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Should I Start My Own Collection Agency?

France Niland (2019-06-06)

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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 dont 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 of iPhone and Android ringtones 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.

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