[FUNd]

I am speaking with a guy I know who has some investors, and is thinking of opening his own ISO shop, and then move into being a direct funder. My question for the wonderful people on the forum is, what are the reccomended steps before starting to fund? Obviously we need the website, contracts drawn up by lawyers, proper CRM, what are some things we should be careful in avoiding?

Here's my advice for your...friend. You better come in with substantial cash, creative marketing ideas, and solid industry knowledge if you want to grab market share in this space. If you think cold-calling on a UCC list and a cute website is going to move the needle on your bank account, you are sorely mistaken.

I've been around for 15 years in the business financing arena, and this is the most saturated and competitive (and cut-throat) environment I've ever seen.

Good luck.