Debt can add up so quickly that before people know it, they are on the verge of filing bankruptcy. The new law on bankruptcy has altered this option, and it has created business opportunities for credit consulting, as the law requires people to gain credit counseling before they are eligible to file for bankruptcy. Thus, creating opportunities for new home based businesses that any WAHM can take advantage of.
This is the best business opportunity, as it requires no seasons or boundaries and can be started from any place in the US, even from the comfort of your home. You can help people with no credit or bad credit learn how to maintain their credit cards and advise established credit card holders on how to save interest on their money.
But before you begin advertising, check with your State or local governments if there are any requirements such as licenses, certifications or insurance for the companies that you must consider.
Here are a few tips that can help you run your credit consulting business successfully.
1. Get Your Credit Report
There are 3 main credit bureaus like Equifax, Experian and TransUnion, and you are permitted to get one free copy of your credit per year. Ask for the copy and study the same.
2. Study the Industry
To be an efficient credit consultant, study the industry thoroughly. Many eBooks are available on the Internet. You can also contact the local banks to know more about the free workshops and learn how to repair credit. Consider speaking with other experts and accountants to gain knowledge.
3. Contact Credit Bureaus
You can contact you local credit reporting agencies and bureaus, and study the process of how you can gain access to information and request reports.
4. Consider a Franchise
There are companies, like Credit Repair Bureau, that give you a chance to start your business with no money down. They also provide you with a free website, laptop, a credit coach and clients too. This is a best way to begin if you are new in this business and want guidance.
5. Print Business Flyers and Business Cards
Print business flyers and business cards that give a brief description of your services with your contact details, and place or distribute them every place possible. You will also need to place a small advertisement in the local newspapers.
6. Build a Network
This is the best way to build your client base. Offer free credit counseling to friends and family, and request a letter of recommendation from them. You can also provide counseling classes or seminars in your community, as word of mouth is the best way tool to advertise.
To build trust in you and your business, it's important that you stay honest with your clients. This will not only improve your credibility, but also increase your business opportunities in the future.