Equipment & Supply Expenses

$66

$1,200

Retail Business Expenses

$1,250

$11,650

Inventory Expenses

$350

$14,750

Advertising & Marketing Costs

$75

$9,636

Software Expenses

$0

$425

Website Costs

$13

$215

Total Startup Costs

$1,754

$37,876

Email Money Now

emailmoneynow.ca

77,268

MYPAYDAYLOAN.COM

mypaydayloan.com

250,937

Check 'n Go

checkngo.com

288,704

CashBook (CB)

cashecbya.com

322,441

iCASH by Finabanx

icash.ca

332,808

Payday Loans Online

checkcity.com

599,510

A Better Alternative to Payday Loans

cashstore.com

767,468

CashConnection

cashconnection.com

808,970

King of Kash

kingofkash.com

1,172,792

Softwise

softwise.com

1,318,553

Florida Check Cashing : Payday Loans, Western Union Services, Florida Utility Payments

thecheckcashingstore.com

1,659,764

Rewarding work

Starting a payday loan and check cashing business can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.

Meaningful business connections

You never know who you will meet as a payday loan and check cashing business. This could be the start of an incredible business opportunity!

Daily physical activity

Payday Loan And Check Cashing Business's typically involve a much greater degree of movement than other lines of work. Most days, you will spend your day walking, running errands for your business, and performing a multitude of tasks. This can have a positive impact on energy levels and your overall health.

Amazing perks and discounts

Working in the payday loan and check cashing business comes with its perks! As a seller for these products/services, you typically also get to enjoy industry perks and discounts.

You are your own boss!

With starting a payday loan and check cashing business, you are the one to make decisions for almost all of the operations. Calling the shots can be empowering and liberating!

Local Community

One of the best parts of starting a payday loan and check cashing business is that you can develop a local following by selling your products at craft shows, farmers' markets, or even local storefront businesses! This gives you access to additional revenue streams and loyal customers.

Crowded Space

Competition is high when it comes to your payday loan and check cashing business, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.

Finding The Right Supplier

Most businesses in this space go the supplier/manufacturer route, which isn't a bad thing! However, finding the right supplier can take a lot of time, energy and trial/error. If done properly, this process can save you months (if not years) of time and energy. More on this below in the "finding a supplier" section.

Motivation of employees

If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees.

Low margins

The gross margins for your payday loan and check cashing business are typically around 43%, which can make it more challenging to incur new expenses and maintain profitability.

High employee turnover

In the payday loan and check cashing business, employee turnover is often high, which can be quite costly and time consuming for your business. It's important to try and avoid this as much as possible by offering competitive pay, benefits, and a positive work environment.

Taxes

As a payday loan and check cashing business, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.