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LEARN HOW TO START, RUN, OR GROW YOUR CREDIT REPAIR BUSINESS

3 Ways Credit Repair Business Owners Made $1 Million in Profits

By: Daniel Rosen February 04, 2020

Your community needs you now more than ever. Credit card usage and borrowing, in general, are up, and so is the debt that comes along with it. Millions of people need to improve their credit scores to:

  • Get lower quoted interest
  • Get out of debt quicker
  • Begin building a good credit history
  • Pay a fair price for goods and services
  • Finally afford their first home
  • Purchase a car to help transport them to and from work

Does it inspire you to help others? If you like the idea of helping people who suffer from poor credit and want to soothe their financial pains - you’re not alone. This same mission has inspired hundreds of others before you to start their own credit repair business, so they can help others in a big way. Some of those people (so far, more than 25 and counting) have even become millionaires while doing it.

credit repair software millionaires club

Millionaires Club member and business owner Samuel Naquin speaking at the Credit Repair Expo. (Photo/Nichole Bensel)

The most successful credit repair business owners not only used credit repair software, but they also used innovation to build a seven-figure business. More specifically, they learned how people are struggling most in the community and designed credit repair services tailored to those needs.

Here are three ideas for how you can put your business on the path to earning at least $1M in revenue this year:

Offer Business Credit to Support Entrepreneurs

With an estimated 20 million entrepreneurs in the United States, and growing, there is a huge market for providing business credit. Many people need help getting business credit, either because they don’t understand it or they think they can’t get it. You can educate would-be entrepreneurs and help them get the funding they need to launch their business venture.

  • Providing business credit improves cash flow for small business owners, and helps them build a good track record with vendors and suppliers
  • It also helps the individual by protecting their personal credit from any business losses
  • It’s a great opportunity to get people talking about their personal credit (and into your office)

Often, getting people to trust you is half the battle when it comes to credit repair. But if you’ve already done a great job helping them secure business credit, then they know they can trust you with their personal credit too.

Help Homeowners by Focusing on Real Estate

There are all kinds of opportunities to help people within the real estate niche. Owning a home is still part of the American Dream for many. At some point in their life, almost every family wants to get into a home. And in a seller’s market like today’s, you need great credit to get an affordable home loan. If you’re unsure whether there’s an untapped market within this niche, consider this:

  • 78% of homes are purchased with a mortgage instead of cash
  • More than 6 million home sales happen in the United States each year, totaling around $25.6 trillion in real estate by Americans

Samuel Naquin started learning about credit while working as a foreclosure specialist and later as a mortgage loan officer. After several years in the real estate industry, he combined his knowledge of real estate with his knowledge of credit repair. It allowed him to help a very specific subsection of people and build a very lucrative business.

When you center your credit repair business around real estate, you position yourself to help people who are hoping to refinance their mortgage, buy their first home, or get a better deal on their home loan.

Get Your Community In Cars And On The Road To Financial Independence

Another niche that can put you on the fast track to a million-dollar credit repair business is the auto industry. More than just a symbol of independence, access to a reliable car is a necessity in many parts of the U.S. Consider the following from a recent report on car loans:

  • Total auto-debt has increased by 59% over the last decade, and auto loans in the USA reached almost $1.2 trillion in 2019
  • The average credit score for auto borrowers is fairly high at 710, therefore, most applicants need some help with their credit before they can get approved

Position your credit repair business to be the one who helps them get better credit and a better rate on their loan. Kevin Carroll built his million-dollar credit repair business by focusing on helping people repair their credit to get approved for auto loans. Better credit means less cost over the life of a loan. So, Kevin not only helped people realize their dreams of getting into a reliable car, but he also helped them save money.

Set Your Credit Repair Business Up For Success In 2020

Do any of these scenarios resonate with you? Giving back doesn't mean you can't get anything in return (revenue). If possible, pick something you’re really passionate about and focus on that.

You can position yourself in a niche by:

  • Offering community education in strategic locations (such as real estate or mortgage lending offices, auto dealerships, and business associations)
  • Partnering with professionals in your niche (such as realtors, business lenders or auto dealers) as affiliates.
  • Tailoring your message, marketing, and possibly even your location to connect with people in this niche

You have it in you because the world needs you! You can start building the foundation now to grow your business to $1M this year if you set goals, stay focused, work hard every day, and leverage tools like credit repair software to maximize your efforts toward more profit. You’ll feel good knowing you helped others out of a tough situation, and they’ll be relieved to hear from someone who’s been in their shoes.

To learn more about how credit repair software can make starting, running, and growing your credit repair business easy, join our free online training now!

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Topics: BUSINESS, CREDIT REPAIR, GROWTH

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