Home Business Ideas
Start a Credit Consulting Business
Simply put,
there is no better time than
right now to start a credit
consulting business. As the
credit market of America
begins to collapse and
millions of people spiral
into debt, your ability to
counsel them through the
debt and help them learn how
to manage their money
properly, will prove to be
invaluable. A credit
consulting business is one
of the best types of
businesses to start up
because there is low initial
costs, the training is easy
and there will always be a
market for it as long as
currency and credit exists.
The Concept
The concept is
essentially that you are
helping people manage their
credit through a variety of
methods. You will show them
how they can budget their
expenses so they do not
overextend themselves, you
can help them figure out how
to pay off their debts
without going to collections
or declaring bankruptcy and
you can help them look to a
future that is free of
credit problems or immense
debt.
One of the great things
about this form of service
business is that every day,
you are helping people make
a better future for
themselves. You are helping
to take that overwhelming
debt and turn it into a
positive thing, and a way to
turn their lives around.
There are few jobs that will
allow you to feel good about
helping someone at the end
of the day, but this is one
of those jobs.
Startup Costs
Depending on the route
you take, startup costs can
be high or low. If you
decide to be part of a
credit consulting franchise,
it may cost you upwards of
$15,000 in franchise costs.
However, you can also go
into business for yourself.
There is a low overhead for
this type of small business,
but you can expect to pay a
bit more than you would with
other small business
startups, but only
initially.
You are going to need to
find a credit counseling
training program, and this
can run hundreds of dollars.
It can be done online, or it
can be done in a local
college. You should also,
although it is not required,
take an accounting course at
the local college. This will
be a few more hundreds of
dollars.
After that, you will need to
apply for accreditation
through the Council on
Accreditation. The study
material and test will run
around $300. After that you
should be ready to go. So,
expect initial costs of a
non-franchise credit
consulting business to be
about $1,000 to $2,500.
How to Market It
Obviously advertising in
the newspaper will help, but
it is important that you
target places where people
in need of credit will hang
out. Put up some posters at
the local coffee shop, as
well as the unemployment
office. Many people
suffering with credit
problems are unemployed,
hence the reason they cannot
pay back their debts.
You can try and advertise
outside of banks but they
may not take kindly to it.
Try and put up posters in
downtown areas as well. Many
people in need of credit
consulting will pass through
those areas during their
day-to-day activities.
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