ALL >> Career >> View Article
Should I Start My Own Collection Agency?

If you are wondering if you should or can open your own collection agency, the answer is yes, you can! There are some things you should do before opening your own agency. You should have experience in the collection industry. You must know what type of business the collection business is before you can understand what you are getting into. You need to know the day-to-day activities of collections. You need to know the laws in the state you are in and the states you will be collecting in. You want to have experience dealing with people and negotiation skills.
You should also be ready to spend a lot of time getting people interested in your business. If you have worked in the industry for other people, new clients will know you have experience and be more comfortable placing accounts with you. If you don't have any experience, you need to build credibility so potential clients will know you can do the job and do it well.
Write a business plan. If you are going to borrow money to start your agency you will need a business plan to show the bank. Usually a business plan is made up of:
An Executive ...
... Summary
A Business description
Marketing Strategies
Competitive analysis
Operations and management plans
Financial statements.
I have an example of a Business Plan and a Marketing Plan in my book, How to make money collecting money, Starting a Collection Agency. You should also include a cover or folder for your business plan. Include a title page and a table of contents. This will be very professional and impress any bank you may present it to.
You should LOVE collection work. You either love it or hate it! If you love it, you will be passionate about making your business work.
About the Author
Michelle Dunn is the Author of the FREE e-book How to Help You Get Paid, Credit & Collection Forms and Letters. She has also written and published How to Make Money Collecting Money, Starting a Collection Agency that is available from www.michelledunn.com. For more information on Starting a Collection Agency, order her book for immediate delivery.
Add Comment
Career Articles
1. Kickstart Your Programming Career With Osiz Labs’ Expert Java CourseAuthor: Michael Antony
2. The Role Of Thought Leaders In Closing The Skills Gap
Author: Impaakt Magazine
3. Hiring Fresh Graduates: Why Taking A Chance Can Be The Smartest Move
Author: ImPerfect
4. M7 Pixels: Top Multimedia, Animation & Vfx Training Institute In Ameerpet, Hyderabad
Author: Chris
5. Best Recruitment Agency In Uae
Author: careerPlus
6. Achieve High-paying Career Outcomes Without The Cost Of A Traditional Degree – A Path Through Graphic Designing
Author: Abhishek singh
7. Invest Smartly In Your Future With The Graphic Design Course That Delivers Results
Author: Abhishek singh
8. Don’t Just Edit Videos, Create Masterpieces – Join This Hands-on Video Editing Course In Dehradun And Get Job Ready
Author: Abhishek singh
9. Apply Today For This Coding Course That Covers Everything From Html To Deployment
Author: Abhishek singh
10. The Psychology Of Career Decisions
Author: Bizz Buzz Creations
11. Building A Strong Tech Portfolio: Tips & Tricks
Author: TCCI - Tririd Computer Coaching Institute
12. Class 3 License Training Edmonton: Start Your Career In The Commercial Driving Industry
Author: Inder Gill
13. Why Dr. M.c. Saxena College Of Pharmacy Is Among The Best Pharmacy Colleges In Lucknow
Author: mcsgoc
14. Different Types Of Smart Glasses
Author: helo hon
15. Real-world Java Full Stack Projects To Build Your Portfolio
Author: rajeshmonopoly