Here are the 10 main keys to making a success out of your credit repair business opportunity:
1. Client feedback is important. Doug Parker, the CEO of Repair My Credit Now, says, “I always want to know what our clients have to say.” Pay attention to any comments or suggestions they have.
2. Work hard to have the highest in standards and ethics. This will not only keep clients happy, but it will gain you new clients as the word spreads of how trustworthy you are.
3. When you are considering how to start a credit repair business, the first step is to learn as much as you can about the business so that you can understand your role in the credit repair process and how you can best help your clients. Get a copy of your own credit report and study it. Look for information on the Internet about credit repair tips and read up on the Fair Credit Reporting Act. Credit repair business companies such as ScoreInc or the Credit Repair Summit offer credit repair business training, consulting, mentoring, compliance monitoring, full back office outsourcing services such as dispute processing, proactive credit repair, etc., and can be very helpful for new or experienced credit repair companies.
4. You not only need to learn how to start a credit repair business, you need to learn how to market your business. You will (no doubt!) be great at what you do, but if no one knows your business exists and you don’t have any clients, your expertise will be for nothing! There are many different techniques for marketing a business. You can start by offering your services for free to family and friends in exchange for a letter or recommendation, and to get the word out about your new business. You could post flyers or place ads in the local paper. Consider giving a lecture at your local community center on how people can stay out of debt or repair their credit (handing out your business cards at the end, of course). And of course, the Internet can be a very powerful marketing tool.
5. One major key to credit repair business success is being aware of both federal and state credit repair laws, and always staying compliant. To help keep up to date on these laws, join professional originations such as National Association of Credit Services(NACSO)
6.Network, network, network. It may not be easy for you to get out and do this, but it really is the best way to get the word out about your business. Attend chamber of commerce events, financial planning seminars, and any other event where there might be potential clients. Smile, look people in the eye, shake their hand warmly, tell them what you do, and hand them a business card!
7. Determine who you will target for your services their location i.e. local, interstate, etc. and develop a comprehensive Marketing Plan based on this information. If you don’t have Marketing experience, it would be worth the investment to hire a professional; which will allow you to focus on fostering and retaining your client base.
8. Learn how to manage your time. When you own your own business, you can’t waste time sitting in front of the TV or surfing the net. Make a schedule and stick to it, automate the parts of your business that you can, and know when to hire help.
9. Learn from your mistakes. Unfortunately, no matter how hard you work and how much you know, mistakes will happen. Learn from your mistakes, and in time you may even learn how to use them to your advantage.
10. Adapt to changes. This not only means changes in the laws and regulations governing the credit industry but changes in how to run a business. For instance, don’t just be content to use old marketing methods, especially if they aren’t working. Keep abreast of the latest changes in social media and look for ways that you can take advantage of growing trends.
You can turn your credit repair business opportunity into a business you enjoy, and can earn a living while doing it!