Establishing a credit repair business is never an easy ride. This path should be trailed alongside a professional who’s been there before. Top credit repair experts are often willing to assist upcoming counterparts grow their credit repair businesses and expand their customer base. It’s no wonder a group of experienced credit repair professionals prepared a list of top tips to mentor entrepreneurs looking to venture into the industry:
Repairing credit is not a part-time career
If you think credit repair is a part-time job that you can squeeze a day or two every week in your busy schedule for then you have no business being in the industry. No clients or prospects will take seriously a service provider who’s only available for a few hours per week. Veterans say those who are serious about running a profitable business should make it their full-time job.
Come up with a business plan
Be sure to draft a proper business plan (should entail the 4 primary parts; operations, finance, marketing and sales). This is a great basis for reaching out to other business owners seeking for advice and building rapports. Remember, you won’t even need a budget to do marketing if you form good business relationships with the right people.
Identify a niche to get you started
Before you begin operations get started, identify the type of prospects you are targeting to help you formulate the appropriate marketing, relationship building and operational strategies. For instance, you might start by focusing on a group of business with scores above 540 but below 620. This way you can easily decide who is and who’s not a potential client. Taking
Figure out a fair pricing structure
Most customers will compare your pricing structure to that of your competitor. That’s why you need to work out your Cost per Acquisition depending on the resources, time and finances you’ve spent obtaining leads and base your company’s audit fee on this number— this way you are sure to always begin with a profit.
Put in place an operational system
Only begin talking to clients once you’ve put in place a transparent and effective operational system which should include your customer intake process, how you’ll pull credit reports, email automation and when to charge your clients among others. This will ease things for you and display a professional image of your business to outsiders.
Educate your customers
Since credit repair does not involve a lot of “work”, you can always go the extra mile by educating consumers on; the fundamentals of credit, how to pay off balances, how to quit the habit of applying for loans among other poor debt practices. This extra service is an easy way to make your business stand out among competitors and win more consumers.Get Started Now