When you first dive into how to start a credit repair business, make learning the ins and outs of credit repair a priority. With credit repair business training you’ll gain confidence and knowledge as you build your client base.
Innovation has a huge impact on your credit repair business growth. Whether you devise creative ways to delight customers or find alternative routes to build affiliates, rethinking your business builds your profit potential.
At the 2019 Credit Repair Expo, credit repair business powerhouse, business credit expert Ty Crandall offered some valuable credit repair business training advice on how to innovate. Specifically, he revealed how an idea took his credit repair business to the next level.
Read on to learn about the untapped market of business credit.
The Basics of Business Credit
Business credit differs from personal credit in a few important ways. Instead of ranging from 300 to 850 like personal credit scores, business credit scores vary from 1 – 100. Another major difference is, your business credit score is linked to your Employer Identification Number (EIN), not your Social Security number (SSN). This means individuals can get business credit without having to undergo a consumer credit check.
It also opens up major opportunities for people who have poor personal credit or high credit bills. Business credit opens up opportunities for people such as:
- An individual can use all of their business line of credit without having a negative effect on their personal credit score
- Business credit gets approved (or not) based only on the business’ ability to pay bills
- It reduces personal liability for business actions
- It helps people get capital who otherwise wouldn’t get it and helps others get capital at a better rate
Offering these benefits to your clients builds your credibility in the credit repair industry and helps you expand your credit repair business.
1) Increase Client Retention by Offering a New Service
During talk after inspiring talk, credit repair success stories/millionaires stressed that client retention is key to building your credit repair business.
Forbes agrees it pays to nurture your existing customers. Consider the following:
- A 5% increase in retention results in a 25 – 100% increase in profits
- It costs five times more to attract a new customer than it does to keep an existing one·
Offering business credit creates a legit way to keep working with your credit repair clients after (or at the same time as) repairing their personal credit, thus adding to client lifetime value.
2) Help Small Businesses Owners
Building business credit is a must for anyone who wants to start a business or secure business financing. It’s also important for the following reasons:
- Helps you build a good track record with vendors and suppliers
- Protects your personal credit from anything that occurs in your business
Business credit lets individuals establish a line of credit that isn't linked to their personal credit. By providing this service you help small business owners avoid financial problems down the line. Not to mention, you’ll help people follow their dreams and achieve their goals of financial independence.
3) Get People Talking About Their Credit (and Into Your Office)
When Ty began expanding his credit repair business offerings, he noticed a few things:
- People were much more likely to approach him about business credit services than about personal credit repair
- He got far more leads from advertising business financing than from ads for credit repair.
Ty quickly realized business credit was a great foot-in-the-door for people who are embarrassed to admit they need personal credit repair.
Perhaps because of the stigma surrounding credit repair, striking up a conversation about business credit became a safe starting point. It’s assumed that starting a business comes with risks, so there’s less stigma if you need help in that area.
4) High Demand, Low Competition
Ty found, there is a high demand both for business credit and for business credit repair and education. However, there was not a lot of available information about it.
As a credit repair business owner who provides business credit services, you have the opportunity to help people in your community get much-needed information, and at the same time increase your income.
Many people don’t understand the business side of credit and they have questions. When you step in with the information people want and need, it establishes you as an expert in the community. You create trust and opportunities to offer more services to your customers.
Start your credit repair business training today and get one step closer to becoming a credit repair expert. Get The Ultimate Guide to Starting a Credit Repair Business now.
