As a business owner, one of your fantasies is clients pouring in and having to turn people away at the doors because your tax preparation business is just too popular. How do tax preparers make money consistently? Like most small business owners, they find next year’s clients in the offseason to keep afloat financially.
If you could find a way to supplement your tax preparer income and leads came looking for you, would you try it?
Credit repair is a financial service that tax preparers can add to their skillset to add value to their existing clientele and have a new source of income without getting a new set of clients. Read on for more reasons why tax preparers should consider learning credit repair.
A Market Waiting For You
In 1970 Congress passed the Fair Credit Reporting Act (FCRA) which regulated the burgeoning credit repair industry to ensure privacy, accuracy, and fairness toward consumers. The FCRA is supposed to protect U.S. consumers from fraud and inaccurate credit reporting, but a cursory look at credit reports in the United State shows that 78% of all credit reports contain errors. These inaccurate items lower credit scores as much as negative items that are accurate, unless consumers have someone to help them get false and outdated items removed.
One of the most significant hurdles for credit repair specialists is gaining client trust with financial information. As a tax preparer, your clients are already comfortable talking about their financial situation with you and trust your advice.
By offering credit repair services to existing clients, you will:
- Keep in touch with clients, and your business will be their first thought come tax season
- Earn more income while putting clients in a better financial situation
- Gain referrals for both your tax services and credit repair services to increase client LTV for all of your clients
For every 10 tax preparation clients you serve, chances are that 8 of them need your help with credit repair.
Why Clients Will Come to You
Tax preparation clients can be hard to find when you’re starting out, but by now you’ve established a base of repeat clients you reach out to throughout the year. After all, past clients are 12 times more likely than new prospects to use your tax preparation services this year. You know how to make money as a tax preparer, and spending time getting clients for a new business sound exhausting.
That is why getting credit repair training is so perfect for tax preparers. Credit repair clients will come to you.
Families look for credit repair to:
- Get a better rate on their home loan or qualify for a mortgage
- Buy a new car (with an affordable monthly payment and lower interest rate)
- Increase their credit limit (those cash rewards can add up on big purchases)
- And many more reasons!
Clients will come to you for credit repair because they already trust you with their finances and most people are already looking for ways to improve their credit. There is almost no one beyond your help as a credit repair specialist. Even wealthy people benefit from better credit scores, so don’t immediately write-off your high-end clients.
Prepare to Help More Clients
It’s important to be prepared and to use your off-season time wisely. That’s why tax preparers should get their credit repair certification during the slow months to start learning the business and earning a second income while they have the time.
- Get training: You can be trained and ready to repair clients’ credit in weeks, and with a much lower investment than your tax preparer training.
- Plan: You might be able to help a handful of credit repair clients every month on your own. But why would you do all that busy work when there is a way to automate the work, help more clients, and be prepared for even more clients (and income)? Plan for success with the right business software that integrates into your existing CRM, free dispute letter templates, and lessons from experts in the field.
- Advertise your credit repair skills to existing clients: You can use the free, customizable marketing materials from your credit repair business software or make your own, but clients won’t come streaming in if they don’t know you can help them. Just be ready for a deluge of clients when you let people know about this additional skill set!
All it takes is a little bit of preparation to make more income and provide better value to your existing clients.
Learn how tax preparers increase their salary by adding credit repair skills!