I asked ACP about starting up an online sporting goods store (retail), and many of you snuggest not going that route. I took many of the advise and asked around a little more and with a little more research I would agree, it is just to hard for the "little guy" to get in with competitive pricing and volume. So I thought I would research like many of you suggested into a service industry. So digging a little deeper into what I enjoy doing is well helping my family and friends with their credit. Having a security clearance and such got me very interested in the whole credit field (some say I am a little over board with it). I have had much sucess with helping my family and friends get some things removed from their credit reports and such so they could buy a house, car, ect. I understand that ME PERSONALLY would never pay a company to help me with my credit however I know many people out there would (this is why companies like lexington law are doing so well). Anyways this was my next idea I have because it is a service that people need/want being credit run this world these days, and also something I enjoy doing. Looking forward to all the feedback from this site. This site has to be one of the best resources I have seen thus far and would like to thank each and every one of you for your time and input.
Answers
Since you are looking at different businesses to start I'd suggest registering for this free webinar which is Monday @ 6PM Pacific: http://live.iwillteachyoutoberich.com/ztl/
The guy putting it on posts a lot of solid advice on the process of finding something you can launch yourself. In this session, he says "I’ll be taking real business ideas submitted from my readers all over the world and showing you what works, what doesn’t, and how you can apply these insights to launching your own online business."
If nothing else you should come out of that with a bunch of questions you can use to analyze the merits of your own idea(s) and perhaps even a process for starting. I can't vouch for the paid course (I haven't taken it), but the free content is definitely worth your time.
Only the big guys make it in that credit fix arena. While I am a wholesale guy, not retail, I see the "help" market with growth as: grow light sales for marijuana in the states that is legal, convicted felons half-way houses, maintenance of second homes in vacation markets, care giving services for aging baby boomers (including aging in place). As you have found, the credit fix market is full of con men. If you end up working for a firm, do your research on your employer.
Good answers from some veterans. I would strongly consider Lily's advice on working for such a company as you will get to know - how they manage, how they get their customers (marketing), how they price their services, issues (big one) that they constantly run into, what kind of profit/loss you think the company might be making, regulatory issues, etc. Direct knowledge is essential.
Two thoughts:
1) that industry is watched by Atty Generals in various states (CA) due to the number of such companies that were set up to bilk borrowers during the credit meltdown, so regs might be an issue for a startup,
2) think how you would charge people per visit or per fix and see what others are charging. With that info you can determine how many people you'll need to source each year to make a go of it. Assume this is a 35% margin business to run your numbers - just a guess. Also figure our how you'll find customers and how much that'll cost.
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