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KEY CONSIDERATION FOR YOUR OWN CREDIT REPAIR COMPANY
Catch the wave as it is
building. Right now is the time to start a credit restoration
business, if indeed you have not already started.
STRONGEST ADVANTAGE FOR A
CREDIT REPAIR COMPANY
The weakness of the U.S.
economy is what will propel you business. Use the business plan
for credit restoration to highlight how you will benefit from
the economic weakness.
STRONGEST DISADVANTAGE
Credit restoration is a
cyclical business. There is going to be a burst. But what will
you do when it's over? Close up shop
OVERCOMING THE DISADVANTAGE
WITH YOUR CREDIT REPAIR BUSINESS PLAN
Prove that you have the
experience to make the business successful.
You are selling a service. The
credit repair business plan highlights that
service experience. It is never, never enough that you simply
want to help people. Credit repair is a real skill. Where
did you get your training? How long have you been in the
business? What do you really know about the credit repair
business?
And what are you going to do
when the market turns?
Prove that you have the
marketing background and skill to make the credit restoration
business successful.
One credit repair business plan won't work for everyone. Yours is a business
that will be tied to your geographic market. Define that market
well.
- Why will this particular
market experience financial difficulty?
- Do you have a skill that
will help you in this area, like language skills?
- Are you involved in the area
so that people trust you? Little League and PTA pay off big
time here.
- How many competing firms are
there in the area?
- Is this something you can do
on the internet? (It's nice to say Yes, but have you tried
it?)
OTHER PLUSSES FROM YOUR
CREDIT REPAIR BUSINESS PLAN
This is a service business like
none other. People talk about health and sex a whole lot sooner
than they talk about finances, especially if those finances are
not in good order.
You must include a photo of
yourself, one that generates trust. Put it on the cover if you
can.
Be sure to include enough in
your budget for print marketing, radio marketing, and perhaps
even TV marketing.
Yours is a business that could
definitely buy furniture from a used office dealer. There is
some good stuff there. Don't go plush. A conservative business
look is probably your best bet. Budget accordingly.
FOR ADDITIONAL INFORMATION
FOR YOUR CREDIT REPAIR BUSINESS PLAN AND YOUR
MARKETING PLAN FOR A CREDIT RESTORATION BUSINESS
For demographic information
on your location, look to
BizMiner. Establish just how far your geographical arm
reaches, then document, document, document. Create charts to
show where your area of influence is, and how you will reach it.
On the BizMiner home page, look at the left hand navigation bar
for the link to "Area Demographics". These are the stats your
banker will use, so know what they say.
Marketing information on the
credit restoration business
The credit repair business plan does not rely on statistical information for
the industry as a whole. Most importantly, the industry is in
the midst of huge changes, and historical information will have
little value for you. Also, "credit restoration" and "credit
repair" do not have their own SIC numbers, so they are difficult
to quantify.
More important to you is the
actual number of existing such agencies in your area. Don't rely
on the yellow pages. Watch all advertising, everywhere. Go to
the agency that issues business licenses and see what you can
discover.
However, because your lender
will look at historical information, you should take a look as
well. Go to
BizMiner. In the Industry Search Box, enter "Debt".
That will take you "Debt counseling or adjustment service,
individuals", with data compiled from nearly 1,000 firms. This
is solid historical information with Industry Financials and
Marketing Research.
YOUR LIKELY LENDER/INVESTOR
The
SBA
is a strong lender in the service field, and your
business plan for credit restoration will likely be welcome
there. Be sure to ask your local banker what you can do to
assist their existing clients who may be having difficulty --
this could be a major source of leads for you.
YOUR ONLINE PRESENCE
You may or may not be able to
actually do business online. You should, however, have an online
presence so that people can feel like they have met you before
showing up at your office. My preferred
online host is discussed here.
Service businesses are not
always easy to fund. Yours, however, has the distinct advantage of
being of great benefit to the bank, so you've got a realistic chance of
making it. |
