid per line with five or more lines. It includes everything in Starter, plus advanced mobile security and high-definition streams; each line has access to 30 GB of hotspot data.
• Business Unlimited Elite: Begins at $45 per month and per line for five or more lines; this plan adds AT&T Business Fast Track, which gives higher priority to your data usage, letting things run smoothly during times of high congestion; the plan gives you 100 GB of hotspot data

AT&T Mobile Select (Pooled)

Perhaps one device needs 5 GB per month while another only needs 2 GB. Pooling data means that each team member only uses a specific amount and your business only pays for exactly what it needs. In addition to pooled data, this plan provides unlimited talk and text. Customers will also get access to Stream Saver, which conserves data when users stream content.

Depending on your device or location, AT&T also offers its Call Protect Basic service. Plans start at $35 per month for 1 GB and increase according to your intended data pool.

AT&T Business 4GB

This plan option gives your business access to 4 GB of data per line, plus unlimited talk and text. Pricing isn’t as straightforward as it could be. The most affordable plan costs $50 per month, per line, when you buy at least three lines; the service option maxing out at 10 lines. Please note that this price is only guaranteed when you agree to sign up for autopay. This knocks $25 off the price per smartphone line with a service commitment.

AT&T’s Security Features

AT&T offers protection against increasingly common annoyances such as spam and fraud calls, including the ability to block suspicious phone numbers outright. For an additional service charge, AT&T provides its Secure Wi-Fi VPN service through AT&T Mobile Security Plus. The most basic version of this is available free with every plan and includes device security and breach reports. The add-on costs $3.99 per month and comes with a serious upgrade on secure mobile features:

• Secure Wi-Fi VPN
• Personal ID monitor
• Safe browsing
• Wi-Fi alerts
• Theft alerts (Android devices only)

If you’re looking for free hardware, AT&T Wireless does offer discounts and deals from time to time, including free phones or generous discounts towards the purchase of a qualifying phone.

AT&T’s business cell phone plans are impressive. Unfortunately, when things get congested, your service quality can drop substantially thanks to data caps and slowed coverage. AT&T often forces customers to upgrade to higher tiers to avoid slowdowns. The company’s plans can also get very expensive when you account for optional add-ons and devices.

AT&T Wireless is one of the larger service carriers, and so it can guarantee coverage and high-quality service to almost all of its customers. That said, its service fees could prove to be too expensive for smaller businesses with very tight budgets.

AT&T is best for mid to large-size companies with specific data needs and a desire for greater security when communicating or transferring information.

• Provides highly customizable business cell phone plans
• No roaming fees for Canada and Mexico
• Offers stellar mobile security add-ons
• No overage charges
• Data speeds drop when service gets very busy
• Add-ons and premium tiers can make the service pricey

Best for Novel and Unique Features

$25 per line, per month

T-Mobile is the third of the three biggest U.S. wireless carriers, after merging with Sprint in 2020. While it has all the standard functionality of the other business cell service providers, what makes it stand apart are its unique and novel bonuses that come with select plans. For instance, some plans come with Microsoft 365 and unlimited in-flight Wi-Fi.

T-Mobile offers limited and unlimited talk and text service in Canada and Mexico and standard 5G in its business packages. Additionally, all levels of T-Mobile’s business cell phone service come with its scam shield module, which identifies and warns you about known scam callers on your caller ID.

You get to choose from one of four service plans available for businesses, each priced per month and per line:

• Business Unlimited Select: Available for as low as $25 per month, per line when you purchase at least six lines; comes with 50 GB of premium data and 5 GB of hotspot data, limited talk and text to Mexico and Canada and unlimited standard definition streaming
• Business Unlimited Advanced: Available for as low as $30 per month, per line when you purchase at least six lines; includes one hour of free in-flight Wi-Fi,100 GB of premium data and a 40 GB hotspot plus unlimited talk, text and data in Canada and Mexico, as well as 5 GB of high-speed data at no extra cost; provides unlimited high definition streaming; includes two basic Microsoft 365 Business licenses
• Business Unlimited Ultimate: Available for as low as $40 per month, per line when you purchase at least six lines; unlimited access to premium data and 100 GB for your hotspot as well as unlimited in-flight Wi-Fi; get unlimited video streaming with quality up to 4K UHD
• Business Unlimited Ultimate+ for iPhone: Available for as low as $50 per month, per line when you purchase at least six lines; unlimited access to premium data and 200 GB for your hotspot as well as unlimited in-flight Wi-Fi; get unlimited video streaming with quality up to 4K UHD and Apple Business Essentials and AppleCare+

As mentioned, T-Mobile’s smartphone pricing will change depending on how many lines you choose to buy. You will be charged $60 per month for the most basic option if you only buy a single line. For this reason, smaller companies with tight budget constraints might find T-Mobile’s pricing to be too expensive, especially if they only need a few lines.

But for more mobile businesses that have employees constantly on the go, there are some really great perks. Offering access to unlimited in-flight Wi-Fi and unlimited talk, text and data to employees in Mexico and Canada could become a great selling point for your own brand.

Like most major carriers, there are a lot of customers competing for data priority. While T-Mobile offers access to this “premium data,” you have to pay a lot more out of pocket to ensure that your service doesn’t stagnate when things get particularly busy.

T-Mobile typically has multiple deals concerning phones, including free devices or credit up to a few hundred dollars towards buying a new smartphone. Like many such deals with carriers, they come with specific contract requirements, so it’s best to ask about the details before signing up.

T-Mobile seems best for businesses with team members who are constantly on the go and can therefore better appreciate perks related to international travel and flights.

• Reliable 5G network
• Service plans offer unlimited talk, text and data in Canada and Mexico
• Optional perks such as in-flight Wi-Fi and Microsoft 365
• Plans are expensive for six or fewer lines
• Bonus features only available in advanced plans

When putting this ranking together, we considered several vital components. Forbes Advisor researched the industry and analyzed multiple companies and plans. Then, we scored these providers across four categories of features using 13 different metrics that were weighted to favor features that small business owners find valuable in a cell phone service provider. The following are some of the metrics that we used to rank the providers that made our list.

Our main concern when it came to pricing was if the service is affordable, especially for small businesses, especially for the entry-level plan. Then, we looked at the costs and variety of plans available from each provider and what kind of value that each upgrade brought to users. Pricing accounted for 30% of our weighted scoring.

Key Features

We broke features into two distinct categories: general features and additional features. For general features, we looked at the offerings from each cell phone service provider that we considered to be common ones that every customer needs. Some of these general features include unlimited domestic calling and texting, international calling, conference calling and if any necessary hardware came free with the service. We weighted features at 45% of our total score.

Additional Features

For additional features, this included aspects of cell phone service that some users would consider to be nice to have, such as an automated attendant, mobile hot spot access and mobile security. For both kinds of features, we gave more weight to those that came with the service automatically as opposed to those that were add-ons that users had to pay additionally for. We weighted features at 15% of our total score.

Expert Analysis

Finally, based on our market research and the categories listed above, our experts also ranked additional criteria from customer reviews using metrics that included ease of use, popularity, value for the money and any stand-out features, such as offering international texting plans, mobile VPNs, free in-flight Wi-Fi, video calling and access to free local phone numbers. Altogether, these criteria make up 10% of the total score.

When selecting the best business cell phone plan for your company, there are a few factors to keep in mind. At the moment, for example, there are only three mainstream nationwide carriers. These larger carriers have pricing plans that might be too expensive for smaller businesses. Google Voice and RingCentral could work as much more affordable alternatives. We listed a few specific considerations in the sections below.

Smartphone Lines and Pricing

It’s a good idea to consider the number of lines your business needs, not to mention monthly or annual costs. Service providers will often offer a lower per-line price, but you’ll have to buy several lines to get the discount. It might be more affordable in the end to buy one or two lines rather than buy extra lines your company doesn’t need or can’t afford.

