Michelle Dunn, author of an award winning book has spent the last 18 years stepping into dangerous debt collection potholes. She shares her hard-won expertise on debt collection with the titles in her Collecting Money Series. She is the founder and president of Never Dunn Publishing, LLC and her 10 year old Credit & Collections Association with thousands of members. Michelle started and ran M.A.D. Collection Agency for 8 years.
Publishers, you have permission to publish this article electronically or in print, free of charge, as long as the bylines are included. A courtesy copy of your publication is appreciated: Email Michelle Dunn Michelle Dunn, PO Box 40, Plymouth NH 03264
Title: Should I start my own Collection Agency?
Author: Michelle Dunn
Author website: www.michelledunn.com
Word count: 301
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, Starting a Collection Agency, How to Make Money Collecting Money 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.