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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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