The difference between a 650 and 730 credit score may seem marginal to the untrained eye, but for Sam Naquin, that’s the difference between a fair and good credit score for his clients. That difference translates into:
- Lower interest rates on loans and insurance
- An easier renting process
- Getting utilities connected without paying a deposit
- Improved odds for landing a job
To Sam, these real-life implications are what drove him to start a credit repair business, and his passion to help others is what turned his credit repair business into a million dollar company. Discover the actions Sam, a first-time business owner, took to grow and sustain his wildly successful business.
Harness the Power of Determination
Like many of us, Sam has faced financial hardship in his past. Before starting his credit repair company, Sam went through a divorce that eventually led to him filing bankruptcy. Though he had previous experience in the mortgage industry, which exposed him to the importance of a good credit score, he hadn’t personally understood the uphill battle of credit repair.
Sam explained how his credit repair journey opened his eyes to a major knowledge gap for typical consumers: “[Credit repair] is a difficult process and there’s not a lot of help out there.” Still, Sam was determined to get his finances back on track and begin a new chapter in his life.
His efforts worked, and he was able to pull himself from the depths of credit despair. But Sam’s story didn’t stop there. He continued to leverage his determination for success and became an entrepreneur.
If you're reading this far, likely some part of Sam's story of overcoming obstacles to start a business resonates with you. Understanding and finding determination in one’s self is incredibly important to become a successful entrepreneur. Here are some of the reasons a singular focus fuels business success:
- Determination helps energize you as you start creating your business model and begin to hone marketing and sales strategies
- Starting and running a business is hard work and setbacks can arise; it’s important to have characteristics that push you past the obstacles
- Resolve will help you put in extra time and effort as you build your business
- Determination helps keep you motivated through the lead generation process as you start to grow a healthy pipeline
As a new sole proprietor, with little experience in credit repair, most of Sam’s time was split between researching, finding leads, billing, and outsourcing. In order to juggle all of these responsibilities, Sam used his determination for success to help him skillfully press forward, even when the path was unclear. This characteristic has paid off for Sam as he has now built a million dollar credit repair company.
When Sam first began scaling his credit repair business, he quickly realized he needed help. As most entrepreneurs come to realize, once you hit a point of stagnation the only option for growth is to start shedding business responsibilities. By freeing your time, you are able to start focusing on business development and growth strategies.
The problem was Sam outsourced too much of his business and was unable to keep up with his bills to pay for the extra help. Learning from his missteps, Sam rethought his strategy to determine other ways he could free himself from some of the tedious work of credit repair (like writing and sending dispute letters) in the most cost-effective way.
That’s when Sam found Credit Repair Cloud. The credit repair software allowed Sam to streamline his protocol and assisted him in areas of business he didn’t have time to manage, or experience to comply with best practices. Specifically, Credit Repair Cloud’s tools helped him:
- Organize client communication with a client dashboard
- Draft and send dispute letters effectively with proven success
- Coordinate outreach with automated follow-up letters to creditors and credit bureaus
- Generate new leads with a custom credit repair website
Outsourcing portions of a credit repair business is a cost and time effective method to encourage growth while still protecting your bottom line.
Reduce Costs When Possible
Cash-flow problems account for 82 percent of all small-business failures. As we mentioned above, Sam’s new credit repair business began to fall victim of this all-too-common dilemma due to his initial outsourcing strategy.
Luckily, with the help of experts from Credit Repair Cloud, he was able to cut costs and get his business back on track. Specifically, Credit Repair Cloud allowed Sam to make the following changes that improved his financial situation:
- Collect client information upfront. With Credit Repair Cloud’s software, as soon as a client signs up, they are prompted to personal information like a driver’s license and utility bill. That saves a lot of manual input time, which also save money.
- API Integrations in Credit Repair Cloud saved Sam from having to pay NSF fees for payment issues. It also allowed him to eliminate the need for a part-time employee to manage credit card charges.
- Coordinate the payment process to collect from clients who are late on invoices. Credit Repair Cloud offers a recurring billing process that means the software can attempt the credit card charge and then have it preset to do it three days later and five days later if for some reason the charge fails.
By reducing manual labor and outsourcing costs, and increasing the efficiency of the payment cycle, Sam was able to cut down on costs that were threatening his business. Sam was able to stay afloat in the beginning and then grow his business to the highly-profitable level it is today.
By providing added-value to clients, a credit repair business both distinguishes itself from the competition and positions itself better to land high-value clients who are unbothered by fees, because they feel that they are getting more value for their dollar.
Sam focused on how he could add value to his clients and deployed a handful of winning options, such as:
- Credit coaching, in addition to credit repair
- Incorporating credit repair software to expedite a notoriously slow credit repair process which burdens his competition
- Improving customer service by scheduling routine follow-up calls and transparency through a client-facing dashboard
The biggest value-add from any credit repair specialist is the ability to change the lives of their clients. Once a credit score has been improved, it opens up the doors to a world of new financial opportunities like:
- The ability to secure a mortgage
- Better odds of landing a job
- Decreased interest rates on auto loans
An improved credit score relieves people in your community from financial stress, which is a priceless value-add.
Are you ready to become a credit hero? Check out our live web training to learn the basics of starting your own credit repair business.