As an entrepreneur, it’s wise to be accountable for every dollar you spend and most business owners know they must spend money to make money. That’s why, whether you’ve already taken a credit repair class, or you’re planning to, it is important to understand how to calculate the return on investment (ROI).
When it comes to training, measuring both the impact and outcome in order to assess the ROI can be difficult. The ROI on a credit repair class will look different for every graduate. Assessing the true ROI you receiving from training will require a deep look into your growth, commitment, and trajectory.
Use the following to measure the short and long-term ROI of taking a credit repair class.
Quantifiable ROI from Credit Repair Training
The most obvious way to measure ROI is by looking at the monetary return. If you take credit repair training, and as a result, are able to acquire and help one single client, the incoming money from that client will chip away at the cost of your training.
The standard formula for ROI is:
ROI (percentage) = ((Monetary benefits – Training Costs)/Training Costs) x 100.
The more clients you land as a result of your training the better your return on investment.
Qualitative ROI from Credit Repair Training
If your goal is to take a credit repair class so you can kick-start a credit repair company, measuring the ROI will also require looking at qualitative factors.
Ask Yourself the ‘Why’
Every entrepreneur has different motivations when it comes to starting a business. A recent article by Entrepreneur identifies the following as the most common entrepreneurial motives:
Ask yourself: What is driving you toward a new business endeavor?
Knowing what drives you and why you’re aiming to start a credit repair business is the foundation for understanding if the ROI on credit repair training has been worth it for you.
Measure your Motion
Maybe you’re familiar with Newton’s First Law of Physics which states “A body at rest will remain at rest unless acted on by an external force. A body in motion will remain in motion unless acted on by an external force”.
This law of physics is also a metaphor for professional trajectory.
It’s easy to get stuck in a comfortable role that has limited upside, apart from being comfortable. By taking a credit repair class, did you change direction, or pick up speed? If a credit repair class is an outside force that drives you to bigger and better things, even if they are still building, it’s an ROI that can’t be ignored.
Building a successful credit repair business takes a myriad of small steps, including the initial training, before the true ROI can be seen.
Continued Learning for Continued Success
If you’ve worked in the professional world for any length of time, you may have noticed that tenured employees are really great leaders and resources.
The longer you have been at a profession, the more you know, and the harder it is to stump you.
By taking credit repair training courses, you’re continually bettering yourself and increasing your knowledge of the industry, which improves your ROI:
- The more you know about credit repair, the better you can help your clients
- When clients feel they’ve been treated well, they will become your advocate
- Advocacy leads to positive word-of-mouth and lead generation
- Increased lead generation equals increased sales
Credit repair training is a short and long play. Not only will you start to feel the ROI from the clients you attract right after training, but your ongoing efforts will also lead to ROI for years to come.
Analyze Where You Are Now
There was a great inspirational meme posted on Instagram the other day that said, “Remember when you wanted what you currently have.” Although the origin of the quote is unclear, the message is poignant as you analyze the ROI on your credit repair class.
- How many clients have you attracted since your credit repair class?
- Have you reached any of the goals you outlined for yourself?
- Are you becoming a master at your trade?
- Are your clients happy with your service?
Most importantly, are you in a better place now than you were prior to taking the credit repair training?
Measuring your ROI isn’t a rigid process and the target may be a moving one. Read our guide to help you remember what it takes to start a successful credit repair business and achieve your personal ROI.