In this article, I have outlined the 12 steps necessary to build your own business assisting good people with bad credit. The steps below will walk you through the process of how to start a credit repair business, allowing you to pursue the life you deserve working for yourself.
I have come a long way from working as a security guard for $11 an hour. And now I am helping people to start their own business so they can help others too. It might not be easy to start a credit repair business, but I have laid out the process in an easy-to-follow and step-by-step system.
So, if you dream of working for yourself, making your own hours, and knowing at the end of the day that you helped people – then starting your own business might be the right decision for you.
The process can be simple, but the work is real. If you have what it takes to work for yourself and pursue your passion, then you can start to build your own 6 figure business from home. Use the following steps to start your own credit repair business. Afterward, if you would like some more in-depth training, you can sign up for our free 30-day email course here.
12 steps to start a credit repair business
Step 1. Ask yourself these questions:
First, do I like credit repair? Any time you start a business in any niche, you need to like what you are doing. The same is true when you want to start a credit repair business. On those days when you don’t feel like working, if you are the boss you will let yourself off the hook. That is, unless you truly love what you are doing. Then you will want to get up each day and get to work. If not, keep going to your day job where they will make sure you go to work each day whether you feel like it or not.
Second, do I know enough about credit? If not, then you will need to learn all you can to ensure you are running a legal credit repair business. You can do your research on Google and watch the free YouTube videos. Or you can short cut the process by watching the training videos available within our software, Client Dispute Manager. Which leads us to step 2, where you will learn everything you need to know about how to start a credit repair business.
Step 2. Do your research.
Ask yourself: am I trained in credit repair? Do I know enough about credit repair to be able to truly help my future customers? Is there a market for this? And, by the way – I have done the research- and the answer is: yes, there is a market for credit repair specialists. Last month 240,000 people searched for “credit repair” on Google. Learn everything you can about credit repair; also be sure to learn about starting a business. This will give you the solid foundation you need to start a profitable credit repair business.
Once you have done your research to be able to ethically and legally open your own credit repair business, you should check your own financials. Which leads us to steps 3 and 4 in how to start a credit repair business.
Step 3. Make sure this business is profitable.
As with any business, before you start you should test the market and ensure that it is in fact profitable. Again, I can tell you that yes, this business is profitable. But I still encourage you to do your own research. Now is it an overnight success, with little to no work?
The answer is: Absolutely not.
Of course not, you still need to work. You will still need to master the skills of networking and lead generation. So, watch your expectations.
Now that you have done your research and know that you can indeed run a profitable business, you will need to take a closer look at your own personal finances and capital.
Step 4. Know your start-up costs.
Before you get into business, you should know what you can afford. Try to keep your monthly bills down to a minimum so you can put all your money into lead generation and sales. Before you quit your day job, checking in with your own personal finances can mean the difference of actually having the time to grow your business the right way. This is a nice luxury to have, versus having to make subpar decisions based on lack of capital.
To set yourself up for success, save up 6 months of expenses for yourself before leaving your day job. Also, decide how much you will invest in your business in the beginning. Use your current day job to finance these investments rather than going into debt.
Step 5. Understand your state and federal laws.
Make sure you don’t get in trouble with the law, like so many other less ethical companies before you. Know what CROA says you can and cannot do so that you ensure you are staying within the laws. Read the entire Credit Repair Organization Act. Double check all the procedures in your company to make sure that you are in line with CROA. This step will ensure that you start a credit repair business based on an ethical and legal foundation for assisting your future clients with improving their credit score.
Step 6. Build trust.
What does this look like in the online environment? The absolute number one way to build trust online is a beautiful, branded website. When someone sees your ad and clicks through to your website, they need to see a professional website. This is your version of a brick and mortar store window. This is the first impression you will make. Make it a good one
Build loyalty, show them proof through a professional website, offering all the information that you know (that you learned in step #2!). Get your name out there: be active online, and network. Be willing to share free information with your customers, and they will gladly pay you for your services. Be consistent, and show up daily. This will build that trust that is not necessary when you start a credit repair business.
Step 7. Know the basics of running a credit repair business.
Before you start a credit repair business, you need to understand what you are doing. Know what you can and cannot dispute on someone’s credit report. You can search Google for this information or you can invest in our Client Dispute Manager software which has many videos walking you through this training step by step. Get your free 30 day trial of our software here to get started in learning the basics of how to run your own credit repair business.
Step 8. Software.
While you do not need a software program to start a credit repair business, it can be beneficial to you and your business. You can use an Excel Sheet like I did when I started. But that can be hard to manage and will become tedious to maintain.
Using a software program can save you time, and future headaches when managing your customers, contracts, and disputes. Plus as mentioned above in the new video layout format in our software, there is a training component as well. Even if you don’t have any customers yet, you can still benefit from the training videos. This software will ensure you get your business off to a great start.
Step 9. Setting up your price and your contract.
Once you get your software, and before you get your first client, you will want to set up and create your contracts. Now is the time to decide this and write up the contracts ahead of time. The software, Client Dispute Manager, will help streamline this step for you.
Step 10. Set up your lead capture system.
This can be one of the most important steps but done out of order, or incorrectly, and you will not have as much success. Everyone will have their own system, but regardless of your system, you need a way to capture the contact information of your future clients.
You will need to monitor your leads with a set lead capture system. If someone calls or emails you, or if they land on your website, you need to set up a way to capture their information for future follow up (coming up in a future step!).
Remember when we had you set up your website in step 6? This is your storefront, and people will come by window shopping. Be sure that you have a way to capture their information so that you can turn them from a browsing shopper to a client.
Step 11. Start your marketing.
Now that your storefront is open and you have a great lead capture system set up, you will need to let the world know that you are out there. Start marketing your business and lead pages to the world, find your future customers. Once you find your future clients, let them know that you can assist them in improving their credit score. There are many ways to generate leads in your business; the ones you choose will be based on your schedule, budget, and personal preferences. You can see examples of how to start generating leads for your credit repair business here.
Step 12. Nurture your current clients
After you get the customer, you have to keep the customer. Nurture your future customers with a nurturing email sequence (which you can get in our software). To quote the well-known customer service expert, Bill Quiseng, business owners need to “work as hard to keep a customer as you do to find a new one.” You have spent all that time getting new leads; don’t ignore your email list and current client base. This can be just as lucrative as the best networking event.
According to this article from Business 2 Community, “it is 6-7x more expensive to attract a new customer than to retain an existing one.” That is money in the bank. Offer amazing and valuable content to your customers and they will continue to work with you. And they will refer their friends and colleagues. Once this starts happening you will not need to spend nearly as much time in steps 10 and 11 marketing and generating leads.
In conclusion, starting a credit repair business isn’t hard, but it does require hard work on your part. If you enjoy helping people and want to work for yourself, this can be a great way to improve your own financial future while assisting people to improve their financial future as well.
I want to help as many people as possible to pursue their passions and dream life. I want you to be able to get out of your dead-end job and instead build the life you deserve. I want this for you, just like I was able to do. This is why I have laid out my step by step system so that you too can follow in this simple process of starting your own credit repair business.
If you are still interested in starting your own credit repair business but would like more information, sign up here to get our free 30-day email course. And if you are ready to start your own business today, sign up here to get your first 30 days free with our software program, Client Dispute Manager.
Bonus: Now that you have read this article, why not take your new skill and start your own credit business helping others? We have free training that can help you do just that.
Click here to learn more.