Online Business Ideas Chapter 3 of 5: Starting a credit repair business
Well do you want to start a credit repair business because of the current situation of the United States and thinking how many people are in debt I think it's a perfect time so I'm going to show you many strategies on how you can get started with your very own highly lucrative and profitable credit repair business.
Sets of Law:
The first thing you need to understand is the set of laws that are here to help you, know these sets of laws that we're going to talk about which will give you some direction as to how you can legally help your customers. Getting rid of those negative signs and most importantly how do you make sure that they stay off those reports. Number one you need to make sure that you're doing things legally to do things, legally you need to understand how it works, how its functions, and most importantly what are the benefits of doing it.
Removing negative items:
Number two you need to make sure that when they get rid of those negative items. There are a confirmation and a very concrete level that means you need to receive a letter from the credit bureaus or some of the creditors confirming those items have been deleted.
Move forward progressively :
Number three you got to tell your customers to now understand how to move forward progressively. So when it comes to credit repair understanding that when you start your own credit repair business there are a couple of things that you need to move forward with your customers. It mustn't be just about credit repair anymore you have to think about the journey beyond that if you want to add value to your customers.
Credit repair nowadays has a lot of options out there, many cheap services are available, there are monthly fees, there's always you know paper deletes, but here's the problem, none of them give you the benefit of financial knowledge beyond fixing your credit.
Value Added Service:
You have to add something unique which leads us to our second point, it is essential to have a value add service with your credit repair company. So what value add service simply means is not just to help your customers fix their credit but how you can help them get beyond that credit stage. The first step is cleaning it up but what's the next step what are some of the things that you're doing for your customers that are beyond the credit repair journey are you a mortgage specialist? you can help your customers obtain financing for their homes.
If you specialized in selling cars that could be an advantage to help them get a good car at a good rate with the type of good credit that you can help them obtain or perhaps you're just a business broker and you're trying to help your customers get some financing to buy a business and that could be your advantage that could be your added value.
So as you see credit repair is a start to many different financial journeys so you have to know what are some of the things that you can add as a value in addition to the credit repair service that you're going to be offering. This leads us to our third and final point when it comes to credit repair right aside from the value add you have to think about the long term gain. So that means that you have to learn how to educate your customers and stay in touch with them throughout the entire journey so what I mean by that is when you're starting with a customer they're new and they're just getting started with you a lot of people become hesitant.
They're not sure of how you're going to perform so it is your sole responsibility to stay in touch with them regularly you have to provide them certain things that they cannot find elsewhere. That includes education making sure that you're on top of them when it comes to their letters that include logistical planning that includes setting up the next steps to help them succeed as well as ensuring that they're satisfied throughout the entire face of that credit repair journey with you.
You have to give them a reason to choose you over others right you have to tell them hey I'm here for your benefit because the credit repair business it can go two ways number one it can be very bad or number two it can be very good and when it's very good that means your customers are extremely happy with you and this is how word-of-mouth is spread so I hope these three strategies helped you understand and how you can get started with your very own credit repair service.
More Education required:
I like to give you something as a bonus that I feel with extremely benefit you when it comes to understanding the credit repair business so now we're at the bonus stage of starting your own credit repair business and I'd like to start by saying start getting educated first learn the laws learn the ins and outs of how credit repair works. Have you tried it for yourself are you getting the outcomes can you demonstrate for yourself as a testament of your product that hey it does work so I highly encourage individuals were thinking about starting a credit repair business to use themselves as testimony use their family members as testimony nothing beats word-of-mouth nothing beats actual results.
So I think that one of the biggest things you can do for yourself is gain advanced knowledge of Education and for that reason, I think it's important that you consider the ultimate personal credit mastery not only do you have benefits of understanding the entire credit repair system but you'll learn every ins and outs about how to perform a proper credit repair process.
