The consistent reporting, from industry to industry, helps with our ability to compare industry performance and outlooks. Our five-year outlook forecasts explain how the market is set to change and the product segments that will drive growth. IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. Book a Free Demo. Podcasts From the Founder. Consumers' recessionary struggles proved beneficial as more people sought industry services The Check Cashing and Payday Loan Services industry accounts for nearly a quarter of financial services spending by underbanked consumers.
Market Share of Companies. Industry Report - Industry Products Chapter. Industry at a Glance. Business Locations by State. Tools of the Trade: Key Ratios for Industry Key Data. Brick-And-Mortar A physical retail location that customers visit in person to perform transactions, as opposed to online. Payday Loan A small and short-term unsecured loan. Underbanked Consumers or businesses that have limited access to traditional financial services offered by commercial banks.
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We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients. Our plan is to position the business to become one of the leading brands in the check cashing and payday loan services industry in the whole of Los Angeles — California, and also to be amongst the top 20 check cashing and payday loan services firms in the United States of America within the first 10 years of operations.
This might look too tall a dream but we are optimistic that this will surely be realized because we have done our research and feasibility studies and we are enthusiastic and confident that Los Angeles California is the right place to launch our check cashing and payday loan services business before sourcing for clients from other cities in the United States of America. The organization will be managed by both of them since they have adequate working experience to manage such business.
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Michael Larry has well over 10 years of experience working at various capacities within the check cashing and payday loan services industry in the United States of America. Joel Evans has ample experience in the area of tax consulting and financial auditing. Our intention of starting our check cashing and payday loan services firm is to work with individual clients and corporate clients to handle their financial needs as it relates to the services we offer. We are well prepared to make profits from the industry and we will do all that is permitted by the law in the United States to achieve our business goals, aim and ambition.
Our business offerings are listed below;. Our vision is to build a check cashing and payday loan services firm brand that will become the number one choice for both individual and corporate clients in the whole of Los Angeles — California. Our vision reflects our values: Our mission is to provide professional, reliable and trusted check cashing and payday loan services that to individual and corporate clients. We will position the business to become one of the leading brands in the check cashing and payday loan services line of business in the whole of Los Angeles — California, and also to be amongst the top 20 check cashing and payday loan services firms in the United States of America within the first 10 years of operations.
Normally we would have settled for two or three staff members, but as part of our plan to build a standard check cashing and payday loan services firm in Los Angeles — California, we have perfected plans to get it right from the beginning which is why we are going the extra mile to ensure that we have competent, honest and hardworking employees to occupy all the available positions in our firm. The picture of the kind of check cashing and payday loan services firm we intend building and the business goals we want to achieve is what informed the amount we are ready to pay for the best hands available in and around Los Angeles — California.
We will ensure that we only hire people that are qualified, honest, hardworking, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders the owners, workforce, and customers. As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more depending how fast we meet our set target.
In view of that, we have decided to hire qualified and competent hands to occupy the following positions;.
Industry Report - Industry Products Chapter
Our core strength lies in the power of our team; our workforce. We have a team that can go all the way to give our clients value for their money; a team that are trained and equipped to pay attention to details and to deliver excellent jobs. We are well positioned and we know we will attract loads of clients from the first day we open our door for business. As a new check cashing and payday loan services firm, it might take some time for our organization to break into the market and gain acceptance especially from corporate clients in the already saturated check cashing and payday loan services industry; that is perhaps our major weakness.
So also, we may not have the required cash to give our business the kind of publicity we would have loved to. As a standard and well — positioned check cashing and payday loan services firm in Los — Angeles — California, we are ready to take advantage of any opportunity that comes our way.
There is hardly anything we can do as regards these threats other than to be optimistic that things will continue to work for our good. Although the industry is pretty much open to startups at different levels, but it is innovation, excellent and trusted services that usually support the growths of new players in the Check Cashing and Payday Loan Services industry. Lastly, it is now becoming trendier to find check cashing and payday loan services firms offering other financial related services just as a means of generating more revenue for the business and as a means of expanding and staying highly competitive in the industry.
The demographic and psychographics composition of those who need the services of check cashing and payday loan services provider cuts across both individuals and corporate organizations especially small businesses. Our target market cuts across businesses of different sizes and industries.
We are coming into the industry with a business concept that will enable us work with the small businesses and bigger corporations in and around Los Angeles — California and other cities in the United States of America. Below is a list of the businesses and organizations that we have specifically design our products and services for;.
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The level of competitions in the check cashing and payday loan services industry depends largely on the location of the business and of course the niche of your services. If you can successfully create a unique brand identity for your check cashing and payday loan services firm or carve out a unique market, you are likely going to experience less competition.
For instance, if you are one of the few check cashing and payday loan services firms in your locations that also offer tax consulting, accounting and bookkeeping and payroll services you are likely going to have a competitive advantage over your competitors. Although the competition in the check cashing and payday loan services industry is not just within same service providers but also other financial consulting related service providers in the financial consulting services industry.
We are quite aware that to be highly competitive in the check cashing and payday loan services industry means that we should be able to deliver consistent quality service, our clients should be able to meet their financial needs and we should be able to meet the expectations of clients. They are people who are core professionals and licensed and highly qualified in the United States.
These are part of what will count as a competitive advantage for us. Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category start — ups check cashing and payday loan service firms in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives.
What is a payday loan and how does it work?
We are mindful of the fact that there are stiffer competitions amongst check cashing and payday loan service firms and other related financial consulting service providers in the United States of America, hence we have been able to hire some of the best business developer to handle our sales and marketing.
Our sales and marketing team will be recruited base on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of the organization. We will also ensure that our excellent job deliveries speak for us in the market place; we want to build a standard check cashing and payday loan service firm that will leverage on word of mouth advertisement from satisfied clients both individuals and corporate organizations.
Our goal is to grow our check cashing and payday loan services firm to become one of the top 20 check cashing and payday loan services firms in the United States of America which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with not only in the Los Angeles — California but also in other cities in the United States of America. One thing is certain, there would always be households, individuals, start — ups, NGOs and corporate organizations who would need the services of check cashing and payday loan services firms.
We have been able to critically examine the check cashing and payday loan services market space and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast.