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

Watch Out For Fake Mentors

By: Daniel Rosen February 25, 2020

I completely agree that getting a mentor is a good way to level up and grow your business.

But is it really an expense you can afford when you’re just getting started and trying to stay on top of all the recurring fees?

Today’s topic might sound like going against the grain but it will save you from a lot of headaches. So allow me to ease your mind on this one. You don’t need a mentor! Not right away, at least. 

If you’re committed to doing the work and implement the tips that I’ve been sharing with you so far, you don’t have to drown yourself in additional expenses. Keep your money! Especially because there are people out there who are willing to scam you out of it by promising a life-changing mentorship experience. That’s exactly what happened to me when I was getting started.

 

My Personal Experiences With Mentorship

“If you’re just getting your business started and you don’t have a lot of money, the last thing you want is a mentor.” - Daniel Rosen

When you’re just starting a credit repair business on a tight budget, you have to be very careful with how you are spending your money. On the upside, you don’t need to spend a penny to get your business going. Unfortunately, I had to learn that the hard way.

Remember the story of my advertising fiasco I shared in one of the previous episodes? The one on how I spent $150,000 I didn’t have on useless TV ads, infomercials and a bunch of other stuff that didn’t do anything for my business? Well, there’s one thing I haven’t mentioned at the time - it wasn’t really my idea!

My first ever mentor claimed that he could help me sell my software and advised me to go all-in on creating a huge advertising campaign. He told me all this crazy stuff... And I believed him at the time. It turned out, the guy was making it up as he was going along! He didn’t have any prior experience of doing marketing in the credit repair industry. By taking his shot-in-the-dark advice, I made the biggest mistake of my career.

Years later, I was approached by another fake mentor, this time an attorney. He convinced me I needed legal counsel which he offered to do for free in exchange for a 10% off the top once the business started making money. The problem was, in the beginning, 10% off the top is all the profit there was! All the money I was making went directly to him. It was a horrible price to pay for a few months of free legal advice.

 

Don’t Start Looking for a Mentor Until You Can Afford It

Luckily, a few encounters with charlatans didn’t put me off the whole idea of mentorship. I just became more cautious. It would’ve saved me a lot of money and I could’ve avoided an insane amount of stress, which is the main reason why I’m sharing all of this with you, now. 

“Don’t be looking for shortcuts. They’re not there!... You have to put in the time and do the work.” - Daniel Rosen

There is no substitute for good, old fashioned, hard work. If you’re looking for a way around it, not even the greatest mentor in the world can help you.

But once your business picks up steam and you begin to profit steadily while having a hefty reserve you can rely on, you can now consider investing some of that money into mentorship in order to speed up your development. 

After years and years of success and scaling my company,  I have reached a point where I’m now comfortable in paying for two mentors. Russell Brunson, who teaches us marketing and Alex Charfen, who is teaching us how to scale and grow our team. 

I pay them because making mistakes at the highest levels of business can be very expensive. Both Russell and Alex are at the very top of their industries and they’ve built an incredible reputation over the years. They’ve already gone through exactly what I’m going through now and the results I’m getting with their advice speak for themselves.

Promise me this though. Even when you are able to afford a mentor, ask yourself these questions in order to make sure you’re picking the right person for the job:

  • Was the person able to get other people to a place where you want to go?
  • Have they done it themselves successfully?
  • Do they have the life you want?
  • Do their students have the life you want?

 

My Secret Project That Provides a Middle-Ground Solution

If you’re a member or you’re considering joining our Credit Repair Cloud Facebook Community you should know that offering mentorship to other members is against the rules and regulations of our group. We do what we can to block and kick out scam artists but just in case, please do not accept mentorship solicitations from other members.

As you can tell, I’ve been struggling with this issue of fake mentors for quite some time and it’s really getting to me personally. But even if we were able to expose and remove all the scammers, people would still want to go to someone that would guide them through the initial steps of setting up their own credit repair business.

And this inspired me to start working on something very special. I managed to keep it a secret until I got it to a point where it’s just right and I think this would be the perfect time to share the news.

I’ve recently teamed up with Corey Gray, a veteran of the credit repair industry, and supported by our team of experts, we were able to prepare the Credit Hero Challenge. It’s a 14-day experience that will help you learn all the necessary basics to launch your business with confidence. We are going to take you through the entire process, step by step and hold your hand the entire time. And it’s all happening online.

