This 10-step guide will put you on the right path to starting your own credit business.
I have been in the credit industry for many years now. I started my own credit business because I wanted to leave my 9-5 job. I wrote a book called “Hidden Credit Secrets” which was the #1 book on Amazon for SEVEN years in a row. From there, I also started coaching new entrepreneurs who wanted to start their own businesses as well. I took the opportunity and started my own software company and started Startup Credit Business Training Center.
When I started, I was just like you right now; I looked up tons of articles and resources that I ended up not knowing where to begin. This is what I don’t want to happen to you.
My years of experience and knowledge are what I am sharing with you now; that way, you know what you have to prioritize before any other.
So, without any further ado, let’s dive in!
There are over 100 million consumers struggling with low credit scores which is why it is a great idea to have your own credit business. It will not only benefit you but also those who need your help. This business can help you start a whole new career and you can even start it part-time.
With the proper training and tools, you can thrive in this industry, turn it into a full-time career and make a big impact in your community.
Here are some of the reasons why you should start your own business in improving other people’s credit:
Credit Score Training and Certification
One way to thrive in the industry is to become credible in what you do. This is where credit score training becomes valuable. There is a lot of free training you can get online. You can also look for paid training as mostly these are the ones that include certifications.
Other ways to expand your learning:
One of the best courses you can enroll in is our credit mastery class. It covers the A-Z’s of improving someone’s credit score all the way up to advanced strategies and you can even get a certificate once you pass the test. Learn more here: Credit Mastery Class
Starting any type of business requires a price. However, one thing to look forward to when you plan to be in the credit industry is that it won’t be as much.
Surety bond
Every state in the US requires different conditions when it comes to a surety bond. Surety bond fees can run anywhere from 1% to 2% of whatever your state requires.
You can check suretybonds.com.
Licensing Fees
Not every state requires this, but when your state does, it can run anywhere from $25 to $100. You must check your state, though, on how much it will be.
Tools and Devices
This will depend on what you have available already. Basically, you need a computer or a laptop, a printer, paid online platforms (software, accounting tools), and other office materials.
Marketing Fees
Since you will be starting your business, you may want to invest in marketing materials may they be online or offline.
Following the laws, regulations, and rules in the credit industry is a must. You can’t compromise this because you will be putting your business at risk. Hence, it is important that you know what these are:
CROA
CROA is a law put in place by Congress to protect the consumers and regulate companies that offer credit score services. You must know the details of this law as it includes what is prohibited and what is allowed in the industry.
State and Federal Laws
Being aware of the State and Federal laws will allow you to know the needed requirements to start and run your credit business. Not only that, but they also detail when you can charge, the right way to advertise, and the things that you can and can’t do.
I know a lot of you are looking forward to this… naming your business. Coming up with a business name can be both fun and challenging.
Below are some of the tips I want to share:
If you already decided on your business name, then the next thing is for you to get your own custom business email. Having your own business email gives you a more professional impression.
In starting your own credit business, you have to decide whether your clients will go to a physical location to learn about your services or if you will do everything online. If you chose the latter and want the freedom to work from your home then you have to consider getting a virtual office address.
What can a virtual office do for your business?
You can also check Regency Executive Offices and other similar platforms if you are interested in getting your own Virtual Office
When you are forming your business, it is important that you decide on what your business structure is. Your business structure will impact how your business is set up, how it operates, and how it is taxed.
There are two categories: Formal and Informal
The formal business structure has personal asset protection, which means it will protect you if your business is sued.
You should decide whether you want to become a sole proprietor, an LLC, or a corporation.
When you are starting, it is important that you start preparing for your launch. You need to get the word out because your business is futile if nobody knows about it, no matter how great your service is.
Also, marketing is something that you need to constantly do, so better start it as early as you can. When we talk about marketing, we also talk about branding, which is essential for your business.
Branding is all about how people see you as a business; it reflects what you stand for.
Create a style guide or a mood board that will include elements like your logo, color, font style you use, and even your communication style. This is one way for you to be consistent wherever you promote your services.
Where do you go for information when you want to buy something or plan to look for services? The internet! So is your target market.
This is why having a website is no longer just an option but a necessity if you want people to take your business seriously. A website can help increase your credibility and also authority in the industry.
Get our own domain. Make sure this reflects your business, or get one that is your business name.
Find your hosting provider. There are several hosting companies to choose from, and they offer
packages based on your needs. Choose a hosting provider that has a high uptime rate and offers great tech support.
Decide on a website builder. There are a lot of website platforms as well that you can choose from. There’s WordPress, Squarespace, and Wix, among others. Though, I would highly recommend WordPress as it has more customizations available. Plus, it can easily grow with your business.
Website Look and Design. Finding the right design or website template is important. You need to pick one that is in line with your services. There are ready-made templates available where you can just add your own content and won’t have to worry about doing the designing and layout. You can find them on https://startupcreditrepairbusiness.com/credit-repair-websites/
Right now, you may be wondering if you need software. Before you decide whether you need one or not, let me tell you what credit software can do.
Here are some of the reasons credit businesses, especially startups, use our Client Dispute Manager Software:
Anyone can start a credit business. However, knowing how to properly do it will not only ensure you are off to the right start but will also give your business a stronger foundation.
Focus on the guide I provided and also add what you learn along the way. Having your own business is always a work in progress and is all about continuous growth.
Do you think you are more ready now than you were before? You should be!
Don’t forget to download the FREE Video Training and 15-day Email Series.