By Trihouse: Serious money is being made by entrepreneurs in the car title loan industry. Here’s 6 basic steps to start your journey:
- Look around. Do you “see” car title loan businesses in your city? Yes? Then they’re legal. Get off your butt and GET A CAR TITLE LOAN. It’s the first step in your research. What? You don’t have the title to your vehicle? Get a friend, a family member, a shill…
- Run an ad on Craigs List. “Manager for a new car title loan business wanted, experienced only.” Meet with all the applicants that sound promising at your local Starbucks. Ask them how they run the business for their employer. Be sure to pay them for their time – we typically pay $100 to $200 in cash. After all, it’s bad karma to waste their time. Explain to them that you are in the research mode…
- While in your competition’s location, note the licensing and consumer complaint posters on the walls. Typically, there will be a toll free number to the regulatory agencies for your state. Call them. Talk to them about their requirements for obtaining a license.
- Contact FISCA, CFSA and Google your state association.
- Consider your life-style and capital available. Access your risk tolerance.
- If, after following these rudimentary steps, it makes sense for you to proceed, put your business plan together and continue your research.
Granted, there’s a LOT more work to do but this isn’t rocket science. And don’t freak if you have competition. Profitable industries attract “players” like bees to honey.
Finally, be aware there is help for those of you already in the car title loan industry. [Shameless plug!] Check out Miro’s “Powerhouse Car Title Course.”