Credit process and a Credit sweep :
In addition to that you'll also learn how to sweep the client's credit profile, what's the difference between a regular credit process and a credit sweep, the major differences credit repair does take a bit of time you're not as aggressive and you're communicating with the customer along the way, a credit sweep is a more aggressive approach you'll have multiple communications throughout the month with the customer and the client will expect a lot more mail on a more aggressive level from the creditors as well as the credit bureaus or any third party agencies.
So with that said I think the ultimate personal credit mastery is the game changer and I think you should make it so that you can learn the most advanced knowledge about credit repair. If you're thinking about starting your own credit repair business that is a go-to method and we didn't go more in-depth and we didn't talk about a lot of stuff in terms of the legal and the compliance that we're going to cover as below.
You know credit repair is not just a short-term thing that you work on for today and then tomorrow it's gone. Your clients are done with you and they're saying you know sayonara we'll see you next time. The goal is you don't want to have a client just come to you for clarifying temporarily and then just you help them with that and then just say goodbye. You want to continue that journey you want to continue that relationship that leads into something very powerful and that's the long-term.
I want to say about when it comes to credit repair business and this is legal and compliance so we're touching on those and I think what you need to worry about is understanding the differences between doing yourself as a person, so let's say if you get a client you charge them and you say look I'm going to be your credit repair for you and how much is it's going to be that charges going to be.
So you charge them and then you offer them credit repair service and then there is another one that you register your own business and what happens now is you know you're having different types of advantages right asset protection being one of them because you want to protect yourself when it comes to credit repair well if you get sued or something like that and you're dissatisfied with a client, you guys have an argument or a disagreement and then all of a sudden you know you're in a position of liability and then they sue you and now you're in trouble.
If you were doing it in a personal level that means they're coming after your assets and that puts you at a huge risk so you don't want to be positioning yourself to be in that kind of risk then there is also the ultimate idea of having a business and a limited liability company LLC which creates a wedge between you and your customers. I'm not saying that you got to do all the bad things but you want to protect yourself with that and that's very critical when it comes to the registration process.
Now I'm not just talking about you know your skeleton structure as in your business which is obvious like you know I need to register an LLC and all that kind of stuff now but the skeleton structure comprises so many different things in the business. Most of you guys are starting so that means you need contracts, paperwork, agreement, etc you need to set it up the proper way and you can do a fantastic job with that now but just make sure that you have it.
I'd like to point out is disclosures you need to explain to your clients that not everything will work according to plan we have to anticipate that we don't control the credit bureaus directly or what kind of outcomes to create it's on us. To make sure that we go with realistic expectations from the beginning. Then we achieve our goals with those realistic expectations you need to have that set up so that it's very understood you know very well received from your clients and that disclosure protects you from any type of liability that you can potentially take on the reason.
I encourage you to fix these disclosures is because sometimes what happens is we're so excited about bringing a client on board that we forget the basic steps and I think the basic step is being realistic honest, transparent with your client on some of the steps that you're going to take. As well as the disclosures, we don't necessarily control the credit reporting agencies nobody does not even only to Raptor. So that means that if you're going to deal with these guys you need to have a disclosure ready. I always tell them our disclosure is very clear here's what we do but every step that we take is going to be very progressive which is our next point the skeleton structure should include your progression steps.
So if you analyze a client's credit report and you should know by now on how to do that if you're starting your own business and you'll be probably ready to hop on based on your experiences understand how to analyze that report bring some value to that report and then be like what are some of the progressive steps interim you know as we're fixing the person's credit.
What it does that it creates a more fruitful experience for the person who you're helping and if you mix them feel good about the whole process right instead of being caught, left in the dark or not knowing what's going on this, really creates a win-win scenario for both. You and your customers make progressive steps are very powerful because they know exactly what they're getting themselves into and they're getting great outcomes from that so from that perspective right when you moved as entrepreneurs person from that disclosure statement and all these steps of things.
