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My First Million

My First Million

The best business ideas come from noticing what's working and doing it better, faster, or for a different audience.

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Generate high-volume cash flow through check cashing service at retail location

Small business owners with retail locations in underbanked communities

6-12 months to scale

What Success Looks Like

Processing $250k of checks weekly, earning 3-5% fee ($7500-12500 weekly revenue), serving regular customer base

Steps to Execute

1

Set up cash reserves and bank relationships for large daily deposits

2

Establish check verification and fraud prevention processes

3

Build relationships with regular customers (construction crews, service workers)

4

Scale gradually from individual checks to payroll processing

5

Maintain strict cash handling and security procedures

Checklist

Bank relationship for large cash transactions established
Check verification system in place
Insurance and bonding obtained
Cash security protocols implemented
Pricing structure (3-5% fee) defined
Customer verification process established

Inputs Needed

  • Initial cash reserves for operations
  • Bank account for daily deposits
  • Retail location with foot traffic
  • Check verification tools/systems
  • Insurance coverage

Outputs

  • Steady cash flow from transaction fees
  • Regular customer relationships
  • Daily cash handling experience
  • Understanding of local banking patterns

Example

“Family gas station processing $250k checks weekly, charging 3-5% fees, serving Hispanic construction workers who need Friday payroll check cashing. Generated $7500-12500 weekly revenue.”