The entrepreneurial spirit is alive and well the world over. However, trying economic times have resulted in many people looking for new niche markets. With credit ratings plummeting, one business worth considering is providing a service that helps people reestablish their credit. One way is through providing prepaid credit cards.
Many people assume that only financial institutions can issue prepaid credit cards. Nothing could be further from the truth. The steps for you to start such an operation are relatively simple.
First of all there is no need for large monetary investment. Providing prepaid credit cards is also an ideal option for a small business as it can be done from the comfort of your home. You will need to have a business name, register your business and get a taxpayer identification number.
The next major step is to find affiliate companies to sign up with in order to qualify to issue prepaid credit cards. A search on the Internet will provide the names of many such companies. Even some established financial institutions are now offering this service so there will be no shortage of choices. You earn money based on the number of people you encourage to sign up for a card. So, the more referrals you make that translate into a card being issued, the more money you earn as referral fees. Do the necessary research before deciding which ones provider to work with.
The final steps include building a website to market your prepaid credit card services. Building the website is not enough, however, as you will need to market the company. Your competitors will also have websites and you will have to take extra steps to stay ahead of them. You need to join networking groups and find other creative ways to make your company name known. The good thing is, many affiliates will provide help with marketing your new business.