Free Phones and Purchase Credits

While the top carriers often allow you to BYOD, it might be possible to get at least one new phone for your business. If not a free phone, it’s common to provide you with substantial credit worth up to $1,000 towards the purchase of a brand-new smartphone.

A common caveat is this generosity gets tied to a long-term contract commitment. Do the month-to-month, and even year-to-year, math and decide what you’re willing to agree to in exchange for free or heavily discounted hardware. If all else fails, check to see if you can bring your existing devices with you to the new service provider. Some providers will let you do this at little to no extra charge.

International Perks or Availability

Many business cell phone plans focus on domestic features. Yet, if your brand is global, you’ll likely want to work with a company that offers talk, text and data options beyond American borders. Will data caps or a lack of in-flight Wi-Fi inhibit your ability to share information or communicate adequately? If you need worldwide service and support, it might be better to go with a much larger and more reliable carrier.

How ‘Unlimited’ Is Unlimited?

When a phone service says that an offer is unlimited, it is rare that an asterisk does not accompany the promise. Not all unlimited pricing plans are the same. Often, when things get congested, you may find that your service quality drops significantly. So, you learn that while your service option may be technically unlimited, there’s no such promise about the quality.

Some providers offer tiers that guarantee high-quality service no matter what. It’s best to read between the lines of the fine print to see what type of unlimited service you are getting offered.

Who has the best business cell phone plan for small businesses?

We selected RingCentral as our top choice due to its affordable payment plan structure when compared to other telephone companies.

What cell phone companies are offering free phones?

AT&T, Sprint and T-Mobile are among the most popular brands known to offer a free phone when switching to their service. Brands often have such deals periodically, so it is good to stay updated about potential offers.

What is the average cost of small business cell phone plans?

Your final cost will depend entirely on the service package and the number of lines you have on your plan. With that in mind, smaller businesses can expect to pay anywhere from $29 and $69 per smartphone line, per month. That does not include any additional hardware costs. Be sure to research and compare brands to find the price that works best for your business.

Who has the best unlimited talk, text and data plans?

We recommend RingCentral, Verizon and AT&T Wireless. Verizon and AT&T offer more comprehensive unlimited plans. Meanwhile, RingCentral’s options are generally more affordable.

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For nearly a decade, Toni Matthews-El has published business topics ranging from cloud communication software to best steps for establishing your own LLC. In addition to Forbes Advisor, she's published articles for Medical News Today, US News and World Report.

Cassie is a deputy editor collaborating with teams around the world while living in the beautiful hills of Kentucky. Focusing on bringing growth to small businesses, she is passionate about economic development and has held positions on the boards of directors of two non-profit organizations seeking to revitalize her former railroad town. Prior to joining the team at Forbes Advisor, Cassie was a content operations manager and copywriting manager.

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Our Methodology for Picking the Best Mobile Business Ideas

Assessing market demand and trends (rating: 9/10).

Our first step was evaluating the market demand for mobile services or products. We focused on ideas that cater to current consumer needs and preferences, ensuring a viable market presence.

Cost Effectiveness and Initial Investment (Rating: 8/10)

Flexibility and lifestyle compatibility (rating: 8/10), unique value proposition (rating: 7/10).

To stand out in the mobile business sector, having a unique selling point is crucial. We looked for ideas that offer something distinct from traditional brick-and-mortar businesses and other mobile competitors.

Scalability and Expansion Potential (Rating: 7/10)

Skill and passion alignment (rating: 8/10), regulatory compliance and logistics (rating: 7/10), best mobile business ideas, 1. mobile catering business.

Mobile Catering Business Caterers often find themselves at weddings, birthdays, or corporate events. To launch a mobile catering service, secure a reliable vehicle, stock up on delicious food items, and invest in quality serving equipment. Tailor your menu based on event types to stand out.

2. Mobile Salon

3. mobile pet grooming business, 4. mobile car wash, 5. mobile bike services.

Cycling enthusiasts often need tune-ups or repairs. Provide valuable, on-site bike maintenance or restoration services. By meeting cyclists in their homes, you eliminate the need for them to transport bulky bikes to a shop.

6. Food Truck Business

7. mobile cleaning services, 8. photography business, more ideas for starting a mobile business, 9. ice cream truck.

Distinct from the traditional food truck, ice cream trucks embody nostalgia and joy. They remain constantly on the move, engaging communities at every turn, bringing delightful cold treats to neighborhoods and parks, changing locations to maximize reach.

10. Clothing Boutique

11. mobile billboard, 12. mobile mechanic, 13. personal trainer.

Craft a niche as a traveling fitness mentor. Collaborate with clients in their homes, serene local parks, or even community gyms. Tailor exercise regimes to individual needs, ensuring each session feels personalized and effective.

14. IT Services

15. farmers market vendor, 16. mobile coffee shop, 17. party bus.

Transform occasions into memorable journeys. Cater to weddings, proms, or corporate retreats with a fleet of luxury buses. Equipped to hold numerous guests, these vehicles should ensure comfort, safety, and a touch of extravagance.

18. Independent Bookstore

19. thrift store, 20. home organizer, 21. junk removal.

Post-construction debris, old furniture, or accumulated clutter often overwhelm homeowners. Junk removal businesses come to the rescue, clearing up spaces, responsibly disposing of waste, or even recycling. They ensure homes and commercial spaces regain their original luster.

22. Drone Photography Business

23. tour guide, 24. errand services, 25. tutoring.

Education doesn’t always need a classroom setting. Offer personalized sessions at students’ homes, assisting with tricky subjects or providing guidance for standardized test preparations. By being mobile, tutors can tailor teaching styles to individual learning environments.

26. Handyman Services

27. event planner, 28. landscape designer, 29. home chef.

A gourmet experience doesn’t always need a restaurant. As a mobile chef, you can curate customized menus for families or intimate gatherings, cooking in clients’ kitchens. This approach ensures fresh preparation, personalized dishes, and a memorable culinary experience.

30. Wardrobe Consultant

31. event entertainer, 32. florist, 33. pet sitting.

Pet sitters offer peace of mind to traveling animal owners. By caring for pets in their familiar environments, stress is minimized. Whether it’s playful dogs or tranquil fish, pet sitters ensure all creatures receive care, attention, and love in their owners’ absence.

34. Smart Home Installations

35. business consultant, 36. in-home care, 37. travel blogging.

Chronicle wanderlust adventures through a blog, sharing insights and experiences. Monetizing can arise from ads, brand partnerships, or building a following that values genuine travel advice and stories.

38. Yoga Instructor

39. pop-up events, 40. mobile photo booth, 41. mobile phone repairs.

Phones, essential in our daily lives, often suffer mishaps. Offer on-the-spot repairs, addressing issues from shattered screens to malfunctioning buttons, ensuring customers stay connected.

42. Laundry Service

43. airport shuttle service, 44. corporate transportation service, 45. employee training service, 46. courier, 47. locksmith.

Lock predicaments are common yet stressful. Mobile locksmiths offer relief, whether it’s crafting new home keys or unlocking stranded cars, always ready for emergency calls.

48. Food Delivery

49. recycling service, 50. compost collection, 51. tool rental business, 52. pool cleaning service, 53. painting service, 54. window tinting, 55. massage therapy, 56. dog walking, 57. personal shopper, 58. party rental provider, 59. holiday decor service, 60. landscaping service.

The beauty of a well-maintained yard is undeniable. Offer comprehensive landscaping services to those passionate about their outdoor spaces. This includes meticulous lawn care, strategic weed control, and decorative mulching, ensuring gardens radiate throughout warmer months.

61. Paint and Sip Parties

62. home inspector, 64. power washing service, 65. windshield replacement service.

