Starting a Credit Repair Business? Study the the proven business models first. Study the biggest players. You know them. The very biggest has the initials LL – and there are a few others who are generating hundreds of millions of dollars in revenue.
Look at their sites, their pricing and the similarities – but NEVER copy any text or images from their site or you’ll get to know their attorneys.
Just peruse and gather ideas and follow these five principles of successful credit repair business owners:
1. Understand Your Market
Every successful business is filling a void or solving a unique problem for customers. You need to know who your credit repair business is serving, why, and what you are providing to relieve their stress. First, take a look at your competition and see what other successful credit repair businesses are offering. This is not to copy them, but a great way to identify the needs of your clients and make sure you are covering all the bases.
It is important to know your niche market and what clients your are hoping to get. You should aim your services, marketing, and advertising at your niche customer. You want customers that will benefit from your credit repair business. Trying to work with clients who you cannot help or aiming advertising at clients who have no need for credit repair isn’t a valuable use of your time and money.
2. Make A Business Plan
Learning how to start a credit repair business is just the first step. You need a business plan to serve as a flexible roadmap that helps lay the path for your business and ensures that you stay on track to succeed. Follow these five tips to get started on your credit repair business plan.
As you business is established and begins to grow, your business plan will grow, too. Start and then check in with these topics on your business plan outline:
- Executive Summary
- Business Description
- Market Analysis
- Competitive Analysis
- Operations and Management
Begin to fill out each topic on your business plan with help from this guide.
3. Become an Expert
Everyone prefers to have financial help from the best person possible. Take your time to educate yourself and learn from other pros to become a recognized a credit authority and the best local credit repair service to your community.
- Take a credit repair class online
- Get certified in credit repair
- Follow expert tips
- Build the best relationships with customers
- Create a referral program to keep your customer base growing
- Maximize your time with clients by using credit repair software
4. Market Your Business
The best credit repair businesses know how to reach and stay in touch with the right clients. People with a low FICO score are just the tip of the client iceberg. People who are preparing to buy a home or car, or get a loan (personal or small business loans) benefit from your services, too.
The right marketing strategy begin as you answer the “Who?”, “What?”, and “How?”
- Find the people who are ready and need you
- Create a website that showcases your services, attracts traffic, and finds new leads
- Teach clients better overall financial habits to keep them coming to you year round
5. Provide Consistently Amazing Service
With the right education, the ability to listen to your clients, software to keep you organized, and a passion for helping your customers meet their personal financial goals, you will be on the road to starting a successful credit repair business and becoming a trusted financial advisor in your community.
Fixing bad credit scores is where you begin. Getting to know each client and following up after meetings and periodically sending emails to check in will set you apart from the average credit repair company. Your relationships with clients will develop and it will be no time at all before they sing your praises to friends and family for all your great work.
Don’t be timid if you aren’t in the big leagues yet. Yes, they are making millions. You can, too. Just take it one step at a time concentrate on keeping your client’s happy. Structure your business so it’s built to scale, and you’ll quickly have your piece of the pie.
Your assignment is to read the recipe to scale. Then read it again. Cheers!