How to save $120,000+ selecting a location or, where to locate my Small Dollar Credit (SDC) store.
If you need to select a location for your store, this is for you. I’m going to discuss one of the tools my Team discovered. This isn’t the place to discuss the merits of an Internet lending business versus a store model, mobile websites, licensing, zoning, consumer demographics, parking, signage, competition proximity… [For a thorough discussion of all these topics, read our Manual.] If you’re new to lending – Internet and/or brick-n-mortar – be aware there are many reasons a lender needs a physical location.
In the brick-n-mortar world, your success in the consumer loan industry will depend on your accurate analysis of all the locations available and your ability to make the best choice. I know this is not easy. But, if you approach this challenge in a logical, organized fashion, you will succeed.
A $2000/month location with a 5 year lease will cost you $120,000. Add for signage, building improvements, etc! Obviously, a small investment made to evaluate locations before signing a lease makes sense.
Remember, no one will protect your capital better than you. And, if you’ve seriously studied our Trihouse Training Manuals, few people will understand the payday, car title, and installment loan customer better than you.
Finally, know that I don’t have a dog in this hunt. I’m not being paid by Mark Cuban, an investor in MotionLoft, or anyone to share this tool. So, with these caveats, DRUM ROLL PLEASE!!! Let’s discuss Motionloft as a very cool tool for store location analysis.
What is it? Pedestrian and vehicle counts for your existing and target store locations. Motionloft employs a sensor to count people and vehicles. You get pedestrian and vehicle counts at your locations delivered to you when, where and how you want them. Motionloft reports the data as it happens. Know your traffic, every hour of every day.
Unlike Census data (old data) and hand counts (only capture a few hours of traffic counts and are prone to human error), Motionloft sensors gather information continuously. Sensors do not rely on other technology or personally provided information; instead, they simply count every person and car that passes by. Motionloft’s sensor network provides you with precise pedestrian and vehicle information for specific locations – from the city, to the neighborhood, and down to the exact block. You can compare multiple brick-n-mortar locations to one another easily.
How it Works
- MotionLoft techs install a small sensor at your location
- The sensor begins counting people and vehicles that pass by your location
- You have 24/7 access to your data and reports
- You’ve been in business for years. You have multiple locations. One or two are serious performers. Maybe you have an ugly duckling in the bunch. Install a MotionLoft sensor at your winner. Monitor vehicles and pedestrian counts. Establish a baseline of data to use for challenger campaigns for future store location targets or for those you’re contemplating closing.
- You’re considering two locations for offering consumer loans. Run a MotionLoft challenger scenario to determine which of the two have the highest pedestrian and vehicle traffic counts including days and hours.
- Data collected in real time
- Easy to use through your MotionLoft website dashboard
- Available on your computer, tablet, and phone
- Ability to export as a CSV file for reporting
- Summarized business analytics for decision making
- Friendly presentation of data for sharing with Team members
- Motion Loft enables you to place a sensor at a location to digitally measure pedestrian and vehicle traffic.
- 14-30-annual Days of data collection
- Site Selection Analytics Report
- Business Hours Report
- 24/7 real-time data for your sites
- Free sensor installation and maintenance
How Much $
As of this writing, annual subscriptions run $280/month. Shorter subscriptions are higher. Beats spending $120K or more on the wrong location!
Talk to Justin at MotionLoft.