Early access is going to be very affordable but I’m not sure how long we can keep the prices down. So if this sounds like something that can benefit you and your business, visit CreditHeroChallenge.com and sign up for our waiting list. 

We can’t wait to get started and we hope you’ll join us in the Credit Hero Challenge

Until then - keep changing lives!


 

Be sure to subscribe on your favorite platform below!

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Topics: Podcast

Transcript

(00:00):

Today's episode is probably going to upset a lot of people. It's about fake mentors, which is a very strange phenomenon happening right now in the credit repair industry. So if you're in the credit repair industry, I think you need to see this.

 

(00:17):

So the big question is this, how can we take our passion for helping people with their credit and turn it into a successful business without taking loans, without spending a fortune, by bootstrapping it from nothing, so we can help the most people and still become highly profitable? That is the question and this podcast will give you the answer. My name is Daniel Rosen and welcome to Credit Repair Business Secrets.

 

(00:47):

A lot of people in our Facebook community are just getting started with their business, and they're feeling overwhelmed, and they start to think that they need a mentor. They think that's the "be-all, end-all" and that they're not going to succeed with launching their credit repair business if they don't have a mentor right now. Now I'm all for mentors. I think mentors are a great shortcut and I know a lot of fantastic mentors. In fact, many of the most successful people in our industry are also fantastic mentors. But if you're just getting your business started and you're not even making any money yet, you might want to slow down on spending. And by the way, I am not knocking mentors. Okay? I have mentors right now. I have two mentors, okay. But I didn't get these mentors until just a few years ago after my business was already successful.

 

(01:48):

I have one mentor named Russell Brunson, and he teaches us marketing, and we have another mentor named Alex Charfen who teaches us how to grow our team, which is now over 60 people. So his program has really helped us to improve our company-wide communication and our goal setting and that's a lot to manage when you have a team of more than 60 people. See, I didn't go to college, I didn't get an MBA, I didn't even graduate high school. And at this point in my business, mistakes can be very, very expensive. So that's why I hired those two people because they've been in my shoes. These two mentors that I currently have are awesome. Okay. They are the two top people in the world for what they do, and they work with many, many successful people. I also had another mentor about 16 years ago during an earlier incarnation of my business, and I should probably tell you about that.

 

(02:53):

I had a mentor who told me he could help me to sell my earlier software, the one that was just a little download, and he told me that to sell it, I should have commercials and billboards and make an infomercial, and he said be the Credit Doctor and wear a doctor's suit. And I didn't know anything about launching a business. So I took all of his advice and I told some of that story a few podcasts ago about how I spent $150,000 that I didn't actually have. And I spent it on TV commercials and an infomercial and all kinds of advertising. And, since I didn't even have that money, I had to borrow against my house and I borrowed on credit cards and I borrowed everything I could because I really believe this advice I was getting. And if you watched that earlier episode, you know that I lost all that money, no one bought the software and it was a huge disaster.

 

(03:55):

And I didn't find out until later that that mentor who was giving me all that advice, he was just making this all up. He had never done anything like this. He had never helped anyone to do this. And there I was having made the biggest mistake of my life all based on nonsense from someone who was unqualified to give me that advice. He was just taking my money. And then I had another mentor who was an attorney, and he said, Oh, you're going to need an attorney for your business when you launch it. And I said, but I can't afford an attorney. I'm broke. And he said, I know. So here's what I'll do. I'll work for free and give you advice and you don't have to pay me anything until you start making money. And then when you do, just pay me 10% off the top.

 

(04:51):

And since the business wasn't making any money yet, that sounded like a great deal and free legal advice. But then when it started to make a little bit of money, suddenly he was the only one making money and I hadn't anticipated what it would cost to actually run a business or what the monthly bills would be and soon when the business started to work just a little bit, I was sending all the profit to him and then I didn't even have enough to buy groceries. I couldn't pay my bills or my mortgage because the 10% off the top going to him, that was the only profit there was. So I was still broke and sending all the money to him and it was a really bad situation. Free legal advice turned into the one, one of the most expensive bad mentor deals I have ever gotten into.

 

(05:46):

So here's why this is important to you. The reason I'm telling you this is because I don't want this to happen to you. If you're just getting your started and you don't have a lot of money, the last thing you need is a mentor, okay? You just need to learn your craft. You need to do the work. The problem is if you are in our Credit Repair Cloud Facebook community, you might get someone posting things about being a mentor and you might start to get solicitations for them to direct message you or for you to message them. And I want to tell you, we don't allow that stuff in our Facebook community. It's against our rules, but we don't have a way of knowing if they are private messaging you. So please, please, please be careful. Many people who are claiming to be mentors and having a lot of clients, they often turn out to not have any clients at all, and they're just fake mentors hustling you to make their rent.

