We started a credit repair business in 2012 and have developed it into a very successful business that will produce nearly $1 million this year and has done so for the last few years. The truth is that we didn’t know a lot about the industry at the time. Nor did we have a successful track record of owning a business or being an entrepreneur. We’ve learned a lot since then. We’ve discovered the keys to running a thriving credit repair business and want to share the reasons why credit repair startups fail.
Let’s assume someone navigates through all the federal and state laws and has the time and money to get their credit repair business started. What are the unforeseen challenges lurking around the corner and the main reason why credit repair startups fail?
Do you have the time to find clients, sell to those clients, and service those clients? People often underestimate the time it takes to do marketing, sales, and service delivery. Sure you can get your first clients simply through word of mouth. Everyone knows people that need help with their credit score. But what happens when that pipeline dries up? You need a professional, focused marketing approach that will get your phone ringing from the general public. Then you need to know your competition in order to sell against them. You also must know how to add value to your service when speaking to a client prospect. In other words, you have to be a good, if not great salesperson. Then you have to deliver great service to the client. This all requires time.
One of the biggest reason whys credit repair startups fail is due to competition from bigger companies. And, one of the components you need to compete with big companies is technology. Do you have a portal for your clients to use to stay informed of the progress of their accounts? Does that portal show them in real-time their credit scores and credit reports? Will those scores and reports update to show them what results they are getting? If not, will it be enough for you to call them continually or for them to call you? And once again, do you have the time to keep your clients informed this way? That’s just one piece of technology you’ll need. However, there’s much more needed.
Having the time to run your business is a huge issue. A lot of people want to start a credit repair business part-time for extra money. Possibly they have the intent of building up their business and turning it into a full-time operation at some point. Quite often they eventually realize that trying to get a business to the point of leaving their job requires much more time than anticipated. The only solution to that problem is to have a team of people available for Customer Support and Sales.
Before you invest a lot of money, time, energy, and effort into starting a credit repair business you need to heed this warning. Most credit repair startups fail because the people that start them do not have the time to make it work. And, they don’t have the time or expertise to develop a team for Customer Support and Sales to save them time. It’s a Catch-22, a conundrum!
Yes, I understand that companies on the internet will sell you software and a website and tell you that it’s easy. I’m telling you that there’s nothing easy about it. There are companies that will train you on how to do credit repair and even give you a certificate. But they don’t teach how to get customers and how to sell your service. They don’t teach you how to position yourself against the competition. They don’t teach you how to be a successful business owner. They don’t teach you how to be an entrepreneur.
You not only need training on how to market your business but also how to sell to customer prospects once you get them. But the most significant factor is to get trained on how to think, act, and be a successful entrepreneur.
HERE’S THE SOLUTION
We owned a business prior to starting a credit repair business. Therefore we already realized some of the pitfalls described above. We wanted to avoid the several reasons why credit repair startups fail. So, we found a credit repair business opportunity that offered solutions to these pitfalls.
This opportunity provides us the ability to save time because we don’t have to provide service delivery. We have an expert team available to us that does that for us. And, they handle customer support far better and more efficiently than we could do for ourselves. They provide all the technology we and our clients need, and more! They allow us to go out and build a sales team all over the country so we do far more business than we could ever do ourselves. And, they’ve trained us on all aspects of the business.
And you know what? We initially invested less than $500 in our credit repair business! We now earn well over $100,000 working from home.
In a nutshell, we are successful entrepreneurs because they provide everything that we couldn’t. It would take millions of dollars to do what they already have. And, we have avoided all the reasons why credit repair startups fail.
If this sounds like a better way, visit Credit Repair Business Opportunity. We have a detailed video that will explain what you need to know. Then you can schedule a phone appointment to get your questions answered. We look forward to hearing from you.
This article which was originally posted in 2017 is updated regularly and was last updated in July 2023.