Ah, looks like I found a store front and even found some part time mentoring help as well!
Right after I posted my last entry on my payday loan idea, a friend of mine told me about a location he passes on the way to work everyday and took me over to it. Man, it is a great spot!
Not only that, but his brother use to run a couple cash advance stores back in college and is now a loan administrator at a large local bank here in town as well and is willing to mentor me in exchange for % in the business. Now that’s what I call getting lucky!
From what I have been told, I need to go file with the city and local government that I want to open a business here in my city and also file an application so I can open a payday loan business ( certain rules and regulations I have to follow for this kind of business ). That should be almost no work, but I hate paper work and will need to have my lawyer look it over and make sure its all kosher and good for me so I do not get myself into some kind of trouble.
I just need to close the deal with the property owner now. I have the phone number and name of the company leasing the spot, but no one is answering the phone today, so I will have to wait until Monday to get some more information. My friend told me it has been up for lease for over 2 years now, so I am hoping to use that information to my advantage when trying to close in on a deal for the spot. If it has been sitting for this long, then maybe they will be ready to settle on a lower price point just to get it rented.
Since my friend’s brother is a loan administrator, I should be able to get some good info on securing the $25k loan I need to start the business so that I have good cash flow to give out the loans and float until they are paid. He should be able to give me some help or an edge since he want’s % of the business and since he will want it to be as profitable as possible ( since he is getting a % of course ), then he will also make sure I can secure funding as well which is a huge plus.
It seems everything is coming along nicely now. I already have security in place as I have a very good guard dog already at home and also have plenty of guns and ammo as well. I just need to hook up with a company like ATD or Brinks and also find some bullet proof glass and part time help as well so when I need to leave or go out, someone is watching the store for me and making sure everything is going alright. Man, this is going to be huge for me!