For many years I have used the analogy that when a new lender opens, it is exactly like a new pub opening in a town centre
From day one you will be busy and the business will give every appearance of success - until you stand back and take stock - at which point you realise that the core of your early business consists of either those drunks, fighters or freeloaders who have been barred from every other pub, or simply the not-terribly loyal who will try something new for a few weeks and move on.