 

(06:56):

So please be careful. Now, real mentors, they're great, but they can be expensive. The two I have cost me $25,000 each per year, but what I get from them is amazing. Okay? But I didn't hire them until I really knew who they were. And I had studied them for a long time and I knew the other people who had gotten amazing results from them. So here's what you need to know. Learning your craft is the most important and that is going to cost close to nothing, okay? You can get books on Amazon and study them. If you do a search on Amazon for credit repair business, you're going to see a lot of books. You can get my book also, and we give it away for free. Don't be in a rush, okay? Don't be looking for shortcuts. They're not there, okay? There's no way around the work you have to put in the time and do the work.

 

(07:57):

Then get your business to where it's profitable and then once it's profitable, then you'll have the extra money to hire a mentor. Now, last week I had Malik Greene here on the podcast, and he's got a fairly new business, okay? He's only been in business for eight months, but I had to have him on this podcast because of what he posted in our Credit Repair Cloud community and I want to read this to you, okay? Here's what he wrote. He wrote this. We have grown from a one-person operation to a full team. Here're some photos to show our growth over the last eight months, opened my business on May 15th, 2019 I've got this far with zero automation, zero email campaigns, zero mentors, and the same website that came with my CRC system. Now I'm adding the small things to scale my business to the next level.

 

(08:57):

Customer service got me this far. I currently have 212 active clients at this year. I plan to double that amount. Anything is possible when you're hungry. So let's do the math. Okay. Malik Greene has 212 active clients, and they each pay him $89 a month. So that means he's making $226,000 in annual recurring revenue. So if he's hungry, that's going to buy a lot of burgers. And he did this in just eight months with no mentors. He just works hard. And as you can see, hard work and being hungry really pays off. No, I'm sure he's going to get a mentor soon to get to the next level. And that's okay because now he can afford it. So here's what I want to say. I saw this problem happening on our Facebook community with the fake mentors and thankfully people report them to us, and we try our best to throw them out when we hear about them, but it got me thinking, I wished there was a way that I could help the people who are just starting out, so they won't get taken advantage of like this.

 

(10:15):

I mean, if you're just starting and you think you need a mentor, what is it that you're really looking for? Is it just to learn the basics? Is it to feel confident that your disputes will get results? Is it someone to teach you how to get clients? Is it someone to teach you how to use software? Someone to teach you systems? Is it someone to hold you by the hand and really help you to build a foundation to a really successful and profitable credit repair business? If this is what you're looking for, you should also ask yourself, are the people you are asking to mentor you... Have they helped others to get to where you want to go? Have they done it themselves successfully? Do they have the life you want? Do their students have the life you want? That's what you need to ask yourself.

 

(11:09):

Okay. And for a long time over here, we've been talking about this problem with the fake mentors and I think we came up with a really cool solution. So for months I've been really building something special. I've been keeping it totally top secret, but I think this is the perfect time to tell you about it. I've been working on this secret project with Corey Gray, who's been in the credit repair industry for over 20 years. He has processed over 23,000 clients. He is the real deal. So Corey and I and our team of experts are going to give you a crash course so you'll have the perfect foundation to launch your business with confidence. And it's important. No, it's not a class. It's a challenge, a 14- day experience where we lead you by the hand as you build the foundation of your business and it's all online.

 

(12:07):

Where else can you get the CEO of a company and his top coaches and executives to teach you how to start your business nowhere, right? And it's not expensive and when it launches tomorrow, it's going to cost you less than dinner with your family and McDonald's. Now, I don't know when you're listening to this podcast, so now that this is pretty costly for us to pay for all these trainers so the prices are probably not going to stay this low. So if you're interested in learning more, visit creditherochallenge.com to get on the waiting list for early access. Again, that's www.creditherochallenge.com. And I want to thank you for listening and I will see you on the next episode and until then, keep changing lives.

 

(13:00):

Want more Credit Repair Business Secrets. Then get a copy of my book, The Ultimate Guide to Starting a Credit Repair Business. Get it free at creditrepaircloud.com/free-book. Inside this book, you'll find my top 35 secrets to removing items from credit reports and turning that into an amazing business that helps people, changes lives and makes you a great living in the process. Get it free at creditrepaircloud.com/free-book.

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