A cracked windshield poses both aesthetic and safety concerns. Offer customers swift, on-location windshield replacement, ensuring they’re back on the road with a clear view, without the hassle of visiting a workshop.

66. Disc Jockey

67. home services provider, which business is best for mobile, places to meet your customers.

Selecting strategic locations to engage with your customers is vital for the success of your mobile business. These locations should align with your target audience’s preferences and routines. Consider setting up at popular community events, local markets, office complexes, or near recreational areas. High foot traffic areas, such as festivals downtown districts, shopping centers, and college campuses, can also be lucrative spots to connect with potential customers. A lot of customers like to relax at home, so think about bringing services like lawn care to them.

What Are the Advantages of Mobile Businesses?

How to start a mobile business in 6 easy steps.

2. Set Your Budget Even though mobile businesses boast lower overhead costs, you’ll still need to budget for various expenses. Startup costs may include purchasing or outfitting a vehicle, registering your business, designing a website or app, and obtaining necessary licenses and permits. Ongoing expenses encompass vehicle and inventory insurance, small business insurance, staff wages, fuel, parking, and more.

6. Hire Your Team and Start Selling With your vehicle customized, permits obtained, and inventory ready, it’s time to build your team and launch your business. Whether you’re starting small or expanding rapidly, hiring motivated team members and hosting a grand opening can create a buzz and kick off your selling journey.

Summary of Steps

Ways to Build Repeat Business

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Payment system to let S’poreans send money instantly via mobile phones to 4 countries

SINGAPORE – Residents here are closer to the day when they will be able to make instant and cheap cross-border money transfers to four other Asian countries via local apps such as PayNow.

The central banks and instant payment service providers in Singapore, India, Malaysia, Thailand and the Philippines have settled on a rules and an operations blueprint to establish a new entity called the Nexus Scheme Organisation (NSO).

The announcement was made on July 1 by the Switzerland-based Bank for International Settlements (BIS), an international body of central banks that develops global standards to strengthen the regulation, supervision and risk management of banks.

The BIS statement did not say when the new payment system will go live.

While Singapore already has bilateral real-time payment linkages with Thailand and India, they are separate systems and operated by distinct entities, such as PayNow-PromptPay for Thailand and PayNow-UPI for India.

Nexus, on the other hand, is designed to standardise the way domestic instant payment service providers connect to one another. Rather than an operator building custom connections for every new country to which it connects, the operator only needs to make one connection to the NSO.

In fact, Nexus would be the world’s first multi-country fast payment system.

BIS Innovation Hub started the Nexus project in 2022 and worked with the partners from the five participating nations over the past year to fine-tune the scheme in areas like governance and the technology underpinning it.

Ms Cecilia Skingsley, the global head of BIS Innovation Hub, said Nexus can be scaled up to additional countries and could make cross-border payments faster, cheaper and safer.

Nexus would be a significant improvement on how cross-border transactions are done today.

Most individuals and businesses use retail and commercial banks or online banking services to wire funds abroad. Overseas workers remit money to their families back home mainly via money changers, while parents wire tuition fees and living expenses to children studying abroad.

However, since banks must check these transfers against various regulatory requirements, including anti-money laundering and terror financing, the process is cumbersome and fees can be expensive.

That is especially true for people and businesses that must make small but regular overseas transfers. This, in turn, has made seamless and cheap cross-border payment services popular worldwide, although they remain a fraction of the global payments market.

Total cross-border payment flows – these include trade and services payments – made by traditional banking channels reached about US$150 trillion (S$203 trillion) in 2022, according to McKinsey, while small global real-time payments transactions were about US$195 billion.

Ms Skingsley told The Straits Times in a virtual interview from Basel, Switzerland, that the global payments system benefits big companies, asset managers and international borrowers, noting: “It is not really well-designed for catering for people’s needs.”

She added that not only individuals, but small companies also struggle: “It is quite a high cost to have access to financial services in the cross-border space.

“What we try to do here is allow or invite countries’ fast payment systems to connect to Nexus, and once they are on board and connected... their clients will be able to send money, cross-currency, cross-border, and the aim is that it will take less than a minute for the transaction to complete and land on the receiving-end account.”

The NSO will be wholly owned by the central banks or the instant payment service providers in participating countries, depending on the domestic structures. But they will all have to agree on a common set of rules – akin to entrance regulations – such as those requiring adherence to anti-money laundering and countering financing of terrorism.

Nexus is one of many exploratory projects embarked upon by the BIS Innovation Hub, which was set up to develop public goods in the technology space to support central banks and improve the functioning of the financial system.

The BIS annual economic report released on June 30, 2024, dedicated a special chapter on how artificial intelligence (AI) could impact central banks and the financial sector.

“The rapid and widespread adoption of AI implies that there is an urgent need for central banks to raise their game,” it noted.

“Central banks need to upgrade their capabilities both as informed observers of the effects of technological advancements as well as users of the technology itself.”

Ms Skingsley said: “I do think that AI will be a real game changer when it comes to central banks being able to understand and follow what’s happening in the economy, sort of here and now.

“It will lead to better decision-making by central banks.” 

However, the macro-economic impact of AI will depend on how individuals and businesses view it.

“Do they see it as an opportunity for them, and start spending more money as a result? Or are they getting concerned about it? Add in productivity effects from AI, and you see there is both supply and demand consequence,” she said.

The BIS report said AI’s likely effects on productivity, investment and consumption mean policymakers must find ways to study that and employ it for their own benefit.

BIS, which comprises more than 60 central banks as members, defines itself as a bank for central banks and is the world’s oldest international financial organisation. It aims to promote monetary and financial stability, and acts as a forum for cooperation among central banks and the financial community. 

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The 5 Best Business Cell Phone Plans of 2023

Data as of 12/7/22. Offers and availability may vary by location and are subject to change. *AutoPay Discount included: -$5/mo. per line. Plus taxes & fees.

We are committed to sharing unbiased reviews. Some of the links on our site are from our partners who compensate us. Read our editorial guidelines and advertising disclosure .

Business.org’s 5 best business cell phone plans

AT&T: Best full-featured plans

Looking for a broad choice of bells and whistles? As a telecom behemoth, AT&T has plenty of cell phone features and packages to offer a business—around 20 plan variations, small to large. All plans include free US roaming, unlimited talk, and text messages, as well as unlimited texting outside of the country. Basic features like call forwarding, voicemail, caller ID, call waiting, and conference calling also come standard with all AT&T business cell phone plans, along with bring-your-own-phone support.

AT&T's business cell phone plans

Data as of 12/7/22. Offers and availability may vary by location and are subject to change.

Business Unlimited plan prices start at $35 a month per line, and there is a new perk where unlimited data is included in the unlimited talk and text plan. This means there is no need to worry about overages or data caps. 

 AT&T business plans can also accommodate up to 10 lines per account, and they come fully loaded with perks—like Stream Saver. This feature optimizes streaming video on your phone to 480p so you can watch webinars on-the-go without dealing with a blurry picture.

Each plan also includes a decent array of iOS and Android smartphone options and even a few good ol’ flip phones. A 15% military veteran discount can be applied to the Business Unlimited plans, as well as AT&T-owned DIRECTV services (because, again, telecom behemoth).

Users are eligible for a discount if they elect for autopay and paperless billing but this discount is only applied until after two pay periods. We don't know why the discount cannot be applied earlier in the billing process but we do find it frustrating. 

T-Mobile: Best flexible plans

Not sure exactly what you’ll need in a mobile plan besides future adaptability? T-Mobile, the third-largest wireless service in the US, offers four Magenta® for Business plans, all packed with unique features that set T-Mobile apart from the rest. The German-owned company has also earned a reputation for stellar customer service and was the first to eliminate annual contracts (an idea that stuck—none of the plans reviewed on this page require contracts). In April 2018, the company announced its intention to merge with Sprint under the T-Mobile banner.

