Payday Loan Franchise?

Frankly, we do not think a payday loan business is so complicated that you need to pay $45K+ as a franchise fee, then pay 8% per month of your gross to a payday loan franchise company, and then kick in another 2% per month for advertising.

Better? Take all this cash and PUT IT ON THE STREET! You’ll earn 300% to 500% on it!

Your first steps:

1. Read our “Payday Loan Bible” thoroughly one time.

2. Visit competitors – get a loan. (Use a “shill” if you must.) At a minimum, visit 2 storefronts (brick-n-mortar “B & M” and/or websites. Make certain the websites you apply for a loan are direct lenders. (More on this in the Manual).

3. At the stores, perform customer counts. (Refer to our discussion on Craigslist for more on this.) Talk to the employees, “How is business?” or “ Is this your place?” Yes! Congratulations, how is business? No? Why not…? Have you ever thought of going into the business yourself?”

4. Build a team consisting of a good CPA, legal counsel, tax professional…

5. Decide what licensing model you’ll employ. Your state/province? Tribe? None?

6. Decide on an LLC, C-Corp, S-Corp, or sole proprietor. Consider your biz name. [Avoid using “payday loans” or “car title loans” in your company name/DBA.] File DBA. Secure a website domain name (Use Godaddy.com) Always use a .com. Customers always type/remember .com!

7. Consider the use of a “Registered Agent.” Again, consider using InCorp.com for filings for your entity.

8. Develop your pro forma financials (Balance Sheet, cash flow, P&Ls… Start with our CD or the email links we send for the Adobe Acrobat downloaded version of our “Bible.” Refer to our “Excel Proforma,” included free with our Course via the Adobe Acrobat PDF version, the Sharefile.com email sent to you within 24-48 hours of your order for our “Bible.”

9. Develop your “Entity” documents, elected officers, certificate of formation, and whatever is appropriate for your business model.

10. Consumer loan contracts (Examples we emailed to you).

11. Prepare any additional docs you’ll require, such as ACH account creation, bank account setup, and sub-prime consumer data scrubbing account setup such as Clarity, Micrbuilt, DataX, Teletrack, etc. (Examples emailed to you).

12. Loan management software: Software & Training – set up a minimum of 3 demos with the companies in this “Bible.” Perform these Online.

13. Fee Schedules – post online and/or in your store(s) (Examples in the “Bible.”

14. Privacy Policy – develop for website and/or store(s).

15. Develop branding, marketing, and advertising programs and materials.

16. Website creation (re-read the “PDL Bible” and utilize the resources listed). A “responsive” mobile-friendly website is a must in today’s environment. Discuss this with your eventual software provider.

17. Operating procedures – develop via the “PDL Bible” template in conjunction with training materials provided by your vendors (Software, ACH, scrubbers…)

18. Location – determine based on your situation, licensing model, and store/Internet. (Refer to our “PDL Bible” chapter discussion “Site Selection.”

19. Furniture, fixtures, equipment, PCs, supplies…

20. Signs, Branding, Point-of-Sale materials (consider VistaPrints.com and the email we sent to you for links, resources…

21. Utilities, phones, internet, fax…

22. Security Systems (ADP has some interesting solutions)

23. Consider the use of debit, stored-value cards (Refer to our “PDL “Bible”) and eCheckSystem.com

24. Insurance – consult with a professional. Bonds? See our recommendations.

25. Consider bill pay services and tax preparation… as complementary service offerings.

26. Google+, “Local Places Listings,” and Social Media such as Facebook, Linkedin, and Twitter… this is a MUST DO!

27. Consider joining OLA, FISCA, CFSA, and/or any local PDL organization

28. Re-read our “PDL Bible” 🙂