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Over the past 5 years I’ve had over 2,000 people contact me because they want to start a credit repair business. I admire them. They want to strike out on their own and build something for themselves. However, most of these people are initially misguided.
Doing It All Yourself
Typically they see themselves doing the credit repair work. You know sitting behind a desk, analyzing credit reports, and drafting dispute letters. What they don’t realize is that there is less value in doing the admin work than getting the customers. That’s reflected in the hourly wage a credit repair company will pay for that type of work which is about $10-$15 an hour. The value is in getting customers.
However, you can’t both get customers and do the admin work effectively. There just isn’t enough time in the day. If you have no customers, you have no work. If you have lots of customers where are you going to find the time to deliver the service? If someone truly wants to draft dispute letters they should never start a credit repair business. Just go work for a credit repair company. It’s a lot less stress, you don’t have to do everything else, and it doesn’t cost you anything.
Let’s say someone ignores this advice and they still want to start a credit repair business. They feel they can do both, get customers and do the admin work. They may even hire employees to do the admin work so they can do the marketing and selling. Or, they hire someone to do the marketing and selling so they can sit behind a desk and analyze reports and draft dispute letters.
Do You Want to Own a Credit Repair Business or Have the Business Own You?
Here are some million dollar questions. What happens if you can’t work? What happens when you want to take time off? Who’s going to take calls from customers after 5 pm and on weekends? Who’s going to get the work done when your employee is sick or has to take time off themselves?
What someone has built in this scenario is a business that owns them. They have no more leverage than when they worked at a job. They have even less leverage because they can’t walk away from their obligation to their customers.
Trust me on this. My wife and I were in this situation ion 2012. It’s overwhelming and seems like there’s no way out. If we stop we lose our income. If we keep going we’re unhappy, stressed and overworked.
The Best Solution if You Want to Start a Credit Repair Business
What’s the solution if you truly want to start a credit repair business? Build something for yourself but not by yourself. Create an expandable business that can operate without you. Become a true entrepreneur.
In order to do that you needs two things. One is a system. You could call it an infrastructure. Websites, other technology, customer service, service delivery, legal team, marketing materials, employee training, etc. You can build this yourself with a ton of money, time and management headaches. Or you can leverage what someone else has already done. I like the second option. Then you need a distribution network. You’ve got to have other people exposing your business, selling to customers, and finding other people to expose your business.
In other words, why reinvent the wheel? Someone’s already done that. Use their wheel. They may take some of your profit as compensation for having built this infrastructure. But it takes millions of dollars to build a top notch, professional, reliable, and completely legal infrastructure. Do you have millions of dollars?
And, instead of hiring employees why not show others what you did, let them start their own business too, and get paid on what they produce? You have no overhead, employees, or liabilities!
In this scenario you’ll still need to work the business yourself for some time. Maybe 5 years, 7 years, 10 years. But along the way you’ll develop a business that operates without you for a period of time. And an income stream that keeps paying you even when you take time off, are sick, etc. Eventually you will be able to walk away entirely and get paid the kind of income entrepreneurs get paid.
Credit Repair Business Start up Costs
If you’ve researched how to start a credit repair business you might think what I’m describing is expensive, takes too much time, and that you don’t know how to do it.
The truth is that if you have $288.00 you can do this.
If you have between 10-15 hours a week or more, you can do this.
If you are willing to get trained online, join a Facebook Group, and attend a FB Live each week, you can do this.
How do I know all this? My wife and I did it. Our business will generate nearly $1 million in revenue this year. And, we do it all from home without ANY employees. In fact, we now train other people who want to start a credit repair business. They want a true business that they own. Not a business that owns them.
We can help you too if that’s what you truly want, are open to new concepts, have some money to invest , have some time, and are willing to learn.