Office Space Expenses

$0

$7,000

Training & Education Expenses

$0

$1,000

Software Expenses

$0

$594

Advertising & Marketing Costs

$0

$2,750

Website Costs

$13

$215

Specific Industry Expenses

$0

$100

Total Startup Costs

$13

$11,659

XE

xe.com

656

TransferWise

transferwise.com

877

R

revolut.com

5,808

OFX

ofx.com

18,804

Exchange Rates

exchange-rates.org

26,229

Exchange Rates

x-rates.com

33,524

CoinYEP

coinyep.com

42,051

Bank of Canada

bankofcanada.ca

46,995

Front page

treas.gov

52,528

FX Exchange Rate

fxexchangerate.com

76,433

Open Exchange Rates

openexchangerates.org

79,731

Flexibility

You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.

Ability to start your business from home

It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!

Little startup costs required

The cost to start a currency conversion website business costs significantly less money than most businesses, ranging anywhere from 12 to 11,659.

Rewarding work

Starting a currency conversion website business can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.

Scalable

With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.

Traffic to your website

A currency conversion website business gives people a reason to visit your website and to keep coming back to you!

Crowded Space

Competition is high when it comes to your currency conversion website business, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.

Constant maintenance of publication

You may find yourself constantly needing to update your currency conversion website business in order to stay relevant for your audience and for those searching on google.

Lack of benefits

With a currency conversion website business, you are typically self-employed and responsible for finding your own insurance, which can be quite costly and time-consuming.

Isolation

Often times, as a currency conversion website business, you typically work alone and do not have much face-to-face interaction with other team members.

Taxes

As a currency conversion website business, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.

No safety net

Typically, as a currency conversion website business, you do not receive a consistent pay-check and instead earn money based on your transactions each month. During the slow periods, you typically take away less since the job is based on commission. It's important to budget accordingly for the slow times.