I got to thinking about some more business ideas I had and I remember something my grandfather told me once, “Have your money, make you money”. And what better way to do this then to give out loans to people and collect on the interest?
With that idea alone, I decided to open a short loan service ( also known as a payday loan service ). I mean, how hard could it be?
I scouted around my local area at some busy intersections and areas with low income as well trying to find the right property. However, this was more challenging then it looked at most of the prime real estate for this had already been bought up by liquor stores and other pay day loan shops. I did find a few empty areas, but they were just way too expensive for my taste and some of them has been pay day loan shops before that didn’t make it, so I took that as a bad sign.
Then I thought about just making a website or a phone call service where you give me all your info and I just process it over the phone or online. That would save me tons of money each month on rent and taxes just in property alone!
I browses a couple of sites similar to what I wanted ( site preview ) and I even got some good starting points on who my customers should be:
Currently have a job (or receive regular income)
Make at least $1000 per month
Are 18 years of age or older and a U.S. citizen
Have a bank account
I also need a plan for security as well. I need to have a gun on me at all times and also maybe a shotgun in the store as well. I need one of those safes that can only be opened on a timer and with 2 keys as well. Also, I can not forget a guard dog to help watch it at night and also an alarm system and bullet proof glass as well.
I should also make some friends with some attorneys as well and maybe also some bankers. These 2 alone would be able to help me collect on payments and legal help when needed as well.
I still have a lot to think about and a ton more to plan out. Finding a good retail store location is proving a lot more work then I ever thought and I may have to hire a realtor to look for me some spots as I am too busy to devote a full time life to finding a store front. I also need to secure a loan for about 25,000 dollars so I can give out cash as needed and float the loans until pay back. If I keep reinvesting the interest and payments back into my new business, I plan on being able to repay back the loan in full and start making a profit in less then 14 months time for sure.
The only other thing I will need is to go over the legal documents and secure some help setting it up.