T-Mobile's business cell phone plans

Data as of 12/7/22. Offers and availability may vary by location and are subject to change. *While using AutoPay.

All of T-Mobile’s Business cell phone plans offer the same basic features:

Unlimited talk and text

Unlimited 5G and 4G LTE data on our network

• Unlimited mobile hotspot
• Scam Shield

Unlimited calling and texting to Mexico & Canada

Unlimited video streaming

In addition, all T-Mobile Business plans include DIGITS, which allows you to access up to five phone numbers on a single device. That means you could answer calls to your work number and your personal number on one device—no more packing two phones in your bag every day. DIGITS also lets you share your phone number across multiple devices, so you can answer on your phone, smartwatch, tablet, or computer.

T-Mobile users with a Business plan can also add the PlusUp add-on and get extra features, like Voicemail to Text, HD streaming, 20 GB of 4G LTE mobile hotspot data, unlimited in-flight Wi-Fi, caller ID, and double the data speed when roaming internationally.

Keep in mind, though, that T-Mobile’s Business plans are available only on plans with two to 13 lines. If you need more than 13 lines, you’ll need to sign up for the 13+ Plan ($285 per month for 13 lines, plus $25 per month for each additional line).

T-Mobile plans also allow bring-your-own-device convenience, or you can buy phones up front with a single payment (there are nearly 40 iOS and Android phones to choose from).

Now that T-Mobile and Sprint have been merged for almost six months, some significant changes have taken effect. T-Mobile’s website is now the only place businesses can sign up for Sprint or T-Mobile business phone accounts.

Sprint still has an active business website for previous users but all new plans will be sold by T-Mobile on its website.

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Verizon: Best growing business plans

Serving over 150 million customers, Verizon isn’t just big, it’s BIG. Such a mobile mammoth might not seem like the obvious choice for a small business, but for what it lacks in a personalized customer service reputation, Verizon more than makes up for by offering every cell phone feature there is, as well as dominant US, and near-dominant global, coverage. Like McDonald’s and Marvel movies, Verizon is everywhere.

Verizon's business cell phone plans

Data as of 12/7/22. Offers and availability may vary by location and are subject to change. *With 4+ lines

While business owners can get business cell phone plans with limited data, we recommend choosing an unlimited plan if you have multiple employees (or do a lot of work via cell phone).

Verizon’s Business Unlimited cell phone plans are scalable from four employees up to and over 40. And with plans starting at just $40 per line, Verizon Business Unlimited plans are an attractive option whether you’re running a tiny company with no expansion plans, a medium-sized business with an eye toward growth, or a large enterprise with heavy cell phone requirements.

Verizon Beyond Unlimited plans also include unlimited mobile hotspot use, though your speeds are limited depending on your plan. Plus, you get unlimited calling and texting to Mexico and Canada—not to mention unlimited calling, texting, and data while in those countries. And naturally, you also get unlimited talk and text as part of your Beyond Unlimited package.

Verizon doesn’t skimp on device choices either. There are nearly 100 iOS and Android phones and tablets available—including the Verizon Jetpack, a mobile hotspot device that can connect 10 devices to its 4G LTE network and an additional five to 3G.

If your company requires truly “unlimited” cell phone service and scalability to grow and is in the position to pay for functionality with frills, Verizon Business Unlimited is the way to go. Bare-bones operations, however, might want to look elsewhere.

Each of our recommendations has its strengths and weaknesses. Sometimes the most difficult part about finding a phone system is determining exactly what you need and don't need. The best place to start is separating your needs between installing a new system, replacing a system or expanding system.

If you are having trouble sorting out exactly what your phone needs are, use this tool to help you understand what the best options are for your unique needs. 

MintMobile: Most affordable plans

We are sure you’ve seen the commercials with Ryan Reynolds talking about this new phone carrier business with a fox logo called Mint Mobile. In fact, a lot of Mint customers were drawn to Mint because of Ryan Reynolds Hollywood looks, but that’s not the only thing Mint has to offer. 

Mint is inexpensive and transparent, compared to other cell phone carriers with hidden fees and seemingly random regulations.

MintMobile's business cell phone plans

Data as of 12/7 /22 . Offers and availability may vary by location and are subject to change.

T hese are the prices for new customers and will last up to three months. After the third month, you are eligible to sign up for a 6- or 12-month contract on one of the tiered plans, all less than $35/mo/user, which is astronomically less than other providers. 

MintMobile is no fuss, and you really do feel like you must be tricking the rest of the world with its pricing. The only issue is that MintMobile is fairly new, launched in 2015, coverage is not completely everywhere. There are still a couple of coverage gaps in the West, namely Utah, Nebraska, Idaho and Nevada. If you are east of the Rocky Mountains, you are good to go!

Teltik: Best perks plans

If you’re a strapped startup, New Jersey’s Teltik can get you up and running on the cheap. Teltik is a reseller service operating on T-Mobile’s 4G LTE network, meaning it can offer the reliability and reach of a giant provider at smaller-company prices. Teltik also has the advantage of being completely US-based, with 24/7 local customer service that’s not outsourced overseas.

Teltik's business cell phone plans

3 more (non-business) cell phone plans reviewed by Business.org

Teltik appears to have a dozen plans, but they’re mostly just variations of the essential plan that offers all the expected basics. Not coincidentally, the features mirror those of T-Mobile, as they’re on the same network.

The most basic plan starts at $20 a month and includes unlimited calling and texting, mobile hotspot service, and unlimited data—with a 2 GB cap on 4G LTE speeds (meaning your speed gets throttled to 128 Kbps if you use more than 2 GB of data in a month). From there, you can upgrade your plan to include more 4G LTE data and more mobile hotspot data. Upgraded plans cost anywhere from $30 to $40 per month, and they all include one cloud-phone VoIP line—perfect for small businesses looking to save on all their telecommunications needs.

One distinctly entertaining feature (pun intended) of Teltik’s business plans? You get unlimited media streaming from over 40 music services (including Spotify, Pandora, and Apple Music) and more than 100 video services (including YouTube, Netflix, and any other channel you can think of). That means you can stream as much TV as you want without it eating into your data. It’s almost as if Teltik doesn’t want you to get any work done.

Another thing you need to know: Teltik doesn’t sell phones. Instead, the company operates on a strict bring-your-own-device basis. Any unlocked phone will work with its network, as will any T-Mobile device, of course. However, you will have to spend $10 plus shipping and handling to buy a new SIM card for each of your devices (unless they’ve already got brand-new, unused T-Mobile SIM cards).

The takeaway

Assess your company’s current cell phone usage, and projected future needs, before diving into any plan. What looks like a great deal could turn out to be more than you actually need—or you may have initially underestimated your business’s cell phone requirements. Also, if your company has both cell phone and regular office phone needs, check into bundling. The larger telecom providers offer both types of phone coverage, and bundling services is an easy way to save money in the long run.

Don’t want to carry around separate phones for work and personal calls? With the right VoIP service, you don’t have to. Check out our favorite business VoIP providers to see which ones offer on-the-go business phone capabilities.

Business cell phone plan FAQs

If you have several employees working outside of the office on a regular basis, desk-bound phones obviously aren’t going to work for them. Some may be only calling and texting while others will be checking email, using GPS navigation, and accessing the internet for work, but a cell phone is a must for employees in the field.

If you’re a one-person operation accountable to only yourself, you could get by with a personal cell plan. Keeping track of multiple employees’ hours, data, and providers, however, would be an extra headache you don’t need. For streamlining and collaboration purposes, a business cell phone plan would be the easier route.

Most of the plans we’ve reviewed here offer unlimited data—domestically, at least—so hitting the data ceiling won’t likely be an issue. But if you want to forecast how much data your business uses every month, providers make data plan estimators available on their websites. Or you could use a third-party calculator app.

