I apologize if this sounds unorganized or if there are any typos or strange auto-corrects. A collection business is an easy business to start and run from your home office because it does not require you to meet with clients face-to-face, but instead involves contacting debtors by mail and by phone.Tags: Essay On Water A BlessingEmpirical Literature Review DefinitionEssays To Get Into CollegeHsc English Creative WritingStructure Of The Business PlanCreative Writing Essay S 2011
Doing things the wrong way can lead to being shut down by any number of regulatory agencies and your income is going to come from people that despise the service you provide.
I'm happy to advise about the industry and can show you an article that I've written for a trade conference with the DBA that goes more into depth on all of these topics. Have an accountant that is familliar with Collections and make a solid business plan.
There are many problems with the way I opened that I would not reccomend.
For example, I was the only person on the phones for the first year and I was a skilled debt collector.
Essentially in 2013, all of the banks decided that if you weren't already in the industry, you're not going too break in to it because you can't prove that you're established and they won't take the risk.
There are overseas processors that will let you keep ~60% of what you process through them, they deposit into your account after 2 weeks and then shut you down after your first chargeback which are rampant in the industry. I'm not saying that it's impossible, but after 5 years of business that I had built up from the ground, I sleep less and make less than I would if I had say... Don't get me wrong, I love what I do and I love the industry but there are so many bad seeds that had ruined it for everyone in recent years.
I wish you the best of luck if you're getting into the industry and I hope you have a strong constitution and strong moral fiber.
Being one of the good guys will get you farther than trying to make a quick buck.
I do want to make sure you understand the downsides of starting up wrong.
A lot of people hear “there's a lot of money in Collections”, like anything it's a business.