Start a Credit Consulting Business
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.
