Payday Loans? Car Title Loans? Installment loans? Small-dollar credit loan operator? How do you get started? How do you improve your existing lending business?
Our Manuals & Courses offer insights and answers to all these questions and issues!
These are some basic questions you should be asking yourself. Think of this as a “Self Audit.” It’s just the beginning…
- What is your primary product/service?
- How many clients do you serve per week? Month?
- How many NEW customers per week?
- What is the $$ Range of your services and products?
- How many clients have you served since establishing your business?
- How long have you been in business?
- Does your Database contain a list of active and inactive customers?
- Does your average customer come back after the first purchase?
- How have you built your business most successfully? In other words, what do you think has worked best for you in the past?
- In regards:
- Building your customer transaction volume?
- Re-marketing to previous customers?
- Minimizing your fixed and variable costs of doing business?
- Minimizing defaults? Note that too low a default rate can be just as injurious to your lending business as too high.
- Who is your competition? Do you regularly “mystery shop” them? By phone and face-to-face?
- How does your competition get customers?
- Do you have a website? If not, GET ONE! (Even a basic WordPress website works great.) How does your website look on your customer’s phone?
- Do you have a Google Places listing claimed? Twitter, Facebook, Instagram, Yelp… whatever the newest flavor is?
- What organizations do your customers belong to?
- What demographic sub-categories do your customers come from?
- What other businesses do they patronize?
- How much can you afford to spend on marketing over the next 90 days?
- Percent of net revenue?
- Percent of gross sales?
- Of the clients you have, where do most of them originate from?
- How much more business could you comfortably handle without hiring more staff?
- How much of your current business comes from referrals?
- Have you ever given away free samples of your product/service? Discounts? Coupons? $20 off… Free 1st time…
- How big is the market area you serve? Households? Head-count?
- What is the average income of your typical client?
- Do most of your clients own a home or rent?
- After a new customer buys the first time, do you have a follow-up procedure of any kind?
- Are you price competitive? (Again, “mystery shopping…”)
- How often do you communicate with your customers? Do you have a list you can text, email, Tweet…
- How much did you spend last year on advertising?
- How much do you gross for every $100 spent on advertising?
- What is the lifetime value of your customer?
- Do you have any special incentives for multiple purchases?
- Do you regularly solicit customers to return?
- How large is your staff? Divide this by your monthly transaction count. What’s the ratio?
- What kind of product/service guarantees can/do you offer? Your competition?
- Have you reached out to complementary businesses for cross-marketing? (For small-dollar lenders: car repair, tire replacement, auto rental, transmission shops…) Businesses that want you to enable their customers to access $$ and pay the bill)
- Describe the result your product/service achieves for your clients.
- Regarding your competition, how much market share do you get?
- What professional organizations do you belong to?
- How much information do you have on your product? How well do you really know your lending product?
- What advantages do you perceive you have over the competition?
- Why should the client buy from you? What makes you special > better?
- Does your (LMS) Loan Management System provide you with the answers to any of these questions? If not, DUMP IT!
If you need help or don’t have a clue about starting or improving your Consumer Lending storefront or Internet business, START HERE!
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We’ve been making serious money in the business of lending for 20+ years. We’ve experienced ALL the UPS and the DOWNS. Bottom line? Since the beginning of mankind, average “Joe’s and “Jills” need money. And when their credit is poor, their credit cards are maxed, they’re too embarrassed to ask friends and family for $400 cash today, you can be there for them. They borrow $400? They pay you back $460 two weeks later.
Sure! Some won’t pay. Just like a fruit stand, some of your “inventory” goes bad. We can teach you how to keep this at a minimum. It’s simply business and numbers. There are tools, platforms, 3rd party services… that enable you to profit handsomely while lending money to ordinary folks in temporary trouble. It happens EVERY DAY all over the world.
Examples? ENOVA loaned $300,000,000 in their last quarter. CURO [Speedy] Loaned about the same. The average loan principals around $1000. Payback period? 12 months. Average APR 200%+. Some lenders charge 600% APRs. Some charge 36% and stack a pile of “ancillary” fees on top to achieve a 200% APR. Our “bible” will walk you through these models and show you how to employ the best model to fit your goals.
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