Open a Credit Repair Business

Looking for a recession-proof business opportunity? Open a Credit Repair Business.

Why? Over 80 million americans have bad credit, but most will need their credit fixed in order to finance a home, a car, get better job offers, pay lower car insurance rates… it’s a fact of modern life that credit has become important. As the economy worsens, more people need the service.

One common mistake people make when planning to open a credit repair business is to think it’s all about the software. That’s like thinking the success of a fast-food hamburger restaurant is just about the recipe for their hamburgers.

When you open a credit repair business, you need a complete system – training, ongoing expert support, unlimited paralegal support, an attorney-managed system for maximum results. As it is, credit restoration is not an exact science. Will you be the market expert and clear choice for referral partners? There’s not much profit in being 2nd best – so when you open a credit repair business, be sure to consider: are you committed to making this work?

When you open a credit repair business, clients will look for you to be the expert they can count on. A software system alone would never deliver this – credit repair is simply too complex. Most commonly, professionals who open a credit repair business will develop relationships with real estate, mortgage, auto loan professionals, as well as businesses who depend on consumer credit, such as jewelry and furniture or colleges. These businesses depend on their clients having access to attractive financing.

Another common mistake people make when they open a credit repair business is to not budget for marketing. Once you open a credit repair business and it’s running, you’ll work to develop marketing systems that consistently produce profit. If you made $20 for every $10 you spent, how much money would you want to spend? Obviously as much as you can. Investing into your future to open a credit repair business may be the vehicle you’re looking for to help reach your financial goals.

The biggest reason people open a credit repair business is to develop a vehicle for success that can take them past the $100,000 per month mark. Everyone’s success varies by personal talent, resources, and work, but the potential is there. Having seen many entrepreneurs open a credit repair business, here are some of the common mistakes I can pass along and help you avoid.

First, some entrepreneurs don’t get sufficient liftoff in their business because they fall into a roller-coaster of marketing, then getting busy with files and operations, which then leads to them not marketing, which results in decreased business, which then frees up time for more marketing. This creates a very inconsistent income and can be easily avoided by either separating roles if you have a partner, or by time-blocking and scheduling marketing activities.

Another common mistake is not actively cultivating referral sources. There are many professionals who depend on having clients with good credit, including real estate agents and car dealers. These people constantly see a stream of people who need your services. That said, it may take some repetition to develop these sources into a stream of business via marketing, in-person contact, and getting that all-important first client from them.

One other area that’s not a mistake per se but an overlooked opportunity is marketing relationships online. There are many websites who will pay for leads of people with good credit (be sure to get a client’s permission for this), and upstream opportunities for an online equivalent of these traditional referral sources.

If you’ve found this article about how to open a credit repair business, and like the concept of being your own boss and potentially earning an executive level income, we invite you to investigate further. Request our free white paper, and get more information. We look forward to answering any questions you have.