Building a thriving business isn’t as difficult as you might think. The trouble is, many first-time entrepreneurs take on too many tasks at once and get overwhelmed or burnt out quickly. Instead, a more sustainable approach is to take incremental steps as your resources allow.
By establishing the building blocks of a credit repair business, you can emulate a proven method to increase profits every month — with limitless possibilities.
Consider the following techniques, which the most successful credit repair specialists suggest are the easiest way to build your credit repair profits each month, like clockwork.
The Building Blocks of a Credit Repair Business: A Quadrant for Success
1. Obtain Skills and Knowledge
Don’t balk if you’ve never worked in finance or owned your own company. Starting a credit repair business doesn’t require a great breadth of previous knowledge of the industry or even a background in business.
It will, however, require that you focus on learning the skills and insights of the industry to help maximize your impact for clients.
There are several places you can tap, for industry knowledge:
- There are hundreds of experts in the trade who have created fool-proof blueprints for starting and growing a business. Join a private community, like Credit Repair Cloud’s Facebook group, and start reaching out to the folks who are already running healthy businesses.
- Introduce yourself to a member of the Credit Repair Cloud Millionaires Club member, or another CRC user who knows the ins and outs of the industry.
- Take time to learn the basics of the industry by watching online tutorials, reading resources, and taking courses to better prepare you for becoming a credit hero.
- Attend live events like the Credit Repair Expo to surround yourself with the mover and shakers in the industry while continuing to sharpen your insights.
The more you know about the industry, the more helpful you can be for your clients. The happier your clients are, the more referrals and word-of-mouth business will land in your pipeline. By inundating yourself with knowledge, you’ll grow your profits every month.
2. Focus on Strategy
Getting your business up and running is one thing, but real growth happens when you start to realize the different ways of playing chess.
There are several options for scaling and operating a business. So it’s natural for you to ponder what the most strategic option is for you. By fine-tuning your strategy, you’ll learn what methods will help you achieve the ultimate goal of an entrepreneur: how to make money while you sleep.
From determining the best way to price your service, to learning how to market your business, consider these resources for helping you develop a bulletproof business model for your business:
- Don’t Reinvent the Wheel: The 5 Principles Successful Credit Repair Business Owners Follow
- A Guide to Developing a Thorough Credit Repair Business Plan
- 5 Keys to a Bulletproof Credit Repair Business Plan
- 5 Expert Tips to Start and Maintain a Profitable Credit Repair Business
While growing your business, don’t forget to leverage mentors who can help you strategically improve your business’s operations for scalable growth. For example, Credit Repair Cloud Millionaires Club inductee, Seth Mitchell, has laid out a very strategic framework for his business.
Seth emphasizes the importance of using tools like Credit Repair Cloud to cut business costs via automation. Seth relies on Credit Repair Cloud to automate the dispute process, which eliminates manual requirements like:
- Looking up client data
- Handcrafting dispute letters
- Stuffing, licking and sending the letters
While individually this process doesn’t seem too painstaking, when you’re working with hundreds of clients, every minute counts against your bottom line. Seth estimates automation cut his dispute letter cost by $3.17 per client and allowed him to take on more clients than ever.
This strategy for scaling translates into drastic savings and increases in profit every month for Seth.
3. Explore Marketing Techniques
Marketing your credit repair business, especially in its infancy, is necessary for you to continue to grow your client list, month after month.
Credit hero, Pretty Washington, is an excellent entrepreneur to replicate when it comes to marketing techniques. When Pretty first started her credit repair business, she placed a particular emphasis on branding.
Pretty created a website and a logo for her business and amplified her business’ mission and vision by purchasing on-air time at a local radio station. After Pretty’s ingenious decision to broadcast through a radio station, she was gifted with hundreds of credit repair leads.
Radio time not for you? Credit Repair Cloud also offers a suite of templates and marketing tools, like website assistance, to help you kickstart your marketing campaign. By taking advantage of digital marketing, which can automate lead generation, you will grow your business month-over-month.
4. Embrace Networking
One of the most beautiful parts of joining in the credit repair space is the community and network of like-minded individuals you’ll meet throughout your journey.
The more people you know in the space, the more options you have for growth. Whether that means finding fellow credit repair business owners to bounce ideas off of, or connections to work with to help you grow your own list. It’s critical to find those you can lean on — and who can lean on you — to continue juicing up your bottom line and network of opportunity.
A great place to practice your networking is at the 2020 Credit Repair Expo, a three-day event where the most profitable credit repair business owners in America gather to network and exchange tips on accelerating business growth.
Thinking Outside the Quadrant: Other Tips for Growing Your Business Month-Over-Month
Apart from the four foundational needs of growing a business: Knowledge, strategy, marketing and networking, you can go above and beyond with these four extra tips.
Act Like a Boss
As the CEO and president of your own business, you must showcase the mentality and habits of a successful business owner:
- Stick to a routine to help you with time management
- Create specific goals you can reach
- Understand your business thoroughly and know exactly what it will take to achieve your profit goals
- Use the credit repair calculator to create profit goals as monthly figures
Continue to assess and adjust your habits to meet and exceed the goals you’ve lined out for yourself.
Hire a Team
There will be a time when you realize you’re only one person, and you can’t handle everything. That’s why a key characteristic of the most successful business owners is delegation.
By outsourcing tasks to others that may be more equipped to handle them, or by finding ways to automate your workload to free your time, you’re able to focus on more strategic business development aspects of your business.
Jose Rodriguez is a Credit Repair Cloud Millionaires Club inductee who has mastered the art of delegation. Not only does Jose rely on credit repair software to operate his business, but he also focuses on compiling a team that shares his passion for helping others.
By finding the right people to join his team, Jose can train them and can rest assured that they are working hard to support the credit hero mission. That means, with each new team member Jose brings onboard, he’s able to increase his profits accordingly.
Tell Your Story
An often overlooked way to share your business's power is to talk about the backstory.
In many cases, credit heroes have been deeply affected by the credit bureaus, personally, which becomes a catalyst for their own passion.
By sharing a relatable story, you’re able to connect to the clients you’re reaching out to, and prove your expertise, passion and drive to take the power away from the credit bureaus.
Many of our credit heroes have come from a background of adversity and used it as fuel to bring their credit repair business to unprecedented heights. Read their stories to learn how hardship can be your greatest tool as you continue to grow your business month-over-month.
- Tell Your Story to Inspire Credit Repair Clients and Skyrocket Your Business
- How to Use Adversity to Fuel a Million Dollar Credit Repair Business
- Why Hardship Is Your Greatest Strength as a Credit Repair Specialist
Seek Affiliates and Referrals
There are many ways you can find new business leads and opportunities through the members within your community.
At the 2019 Credit Repair Expo, Jose Rodriguez told his tricks for partnering with business owners for mutually beneficial credit repair assistance. Specifically, he goes into local mortgage, real estate offices, and car dealerships for in-person introductions. By helping clients of these local business owners, not only does Jose make new revenue, but the affiliates in his network also benefit by qualifying more leads for their services.
Clients First, Always
For all of the tips and tricks possible for increasing your profits every month, don’t forget the most essential ingredient.
Continue to do strong, solid and useful work for your clients to prove the reliability of your business. By keeping your existing client base happy, your reputation will help you continue to grow every month, even without other efforts.
Here’s to your ongoing, consistent and reliable success!