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Congrats, glad to hear you stuck with it and it is now starting to turn around.
What would you say the biggest challenge has been over the last 4 months?
If you were to start the process again (with the experience you now have) what do you think you would do differently?
How close did you come to quitting the business or were you confident that it would eventually turn around.
Biggest business challenge has been finding employees that are reliable and not drug addicts. As a rule, paydayloan collectors are very transient and not very reliable. I have a 5 person shop now, but I've probably had 10 employees in four months, and only my manager remains from the original crew. The second biggest challenge was networking enough to find good paper to collect on.
If I was to start over, I would start smaller. I started with 7 employees and quickly realized I couldn't afford to pay them all. I would also go with VoIP phones immediately; not using them off the bat cost me a lot of money.
I came very close to quitting the business. Literally within a week. I thought about 2 months ago that I was throwing good money after bad. My manager is one of my best friends, and he convinced me to give him two more weeks to turn it around and get everything straight. I did, and he did.
Thanks for the questions.