Work at home jobs are gaining popularity all over the world.
Outsourcing has become a way of life for many businesses. If you have ever wanted to try a work at home
business opportunity now is the time. With our economic climate in America not
looking promising for companies to hire new employees anytime soon, now may be
a great point in time to look at starting your own business.
There are many home business ideas. One that you may have
not considered is a Debt Collection Business. Consumer debt is growing and this
is a type of business that is also growing with a profitable outlook.
The business is fairly simple-you assist a business in
collecting delinquent accounts through mail and phone calls. A great attraction to this type of home
business is low overhead and costs. You can start a debt collection business
with things you probably already own and can find located in your basic home
office.
1. Telephone-usually
a cell phone
2. Personal
computer
3. Fax
machine
4. Printer
5. Postage
If you don’t have these basics, you can get them fairly
reasonable. If you shop for the best bargains on these you can usually start up
for less than $1300.00. You don’t have re-occurring cost with the exception of
paper, postage and your monthly telephone bill. Your internet connection and
fax machine number are something you can use for other than the debt collection
business and most people already have this. The telephone bill isn’t as bad as
it seems. There are prepaid plans that offer unlimited calls, texts, and
internet access for $40.00 monthly. If you choose the prepaid plan and you start the business and find it’s not for
you, you’re not stuck with a 1 or 2 year contract for a cell phone you no
longer use.
You shouldn’t start a debt collection business without
receiving or having debt collection experience or training. If you have no
experience contact some debt collection agencies or workers to find out if this
industry is for you. You need to have patience, be able to take abuse from some
customers, and have empathy for customers.
Your income for this type of business can fluctuate
depending on the contract you have with the business or businesses you’re
collecting for. The usual is 20% to 30% of what you recover from the debtors.
Debt is categorized and if you choose to pursue older debts sometimes you can
get 50%-65% of whatever debt you collect for the business. You get a bigger
percentage because the chances of collecting the older debts are less. The
chances of collecting the new debts have a lower commission because they are
more likely to be collected.
Make a website for advertising your business. The site
should be professional just as any other business. You can list in the yellow
pages if you can afford it also. In some areas of the country there are local
networking groups that may offer assistance with creating a base of customers.
Take advantage of these if you’re able to.
A debt collection home based business is just like any
other home based business. It needs dedication and hard work. Your hours may be
unusual since you’re making phone calls to customers sometimes, before work,
after work and during their work hours. With debt mounting for many people, now
may be the time to make the most of this type of business. The potential income
for the initial year may be high five to six figures, depending upon your
tenacity and what you’re able to collect.
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