We’ve discussed before in a previous blog post, Start a Credit Repair Business for Under $300, that typically there are two options when starting a credit repair service. The first is to purchase a credit repair franchise. The other is to piece it all together and buy all the necessary components to begin your business in the credit repair industry.
Of course, that previous blog post goes on to share how you can become an Independent Agent with our company and have the best of both worlds. You can own your own credit repair business but not have to start from scratch. Everything is provided for you for under $300.
Important Questions to Ask Yourself
There is another important decision to make, however. Actually it’s a question you have to ask yourself. The answer to this question will dictate what direction is the best for you to follow. The question is, “why are you getting into this business?” This is a simple question with a complex and very valuable answer. Typically people get into credit repair for one of two main reasons, or both. They want to help people, and/or they want to make money.
If you want to do either or both you must then ask yourself how many people do you want to help? And, how much money do you want to make? If the answer to either of those questions is a lot, or a significant amount then here is the stark reality of this business. You can’t help a lot of people nor make a lot of money on your own and by yourself.
Time and Money
In order to help a lot of people in the credit repair business you have to have the time and skills to market and sell your service, and do the administrative work on the back end once you get the clients. The time to do both is almost always under estimated by people that have no experience in this industry.
On top of that you have to charge a reasonable fee. The days of charging $1,000 or more for credit restoration are over. There are too many companies out there doing it for far less. But if you compete for business charging a similar small fee you won’t have enough revenue coming in to make it work.
What’s the Answer – A Third Option
There is an answer when starting a credit repair service. Have a network of people running their own credit repair business and get paid a percentage on what they do. They can find customers that you can’t. They can develop relationships in their business community that you can’t.
Our staff does all the credit repair work. Did you catch that? Our staff handles all the admin work so you have time to get more customers! You don’t have to pull and analyze credit reports, and draft dispute letters. By the way, trying to find a company that will supply you with credit reports is next to impossible in the credit repair industry.
While running your own local business you can also build a large operation on a regional and even national scale. This is a concept that any successful company utilizes. Your income then is not just dependent on your own efforts. It’s now derived from the efforts of many others.
Starting a Credit Repair Service – Training
When starting a credit repair service there has to be training available, right? Not only for you, but your network of others building their business. Where will you find credit repair customers? How can you find other people that want to start a credit repair business? How do you talk to these people?
Our company has put together a great training platform. First, we offer an online training program that is flexible. You can go as fast or as slow as your schedule allows. Then you’ll be coached by me, Dale Guiducci. I have developed a credit repair business producing over $1 million in revenue annually. I will teach you the day to day, “in the trenches”, what it takes to be successful in this industry. In addition I do a live training once a week that you can watch as it’s filmed or on replay.
Something Else to Consider
Another factor to consider when starting a credit repair service. What are the laws in your state regarding credit repair? Do you have to register with your state and purchase a bond? By becoming an Independent Agent with our company you don’t need to worry about any of this because we have taken care of all state requirements. You can do business in all 50 states.
If you consider everything you should before entering the credit repair industry you’ll see that our business model is brilliant. It offers you everything you need to build a small or very large credit repair business. You do not have to invest a fortune. You do not have to deal with all the regulations and laws governing the industry. And, you’ll have time to develop a steady stream of customers. You can be in business today.
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This post was originally published in February of 2014 and has been updated for freshness, accuracy and comprehensiveness.