Starting any business during a recession might not seem advisable. After all, it makes sense that consumers will hold onto the money they have in an uncertain time. And, as of the writing of this article, we are in a world-wide recession brought on by Covid-19. However, good credit is something people need at any time. So, to start a credit repair business during a recession might actually be a great idea!
At First, I Was a Bit Concerned
Back in February of this year when the federal and state governments began to close businesses and millions lost their jobs, I was concerned about our own credit repair business. I asked my wife to look at our business and personal budgets and cut out everything that wasn’t required. As it turns out that was a healthy thing to do but it wasn’t necessary as business began to boom.
People apparently concluded that having a good credit score was vital to be able to access the money available through loans and other means. As well, we have had a strong year with people joining our company as Independent Agents because they could no longer count on their primary source of income. They needed a plan B. We have had one of the busiest years in quite a while.
My Concern Was Unfounded
I should have been more optimistic back in February by simply looking back to 2012 when we started our own credit repair business. We were well out of the recession that occurred from 2007 to 2009. At that point, people were looking for ways to improve their credit scores that had been damaged a few years prior. Our fledgling credit repair business took off.
So, people will continue to need a good credit score to access available funds to perhaps get them through some tough months ahead. But another key is to understand that out of a recession comes opportunity. Recessions typically drive prices of homes and other items downward as they did just 12 years ago. People that had access to funds from savings or the capability of borrowing money made a great deal of money by scooping up undervalued real estate. Those types of opportunities may present themselves again if this recession drags on.
The Worst-Case of Deciding to Start a Credit Repair Business During a Recession
The worst-case scenario of making a decision to start a credit repair business during a recession is to learn the business and market your new company. You’ll then be ready to help the number of people that will need your service once they are back to work and the economy begins to grow again.
If you do decide to move forward and start a credit repair business during a recession, we can help in one of two ways. We have a business model that you should take a look at. The time and cost of getting it started are minimal. And, we’ll show you how to do it every step of the way. For more information on becoming an Independent Agent with our company visit Credit Repair Business Opportunity.
If you decide to go it alone by purchasing software from a company like Credit Repair Cloud, I can coach you with all other aspects our getting your business started such as legal requirements and compliance, building your infrastructure, and marketing strategy. Visit Credit Repair Business Coach to learn more.