Start a neighborhood check cashing store

Local workers, gig and cash-economy workers, people without a bank account, and anyone who needs cash the same day.

A fee on each check, either flat or a percentage of the face value, plus small fees on add-on services like money orders. Your cash float is working capital, not income.

• Careful with cash and record keeping
• Spotting fake checks and ID fraud
• Friendly, respectful customer service

• State licensing, bonding and fee limits vary widely, so check with your state regulator and your city or county
• Federal money services business registration and anti-money-laundering rules may apply, so check with FinCEN or a compliance adviser
• You need a large cash float, and fraud or bad checks can cause real losses
• Robbery risk, so plan security, a safe and appropriate insurance such as crime coverage and general liability
• Workers' compensation insurance once you hire staff
• Landlord, zoning and local business license rules for your location

Startup costs are typically around $30,000 to $150,000, depending on your location and setup. You also need a large cash float, so treat these as estimates and plan for fraud or bad check losses.

Check with your state regulator and your city or county, since state licensing, bonding and fee limits vary widely. Federal money services business registration and anti-money-laundering rules may apply, so check with FinCEN or a compliance adviser.

Monthly revenue is typically around $4,000 to $20,000, depending on location, volume and the fees you charge. Plan on at least about 35 hours a week. Fraud, bad checks and robbery are real risks to plan for.