BYOD stands for bring your own device . Another common term is BYOP for bring your own phone . These can mean that employees are using their personal phones, tablets, or laptops on their own carrier plans for work or that they’ve put those devices on the company’s plan. The upside? Less expensive than buying devices. The downside? Extra security concerns.

In the annoying absence of Wi-Fi, you can use a cell phone signal to connect a wireless device to the internet by switching on the mobile hotspot option and simply treating it like a Wi-Fi router. For multiple device connections, a dedicated hotspot (such as Verizon’s Jetpack) can provide a faster, and more stable, connection.

Business owners weigh in

Methodology

To find the best business cell phone options, we considered pricing plans, customer support, and data limits. We also looked at the variety of contracts and whether these plans were flexible with discounts. 

At Business.org, our research is meant to offer general product and service recommendations. We don't guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services.

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Disclaimer: The information featured in this article is based on our best estimates of pricing, package details, contract stipulations, and service available at the time of writing. All information is subject to change. Pricing will vary based on various factors, including, but not limited to, the customer’s location, package chosen, added features and equipment, the purchaser’s credit score, etc. For the most accurate information, please ask your customer service representative. Clarify all fees and contract details before signing a contract or finalizing your purchase.

Our mission is to help consumers make informed purchase decisions. While we strive to keep our reviews as unbiased as possible, we do receive affiliate compensation through some of our links. This can affect which services appear on our site and where we rank them. Our affiliate compensation allows us to maintain an ad-free website and provide a free service to our readers. For more information, please see our  Privacy Policy Page . |

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A Major Part of Biden’s Student Loan Repayment Plan Is Restored

Federal appellate judges ruled that the Biden administration’s new student loan repayment plan could continue to operate as legal challenges to the program work their way through the courts.

By Tara Siegel Bernard

Major components of President Biden’s student loan repayment plan can continue to operate as lawsuits challenging it wind through the legal system, a federal appellate court ruled on Sunday. That frees the administration to cut certain borrowers’ payments by as much as half, a benefit that had been previously scheduled but blocked.

The order, from the U.S. Court of Appeals for the 10th Circuit in Denver, is the latest twist in a saga that began to unfold last week after two federal judges temporarily suspended parts of the plan known as SAVE. That program, which has about eight million enrollees, ties borrowers’ monthly payment amounts to their income and household size.

Two judges, one in Kansas and another in Missouri, last Monday issued separate preliminary injunctions, which are tied to lawsuits that were filed in the spring by two groups of Republican-led states that seek to upend the SAVE program.

The Kansas order suspended parts of the program that were not yet in place, including a big decrease in monthly payments for people with undergraduate debt — to 5 percent of their discretionary income from 10 percent — which was to take effect on July 1. The judge in Missouri blocked new debt cancellation through the SAVE program, though legal experts initially said it wasn’t clear how widely that ruling should be interpreted.

To comply with the Kansas district court’s injunction, the Education Department said on Friday that it would pause monthly bills for borrowers in the SAVE program who are required to make payments as it reconfigured those amounts once again. (More than four million low-income borrowers qualify for $0 monthly payments.) More than 124,000 borrowers had already received billing notices calculated with their new lower payments, the Education department said in a court filing.

But now that an appeals court has temporarily lifted the Kansas injunction, the Biden administration can move forward and roll out the rest of the SAVE program, including the reduction in payments for undergraduate borrowers, while it appeals the preliminary injunction.

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Mobile App Business Plan Template

Written by Dave Lavinsky

Writing a Successful Business Plan For Your Mobile App Business + Template

If you’re looking to start or grow a mobile app business, you need a business plan. Your plan will outline your business goals and strategies, and how you plan on achieving them. It will also detail the amount of funding you need, and if needed, present a case to investors and lenders regarding why they should invest in your business.

In this article, we’ll explain why you should invest the time and energy into creating a mobile app business plan, and provide you with a mobile app business plan template that includes an overview of what should be included in each section. Download the Ultimate Mobile App Business Plan Template here >

Why Write a Business Plan For a Mobile App Business?

There are many reasons to write a business plan for a mobile app company, even if you’re not looking for funding. A business plan can help you see potential pitfalls in your business strategy, as well as identify opportunities you may not have considered. It can also help you track your progress and adjust your plans as needed.

That said, if you are looking for funding, a business plan is essential. Investors and lenders want to see that you have a solid understanding of your industry, your customers, and your competition. They also want to know that you have a realistic view of your financial situation and how much money you’ll need to get started.

How To Write a Business Plan For a Mobile App Business

While every business plan is different, there are 10 essential components that all mobile app business plans should include:

Executive Summary

Company description, industry analysis, customer analysis, competitor analysis, marketing plan, operations plan, management team, financial plan.

Keep in mind that you’ll need to tailor this information to your specific type of mobile app business, but these 10 components should be included in every plan.

The executive summary is the first section of your business plan, but it’s often written last. This is because it provides an overview of the entire document.

In the executive summary, briefly explain what your business does, your business goals, and how you plan on achieving them. You should also include a brief overview of your financial situation, including how much money you’ll need to get started.

For organizational purposes, you could create headings for each main section of your business plan to highlight the key takeaways.

For example, your mobile app executive summary might look something like this:

Company Overview

[Insert Company Introduction / Short Summary]

Business Goals

[Insert Business Goals & How You Plan To Achieve Them]

Industry Overview

[Insert Industry Statistics on the Size of Your Market]

Competition

[Insert Overview of Competitors & Your Competitive Advantage]

[Insert Information About The Marketing Strategies You Will Use To Attract Clients/Customers]

Financial Overview

You can add and/or remove sections as needed, but these are the basics that should be included in every executive summary.

The next section of your mobile app business plan is the company description, where you’ll provide an overview of your business.

Include information about your:

• Company History & Accomplishments To Date

Mission Statement and/or Company Values

With regards to the company overview, here you will document the type of mobile app company you operate. For example, there are several types of mobile app companies such as:

• Developers (those who design and build apps)
• Publishers (those who market and sell apps)
• Enablers (those who develop the technology or platform that powers apps)

For example, a mobile app company description might look something like this:

We are an X type of mobile app company.

Company History

If an existing company: Since launching, our team has served X customers and generated $Y in revenue.

If startup: I conceived [company name] on this date. Since that time, we have developed the company logo, found potential space, etc. 

This is just an example, but your company description should give potential investors a clear idea of who you are, what you do, and why you’re the best at what you do.

The next section of your business plan is the industry analysis. In this section, you’ll need to provide an overview of the industry you’re in, as well as any trends or changes that might impact your business.

Questions you will want to answer include:

• What is the overall size of the mobile app industry?
• How is the industry growing or changing?
• What are the major trends affecting the mobile app industry?
• Who are the major players in the mobile app industry?

For example, your industry analysis might look something like this:

The size of the mobile app industry is expected to reach $XX billion by 20XX.

It is currently growing at an annual rate of XX% and is predicted to continue this growth in the future.

Major trends affecting the industry are:

– The continued growth of global smartphone usage

– The ever-changing landscape of the app store algorithms

– The rise of in-app purchase models

– The popularity of subscription-based models

How We Fit Into The Industry

This is just an example, but your industry analysis should give potential investors a clear idea of the overall industry, and how your company fits into that industry.

The next section of your mobile app business plan is the customer analysis. In this section, you’ll need to provide an overview of who your target customers are and what their needs are.

• Who are your target customers?
• What are their needs?
• How do they interact with your industry?
• How do they make purchasing decisions?

You want a thorough understanding of your target customers to provide them with the best possible products and/or services. Oftentimes, you will want to include the specific demographics of your target market, such as age, gender, income, etc., but you’ll also want to highlight the psychographics, such as their interests, lifestyles, and values.

This information will help you better understand your target market and how to reach them.

