Today there are more and more people that are going into debt every day and this has opened up a sort of unique small business opportunity for entrepreneurs who are willing to try something a little different; credit repair. As the owner of a small credit repair business you would be the liaison between people in debt and the creditors that they owe money, hopefully finding them some common ground and helping the in debt person out of a financial mess.
Starting this type of business means that the first choice you will have to make is to work from your home or to rent an office space. The fact is that it is much cheaper to start from home but an office gives your new business a lot more credibility in the eyes of potential customers.
If you’re not affiliated with a law firm or a lawyer yourself you may be required in your state to place a surety bond on your new business before you get started so you’ll need to check with your state reps to see if you do.
You also may want to consider purchasing a credit repair franchise as, although there are up-front fees and franchise fees that will need to be paid it will give your new business instant name recognition and a business model that’s been proven through trial and error by the others who have gone before you.
There are also quite a few basic skills that you’ll need to know before you get started. Take a look at the list below to find out what they are. You’ll need to be well versed in most of them in order to succeed, or hire someone who is.
- Marketing, advertising, networking, and sales skills are a must.
- People skills are very high on the list.
- Website maintenance and internet marketing are highly important.
- Money management of course is vital.
- Bookkeeping skills will be needed when things get going.
- Basic math skills are going to be needed.
- The ability to problem solve is required.
- Basic computer skills will be very helpful.
- Analyzing the credit scores and credit history from reporting agencies is important.
- Scheduling appointments and keeping to that schedule.
- The ability to obtain credit repair tips from banks and credit card businesses.
- Keep updated on the latest credit reporting laws.
- Being able to take action on fixing credit report errors is also vital.
There are a number of other skills needed but these are the most important. If you think you have them and you like what you’ve read a credit repair company may be just right for you.