Office Space Expenses

$0

$7,000

App Creation Costs

$1,099

$20,099

Software Expenses

$162

$2,894

Advertising & Marketing Costs

$0

$2,500

Website Costs

$13

$215

Training & Education Expenses

$0

$850

Total Startup Costs

$1,274

$33,558

Experian

experian.com

2,840

Loan Depot

loandepot.com

21,670

ClickCease

clickcease.com

22,161

National Breast Cancer Foundation

nationalbreastcancer.org

131,989

IDEMIA

idemia.com

133,262

FraudLabs Pro

fraudlabspro.com

153,376

SEON

seon.io

214,604

Early Warning

earlywarning.com

376,590

FraudWatch International

fraudwatchinternational.com

645,295

Fraud

fraud.org

744,560

Fraugster

fraugster.com

1,141,699

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!

Rewarding work

Starting a fraud detection service 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 fraud detection service gives people a reason to visit your website and to keep coming back to you!

No overhead costs

To get your fraud detection service started, there are no costs associated with overhead, storage, packaging, etc. This will save you a lot of time and money!

Crowded Space

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

Motivation of employees

If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees.

Longer Sales Process

A fraud detection service can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.

Security Issues

With any Saas business, data loss and security issues may arise throughout your process of building your product. It's critical that you understand exactly what you're responsible for and how to avoid potential issues down the road.

Isolation

Often times, as a fraud detection service, you typically work alone and do not have much face-to-face interaction with other team members.

Taxes

As a fraud detection service, 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.