By Jer Ayles-Ayler * I got a call from Hilary Miller, a lawyer buddy of mine. A group with more money than god wanted his counsel regarding entry into the small dollar loan space. When he explained they would have to pay him, they bailed.
Great! You have access to “the money.” So what! Do you really think attending a conference, making a few calls gathered from Linkedin, and talking with vendors with something to sell are going to deliver your “secret sauce?”
• Lead gen
• Analytical
• Collections/Underwriting
• CSR’s
• Software that does what you’re team wants it to do.
• Legal/Licensing/Compliance/Taxes/Offshore/Tribe/State
• Tactics and Strategies
• Technology
• SEO/SEM/Mobile/Offline marketing
There are a LOT of really smart, creative people in our space. We aren’t making a ton of money by accident. We’ve learned the hard way – in the trenches. We’ve screwed-up royally BUT survived that early, catastrophic failure; well most of us :o)
So… you’re a lender. Oh, I get it. You’re an Internet guy now. You’ll do it all in your underwear from your beach-front home office ( Stop laughing, no cracks! That’s me :o) You really think you don’t need troops in the field, out in the trenches? Who is going to knock on doors and collect your money? Whose going to repo your collateral? Where are you going to store this stuff? Payday loans – the way most of us are doing them today – are toast! The PDL cheese has moved. You have to differentiate your products and services. It’s a new world, a savvy consumer, and more regulators than you can shake a stick at. Plus, plenty of lawyers to remind us of this on a daily basis.
Yep, it takes capital but that isn’t enough. It takes a village – I mean a team :o)
To succeed and survive, you must collaborate. You’ve got to “play BIG” with your Team to win. Our industry is changing rapidly. There has never been so much opportunity. Nor has there ever been so many challenges. Millions of consumers all over the world Want and NEED our products!
Expecting to “pick the brain” of an expert over lunch and launching your enterprise will lead to a catastrophic failure. Build relationships NOW; before you need them. Even those of us who have been in the game for years still have to invest time and money.
Want to explore? Need to put capital to work? Want to take your expertise in operations to the next level? Got a new solution for the industry but can’t get in front of the “players?” Hit me… Jer@TrihouseConsulting.com
Http://www.PaydayManual.com
702-208-6736
WARNING! I’m BUSY. Drop an email. Introduce yourself. I’m an old Dude. I talk to a lot of really smart folks all day long. (I’m serious!) Put some bullets to me in writing. And NO, your input will not wind-up on my Blog :o) I have so damn many NDA’s and MOU’s I just assume we have one with you already!
Finally, if you’re going to be in Newport Beach or Corona del Mar in March, I like a nice red. I’m not sure what Hilary drinks. See you in the St. Regis. Go ahead! Just try to “pick my brain.”
First, The New York Times blasts the banks for aiding payday loan companies via the ACH system. Next, a highly regarded consultant (Serge Milman) for banks and credit unions suggests “Same-Day ACH” as a “method for banks and credit unions to increase their margins and offer better customer service.” The Fed’s are looking into all of these incestuous relationships… The tribe “sovereign nation model” is coming on stronger than ever. And in spite of all this, offshore capital and their banks want a piece of the U.S. domestic small dollar loan market. (I know, I get the calls.) VERY interesting times ahead for those of us willing to enter the treacherous consumer loan industry.