For example, your customer analysis might look something like this:

Target Market & Demographics

The demographic (age, gender, location, income, etc.) profile of our target mobile app customer is as follows: 

– Age: 18-24

– Gender: Male

– Location: Urban

– Income: $50,000-$100,000

Psychographics

Our core customer interests are as follows: 

– Technology: Mobile apps, smartphones, new technology adapters

– Music: Listening to music and going to concerts

– Lifestyle: Progressive and open-minded

– Values: Innovation, creativity and self-expression

– Gaming: Mobile and online gaming

In summary, your customer analysis should give potential investors a clear idea of who your target market is and how you reach them.

The next section of your business plan is the competitor analysis. In this section, you’ll need to provide an overview of who your major competitors are and their strengths and weaknesses.

• Who are your major competitors?
• What are their strengths and weaknesses?
• How do they compare to you?

You want to make sure that you have a clear understanding of your competition so that you can position yourself in the market. Creating a SWOT Analysis (strengths, weaknesses, opportunities, threats) for each of your major competitors helps you do this. 

For example, your competitor analysis might look something like this:

Major Competitors

XYZ Company is our major competitor. Its offerings include this, this and this. Its strengths include XYZ, and its weaknesses include XYZ.

Competitive Advantage

Your competitor analysis should give potential lenders and investors a clear idea of who your major competitors are and how you compare to them.

The next section of your business plan is the marketing plan. In this section, you’ll need to provide an overview of your marketing strategy and how you plan on executing it.

Specifically, you will document your “4 Ps” as follows:

• Products/Services : Here is where you’ll document your product/service offerings.
• Price : Detail your pricing strategy here.
• Place : Document where customers will find you and whether you will use distribution channels (e.g., partnerships) to reach them.
• Promotion : Here you will document how you will reach your target customers. For instance, mobile app businesses often reach new customers via promotional tactics including online ads (e.g., Google AdWords), PR, social media marketing, etc.

For example, your marketing plan might look something like this:

Products/Services

We offer the following products/services: 

We will use a premium pricing strategy to establish ourselves as the highest quality brand.

We will serve customers directly and through a partnership with XYZ company.

As you can see, your marketing plan should give potential investors a clear idea of your marketing objectives, strategies, and tactics.

The next section of your business plan is the operations plan. In this section, you’ll need to provide an overview of your company’s day-to-day operations and how they will be structured.

• What are your company’s daily operations?
• How are your company’s operations structured?
• Who is responsible for each task?

Your operations plan should be detailed and concise. You want to make sure that potential investors have a clear understanding of your company’s day-to-day operations and how they are structured.

You will also include information regarding your long-term goals for your operations and how you plan on achieving them.

For example, your operations plan might look something like this:

Daily Operations

Our company’s daily operations include XYZ.

Operational Structure

Our company is structured as follows:

• Department 1
• Department 2
• Department 3

Each department is responsible for XYZ tasks.

Long-Term Goals

Our long-term goals for our operations are to achieve the following over the next five years.

Date 1: Goal 1

Date 2: Goal 2

Date 3: Goal 3

Date 4: Goal 4

Your operations plan should give readers a clear idea of your company’s day-to-day operations, how they are structured, and your long-term goals for the company.

The next section of your business plan is the management team. In this section, you’ll need to provide an overview of your management team and their experience.

• Who is on your management team?
• What are their qualifications?
• What is their experience?

Your management team ideally includes individuals who are experts in their respective fields. You want to make sure that lenders and investors have a clear understanding of your management team’s qualifications and experience, and feel they can execute on your plan.

For example, your management team might look something like this:

Our management team is comprised of the following X individuals with the following experience.

Team Member 1: 

Team member 1’s qualifications and experience include XYZ.

Team Member 2: 

Your management team should give potential lenders and investors a clear idea of who is on your team and how their qualifications and experience will help your company succeed.

The final core section of your business plan is the financial plan. In this section, you’ll need to provide an overview of your company’s financials.

• What are your company’s projected revenues?
• What are your company’s projected expenses?
• What is your company’s projected growth rate?
• How much funding do you need and for what purposes? For example, most startup mobile app businesses need outside funding for things like initial app development costs, marketing, and operations.

Your financial plan should give potential investors a clear understanding of your company’s financials. While you may include a summary of this information in this section, you will include full financial statements in the appendix of your business plan.

For example, your financial plan might look something like this:

Our company’s projected revenues over the next five years are $XYZ.

Expenses & Net Income

Our company’s projected expenses and net income over the next five years are $XYZ.

Uses of Funding

This is just an example, but your financial plan should give potential investors a clear idea of your company’s financial projections.

The final section of your business plan is the appendix. In this section, you’ll need to provide any additional information that was not included in the previous sections.

This may include items such as:

• Full financial statements
• Resumes of key management team members
• Letters of reference
• Articles or press releases
• Marketing materials
• Product information
• Any other relevant information

By including this information in the appendix, you are allowing potential investors and lenders to learn more about your company.

In summary, writing a mobile app business plan is a vital step in the process of starting and/or growing your own business.

A business plan will give you a roadmap to follow. It can also help you attract investors and partners.

By following the tips outlined in this article, you can be sure that your business plan will be effective and help you achieve your goals.  

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Best of the Money blog

Welcome to the Money blog, your place for personal finance and consumer news and tips. We'll be back with updates on Monday - meantime, browse through some of our best features below.

Friday 5 July 2024 09:31, UK

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• Women in Business : 'We don't get invited to golf' - The women who coordinated pregnancies to start virtual cancer care business and raised £5m
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The Money blog will return on Monday - meantime, why not scroll through some of our best and most popular features below...

John Lewis is keeping its school uniform prices frozen for the fourth year running.

The department store chain also offers parents an online school uniform checklist to help prepare for the start of the new year.

It also offers a free shoe-fitting service, while some of its newer school uniform products released in the last three years have not seen a price rise.

John Lewis school uniform buyer Cydney Ball said: "Our customers trust us as the one-stop-shop for all things back to school."

Cineworld is drawing up plans to axe dozens of British cinemas as part of a radical restructuring that would also include extensive rent cuts.

Sky News has learned that the company, which until last year was listed on the London Stock Exchange, is considering closing about a quarter of its roughly-100 British multiplexes.

Cineworld also wants to renegotiate rent agreements at a further 50 sites, with the remaining 25 untouched by the restructuring.

Sources said the proposals were expected to be formally outlined to creditors including landlords in the coming weeks.

Read the full story here...

A safety charity has warned England fans against buying cheap electronics online amid a "blitz" of advertising.

Electrical Safety First is urging fans bombarded with ads for discounted goods "don't bring it home" in a new campaign to raise awareness of unregulated online marketplaces.

The charity have previously uncovered substandard and dangerous electrical products across major online marketplaces.

Examples of such include portable heaters posing a serious risk of electrocution, hair straighteners and hair dryers featuring illegal UK plugs and e-bike chargers that pose a fire risk.

"Football, and other global sporting events, are experiencing advertising blitzes by major online marketplaces across the globe, and at a time when millions of people are struggling with finances, we understand how appealing low-cost deals will be," said Electrical Safety First's chief executive Lesley Rudd.

"But it's important for fans to remember that they risk scoring an own goal if the deal they bag turns out to be a substandard or dangerous product.

"Substandard electronics can have serious consequences for your safety and an innocent purchase could put you and your family at risk."

The charity makes the following suggestions to consumers selecting electronics from online marketplaces:

• Pay attention to the plug - if a product is listed with a foreign plug and travel adaptor, do not buy it.
• Do not buy on price alone - not all bargains are worth it
• Make sure you do your homework if you decide to buy products below high street retail prices.
• Beware of a product with solely glowing reviews, especially if the reviewers are not verified.
• Make sure you know where the supplier is based - a "co.uk" URL doesn't guarantee the website is UK-based.
• If there is no address supplied, or there is just a PO Box, be wary; many dodgy electrical goods are manufactured overseas.
• Look for websites that allow you to pay safely – these have a padlock symbol in the address bar of the website you are visiting. If you cannot see it, do not enter your payment details.

