Founding a remittance business in Lebanon -

Abstract

Emigration is one of the main “industries” that this country is good at. It has been part of its history for decades and continues to have a major impact on its economy. Like any other industry, emigration has created new opportunities for the Lebanese to exploit and have contributed heavily in nourishing the economy at times of crisis. With the main purpose of studying if a remittance business in Lebanon is feasible enough and if it would really serve the purpose of helping emigrants support their families, a research using both qualitative and quantitative approach was conducted. The quantitative study conducted has reviewed the remittances inflow to Lebanon during the past few years and identified a sustainable growth of these remittances which constitute a great opportunity for the new business. Moreover, the feasibility study conducted has showed that the business is expected to generate profits. The study as well suggested that expansion by networking through independent agents is advised as opposed to branching out. The qualitative study, on the other hand, identified a number of advantages for the company such as the already well-established family name that would provide the trust and reputation necessary for such type of businesses and would reduce, to a great extent the capital required as the company won’t be built from scratch but added as a department to the family exchange business. The formulated SWOT analysis found out that the strengths and opportunities identified are enough to hedge the risks associated with the weaknesses and threats rendering the business a promising one. Last but not least, above all factors that determine the probability of success of any business comes the determination and willingness to achieve. While these two factors combined with the will to succeed in the home country and contribute in its growth, success becomes a matter of time!