Many businesses are started by those who have little experience. However, this is a highly regulated industry so make sure you know the ins and outs of your state and the rules. Some states require that you can show sufficient capital on hand. You can get your state information by contacting the banking/lending industry department within your state government. Also, many states audit or require that you provide them with reports of your business on a quarterly or annual basis. An easy way to generate the required reports is to use a software system that will generate these for you. There are several on the market - pick one that has the forms, reports, and that can integrate with ACH, Teletrack, credit card processors. If you are doing payday lending, you may also consider getting into Title loans if they are permitted where you are. Some states like TX and SC have loopholes that allow you to do these loans. In FL, you cannot. We use a software program that includes this capability and we love it. If you are getting started or operating a new business, try Cash Advance Pro software - it has features, forms, and is very easy to use with integration features you will need to operate a successful business.