Consumer spending on car purchases has risen three times faster than for public transport journeys, new figures show.

Around £57.4bn was spent in the UK on new and used cars in 2023, up 6% on five years earlier, according to AA analysis of Office for National Statistics data.

By comparison, consumer spending on public transport - including rail, buses, flights and taxis - was £60.9bn, representing a 2% increase on five years ago.

AA head of roads policy Jack Cousens claimed the figures highlight how vital motoring was for people in the UK, as well as the country's finances.

He said: "These latest ONS figures underline the UK's reliance on cars and the huge amounts of money they generate for the economy - not to mention VAT on that spending, and other tax.

"Cars are not just necessary but essential on so many levels. Even if a significant amount of car use was transformed into take-up of public transport, the impact on the economy and other income generation would be dramatic.

"Just think how much councils would lose if a high percentage of cars stopped turning up to their car parks or needing parking permits, and getting fined.

"The key question is whether what consumers spend on cars would translate into income for public transport and cover the cost of infrastructure investment to enable that.

"It seems that getting travelling consumers to fork out for their own transport and its maintenance, and then tax the heck out of them, is a pretty good deal for the public purse."

Running a car also accounted for a large chunk of the £78.6bn spent on what is described as the operation of personal transport, with spending on fuel and lubricants up 20% since 2018 to £41.7bn.

New car purchases down

But despite the fact more consumers are spending money on cars than on public transport, the number of purchases of new cars by private buyers has declined for nine months in a row, new figures show.

The Society of Motor Manufacturers and Traders (SMMT) said 67,625 new cars were registered by private consumers in June, down 15.3% from 79,798 during the same month last year.

Ian Plummer, commercial director at Auto Trader, said: "With average new car prices rising almost 40% over the last five years, it's clear cost is the culprit.

"Manufacturers are responding with discounts but they're failing to keep pace, which is forcing many buyers to opt for a used alternative.

"Whoever forms the next government needs to address electric car affordability and provide long-term stability for the market."

Environmental impact

Despite comments from the AA, the billions of pounds spent by consumers every year on cars is having a clear effect on UK roads - where overall traffic levels in 2023 were 2.2% higher than the previous year.

More cars on the roads means more air pollution, which is among the biggest environmental health risks facing people in the UK.

Burning petrol and diesel fuel creates harmful by products like nitrogen dioxide and carbon monoxide, while vehicles emit carbon dioxide, the most common human-caused greenhouse gas.

Even electric vehicles produce particulate matter from the friction between their tyres and the road.

Researchers from University College London estimated that 48,625 adults die prematurely each year in the UK due to particulate matter pollution. 

Presently, 79% of the UK exceeds the World Health Organization's (WHO) annual mean guideline for safe fine particulate matter levels. 

A Greek restaurant has faced criticism for its "rip off" prices.

Holidaymakers have been warned to stay away from DK Oyster on the popular holiday island of Mykonos, which has received swathes of bad reviews on  Tripadvisor .

The restaurant, which describes itself as being an "oasis of ultimate luxury and extravagance", has an average star rating of two on the website - although, in the interests of balance, it has 4.8 on Google reviews.  

Angry punters say they were lured into buying a drink at DK Oyster after being told the sunbeds were free, only for the prices for those drinks to be sky-high.

Among the latest to complain is Lori E, who said she returned home from her Greek holiday to see a charge of $876 (£690) for two drinks.

She wrote: "Total rip off! Make sure you get a receipt before leaving and check your credit card because they over charge. 

"Was told beds were free to sit it if we order food or drink. No problem....ordered 2 drinks which we afterwards saw were 51 euros each. 

"If that wasn't crazy enough we returned to the states and had a $876 charge on our account. FOR 2 DRINKS!!!"

The tourists are now trying to dispute the charge with their credit card company after never receiving a paper copy of a receipt.

Responding to the Tripadvisor review, DK Oyser said: "Our sunbeds come with minimum consumption, so we encourage all visitors to check the menus, before placing their orders. 

"I would like to note that our menus are displayed on blackboards near the entrance, showing the prices of our food and drinks to keep our guests informed."

Other reviews claim DK Oyser charged them £253 for sea bass and £100 for a jumbo shrimp that "wasn't cooked properly".

DK Oyster has been contacted for comment.

Iceland is set to partner with parenting website Mumsnet to launch a range of children's products.

Mumsnet CEO Justine Roberts, and the brand's partnership director Sarah Murray-Muncila, met with members of Iceland's innovation team last week to work on the products.

According to The Grocer , the new products will hit the stores in early 2025.

"We've been working on something truly special in partnership with Iceland Foods," Mumsnet said.

"Big things are happening for little ones."

Iceland has launched several new collaborations in recent months, including exclusive products with brands such as Slimming World, MyProtein and boxer Tyson Fury's Furocity.

It's not just a big day in the UK with voters heading to the polls but also in the US with 4 July celebrations taking place.

And there's plenty to celebrate for those with a stake in US stocks. 

Last night, there was another record high for the S&P 500 index that tracks the share price performance of the 500 largest companies listed on US stock exchanges.

The performance of companies on the tech firm-heavy New York-based NASDAQ too reached a new high.

It came as Elon Musk's Tesla saw its share price reaching a six-month high, along with the rise and rise of trillion-dollar AI microchip maker Nvidia.

Today and tomorrow will likely be quieter as the US markets close. 

In the UK, both the Financial Times Stock Exchange (FTSE) 100 and 250 indexes are up - 0.76% in the list of 100 most valuable companies and 0.42% in the 101st to 250th most valued firms. 

While the pound does by buy less euro than it did earlier this month, with £1 equal to €1.18 it's still buying more than during most of the last year.

Against the dollar, sterling has held the gains of the last few weeks and a pound will get you $1.2749. 

There is no let up for motorists as the oil price is sticking around the two-month high mark. A barrel of the benchmark Brent crude oil costs $86.59.

As house prices continue to rise, so too does the age at which young people can expect to own their own home. 

Unfortunately, even the ceiling of the term "young people" isn't far off from being challenged - with fresh research suggesting that the average age of a first-time buyer in the UK is 33 years and 8 months old, according to Mojo Mortgages . 

In comparison, in 1960, the average first-time buyer was 23 years old, according to separate research by Keepmoat Homes. 

Comparatively, however, the average age of a first-time buyer in 2014 was 32 years, 6 months old, according to the Office for National Statistics. 

During the same period, the average price of a house in the UK rose from around £188,000 (January 2014) to £282,000  ( January this year). 

Back to today's figures - and those in Wales are able to buy their homes the youngest, with the data suggesting the average first-time buyer there is 31 years old. 

Naturally, the older you buy a home, the later in life you'll pay off a mortgage. 

With an average mortgage length of 30 years, it seems the average UK first-time buyer isn't expected to be mortgage-free until they are 63 years and 8 months old.

And if you live in the capital, you'll surpass the current retirement age at 66 years, 8 months. 

Here's a full breakdown of how old first-time buyers are, the average mortgage length and age they can expect to be mortgage-free by region... 

A lot of people have had to renegotiate or extend their mortgages thanks to soaring interest rates in recent years - and the data from Mojo tells us a little about that too.

The study found extending your mortgage term by 10 years (to 35 years) will cost today's average first-time buyer an extra £110,640, which may impact later life planning and their pension.

Barclaycard is cutting the minimum amount its customers have to repay each month.

While the move may sound like good news on the surface, it could well mean you're in debt for longer and end up paying more interest. 

At the moment, most Barclaycard customers have a minimum repayment of 3.75% of their balance, 2.5% of their balance plus interest, or £5. 