The next step is we're going to talk about marketing strategies and ideas so as you start your credit repair business. The biggest thing is you need to have something that puts credibility in your pocket that helps the customers realize maybe you want a person that's going to help them solve their credit problems or challenges. How do we realize that how we create that kind of outcome and Trust for your clients.
So let's discuss the marketing plan that you can employ the first steps first right. You want to make sure that you have something that's concrete so that means that could be yourself as an outcome and we discussed that earlier as a testament. You know you want to make sure that you're creating something that the client feels great about and from that perspective what happens is you're leading them on to the point where they can realize the results that they can obtain you know you're making that visual imaging for them and demonstrating to them.
If you have existing clients that you helped, you have other testimonies now at the end of the day getting new clients is going to be challenging so I'm going to give you some strategy right now that will help you get a flood of new clients it's going to cost you your time that's the only thing, that's going to cost you.
Start with yourself get some woke up for your close family or friend and document that journey look at their steps improve it to tweak it you know but be sure to document it once you have that documented the next thing you want to do is find a catalyst or a key person of influence that has your potential customers. Once you have that individual and you discuss it with them and they understand hey this is what you've done to engage with them and do some pro bono work maybe five to six clients at the beginning.
They know would help them and based on some of the financial outcomes they want to create for their clients but help them with that as a pro bono may be well just to go cause they can cover or whatever the case but by doing so you're creating a flood of testimonies then that could be a condition right it could look. I'm going to help your customers but I need testimony I'm building my business and I need your help to just simply you know to bring them on you don't need to pay anything.
I just want to do their work but I need them to kind of like agree that hey if I do this and they get results they're going to show that and they're willing to put it in writing or video or voice or whatever the case so now you're building a flood of testimonies that will help you build your business better and you'll already have a bulletproof marketing system.
Create workshops :
The next step is how to create workshops now a lot of people don't do this and don't take the time to educate their clients you know I've had the expertise I've been experienced and I'm sharing the knowledge that I have but for those who were starting. I think that you need to consider doing workshops an open door policy and open discussion policy well what I mean by the open door you want to charge for that workshop for your attempt and reserving a pretty nice area or venue you know to make sure that you offer box lunches.
if you're doing it that's just a concept I like to invite everybody to understand that you know to fix a price that's not too expensive but at least you know gets people through the door let them bring some questions reports how their items are posted and take that knowledge and education and share it record those workshops. But before you start doing workshops you want to like I to you know have pro bono testimonies you know to get the outcome.
So at least people know what they're stepping into and they're looking forward to hearing from yourself in terms of how you achieve those goals and outcomes for your customers so workshops are very interesting because not only doesn't engage with your customers and they get to know who you are and what you do but at the end of the day what happens now is they walk out with a pretty good feeling about who you are and if they want to engage with you right there. Then they have the opportunity to sign up a contract with you to say I want you to handle my credit situation so workshops do well work it's just you have to position it in a way that kind of help. Put it and tie it into the services that you're offering the value add that you're offering so that's very important. So consider some of those things that you're going to be doing so you know workshops are critical, these are some of the marketing schemes the strategies that you can achieve great outcomes with when it comes to your clients.
I think we're going to move on to our final point, is making sure that you have continued education being at a credit repair space requires a constant update of information and knowledge. If you're sending your own credit repair business it's not a very expensive possible the material you are learning in there and the outcomes that you're going to create are far beyond the cost is very minimal.
It's in Connecticut it's a grayness grain of sand compared to the desert that you're going to create right but at the end of the day don't worry about the money worry about the outcomes that you're going to quit worried about the knowledge that you're going to gain and that's the important thing here. Once you understand that once you kind of theorize around that and what are some of the things you can do for your clients trust me you'll be in a better position not only to create a great outcome for your clients but let them enjoy the experience and the journey which is going to be the best thing about credit repair so that's what it is right so education is a critical part so just consider that I think it's going to help you know reach pretty far and create a fantastic business for yourself.