But, from 22 July, that will change to the highest amount out of: 

• 1% of their balance
• 1% of their balance plus interest

This means if you are currently only paying the minimum on your card, you'll likely repay less each month. 

But, minimum amounts are designed to keep people in debt for as long as possible, and lowering them just makes this period even longer.

MoneySavingExpert says the change means it could now take a customer with a £1,000 debt an extra decade to pay it off, if they only pay the minimum amount.

On average, it says it will take 19 years and three months to clear and the interest will total £1,655. 

Founder of MoneySavingExpert Martin Lewis says the change is "worryingly under the radar" and urged customers to check if their repayments are set to the minimum amount.

"Minimum repayments have always been credit card firms' secret weapon. Letting people repay little looks appealing – hence why Barclaycard says this is about 'flexibility'. Yet it takes flexibility to kick your own backside, and this will hurt some just as much," he said.

A Barclays spokesperson told Sky News: "We regularly review our products and from July, some Barclaycard customers will see changes to their minimum monthly payments, alongside adjustments to the APR.

"Customers will benefit from a reduction in their minimum monthly repayment and the vast majority have no change to APR, while some will receive a decrease.

"We have made these changes to increase flexibility for our customers and have been clear in our communications that paying more than the minimum can help customers clear their balance sooner and pay less interest." 

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Bringing finances closer to your reach in Africa

How to Start Mobile Money Business in Uganda

Vincent Nyoike | Posted in: Uganda

Mobile money was introduced in Uganda in 2009. It is among the fastest-growing industries in Uganda. Most countries are moving towards cashless transactions making mobile money one of the profitable businesses. Some of the money service providers available in Uganda include MTN, Airtel, Uganda Telecom, Africell, Micro-Pay and M-Cash. In this article, we will show you how to start a mobile money business in Uganda.

What is Mobile Money?

Mobile money is the electronic means of sending, storing and receiving money using electronic devices like phones and tablets. You can start a mobile business and work as an agent.

How Do Mobile Money Agents Earn in Uganda?

You can start a mobile money business in Uganda as an agent and earn a commission. Mobile money agents in Uganda earn commission for facilitating transactions such as deposits and withdrawals for their customers, paying airtime and bundles for customers, processing bill payments and registering new mobile money users.

How Profitable is Mobile Money Business in Uganda?

Is mobile money profitable in Uganda? Mobile money business in Uganda is profitable if you follow the right strategies in starting and running the business. The level of profitability will also depend on factors such as the startup capital, location, number and types of transactions in a given day/week/month.

If you haven’t registered your business, find out how to register a company in Uganda .

How Much Money Do You Need to Start Mobile Money Business in Uganda?

The amount of money you need varies based on the mobile money provider and whether you apply directly to the mobile money provider or through master agent/aggregator. The intended size of your business will also be a factor. For instance, will you be working alone or you intend to employ someone or people to work for you? Will be renting a business space or you will use a kiosk or building that you or your family owns?

How to Get a Transaction Line as a Master Agent or Aggregator

You can work as an aggregator or a master agent. An aggregator is authorized to recruit mobile money agents. Master agents purchase and manage e-money from Mobile Network Operators and then sell them to agents.

To become an aggregator or a master agent, you need to fill in an agent Agreement form, exclusivity agreement form and agent application form. In addition, you will need training and branding for your business.

Agents are paid commissions, and the commissions depend on the master agents. Agents have to forego 10% of their income to the Uganda Revenue Authority.

As an aggregator or master money agent, you are responsible for recruiting agents into your territory. You will need to go through the bidding process by presenting an identity card, get a recommendation letter from the local council, and fill in an application form. You will need to make a deposit of Ush 80,000 and have a starting float of at least Ush 2,000,000.

Duties of a Mobile Money Agent

• Registering mobile money customers
• Depositing money into mobile accounts for the registered mobile money customers
• Processing cash withdrawals by registered mobile money customers
• Selling airtime to customers
• Complying with mobile money regulations
• Customer education

How to Start MTN Mobile Money Business in Uganda

To work as MTN mobile money agent in Uganda, you need to meet the following requirements.

• Be a registered limited company or sole proprietor and your business must have been in existence for at least one year
• Original and copies of identity card or passport for the company directors
• Have permanent or semi-permanent physical premises from where to operate
• Have a certificate of business incorporation
• Letter of introduction for the Local Council 1 (LC1)
• Contact details of your company
• Have at least three months of business bank accounts
• Have a copy of articles of association or memorandum of association
• Proposed outlets for inspection by Telecom’s regional representative
• Initial startup capital investment of Ush 1,500,000

Get MTN Xtra Float for business continuity This is a service that MTN Mobile Money agents can use to borrow float when their float is depleted and still have customers to save. You can now get MTN Xtra Float worth UGX 50,000, 100,000 and 250,000 at a fee of UGX 300. MTN Xtra Float has to be paid back in 48 hours. There’s a penalty of 3,000shs charged against your commission if you fail to pay. To get MTN Xtra Float, you should Simply dial 165 5# and follow the steps.

How to Start Airtel Mobile Money Business in Uganda

To become an Airtel money agent in Uganda, you need to meet the following requirements.

• Proof of residence
• Recommendation letter from LC1
• Passport size photo of the applicant
• Subscriber registration form
• Trading licenses
• Subagent application and registration forms
• Startup capital of Ush 2,000,000

How to Become M-sente Agent in Uganda

Uganda Telecom offer mobile money service called M-sente. Requirements for M-sente agent business are the following.

• Certificate of registration or Trading license.
• National ID
• One passport photo size
• Fill and sign the agent contract
• A minimum deposit of at least UGX 300,000

What You Need to Start a Mobile Money Business in Uganda

Apart from the requirements that you need to meet to register as a mobile money agent or aggregator, you will also need the following to run your business comfortably.

• Have two transition lines. You should have MTN and Airtel lines because they have a large market share.
• Have a mobile phone with dual features to operate two lines.
• Rent a stall or a room. You need a secure place where you can operate your business. Ensure that it is visible by foot traffic.
• Have a transaction book
• A secure and lockable desk to keep your money

Some of challenges to expect in mobile money business in Uganda include competition from well-financed competitors, theft, fake money, network problems in some areas of the country, conmen, dishonest workers, etc.

How to Start a Profitable Mobile Money Business in Uganda

To start a mobile money business in Uganda, you need to understand how mobile money works and how you can succeed in this business. This section will provide you with useful tips you need to venture into the business.

Draft a Mobile Money Business Plan

The success of any business depends on how well it is planned. You need to do market research and find out the money services in high demand and those you can provide. Consider the security of the area you intend to operate your business, the market share, competition, availability of customers, cashflow projections, risks and strengths of the business. To know how to about writing a successful mobile money business plan in Uganda, read our previous article on what a business plan should include. Alternatively, you can hire a professional to help you.

Choose a Good business Location.

Mobile money business works well in areas with high influx of people like in towns, near institutions like colleges and hospitals. Such an area will maximize your profits. The more customers you serve, the higher your commissions.

Get Business Permits and Licenses

You need to secure business licenses to operate a legal mobile money business in Uganda. You need to get a certificate from the Uganda Revenue Authority for tax purposes. You may also need a business trading license from authorities.

Get Started and Advertise Your Mobile Money Business

Once you have secured the necessary business permits and licenses, you can launch your business. Provide quality customer service, and your customers will keep on coming back and refer more customers to your business. You can advertise the business using posters and business cards.

Final Word on How to Become a Mobile Money Agent in Uganda

The mobile money business is a profitable business in Uganda. Besides, you can provide other income-generating services like selling sim cards, airtime, soft drinks, and sim card registration. With the growing demand for mobile banking, this is a business you are unlikely to make losses with a suitable business location.

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