Are you about starting a credit repair agency? If YES, here is a complete sample credit repair service business plan template & feasibility report you can use for FREE.
Okay, so we have considered all the requirements for starting a credit repair business. We also took it further by analyzing and drafting a sample credit repair service marketing plan template backed up by actionable guerrilla marketing ideas for credit repair businesses. So let’s proceed to the business planning section.
Table of Content
- Why Start a Credit Repair Service Business?
- 1. Industry Overview
- 2. Executive Summary
- 3. Our Products and Services
- 4. Our Mission and Vision Statement
- 5. Job Roles and Responsibilities
- 6. SWOT Analysis
- 7. MARKET ANALYSIS
- 8. Our Target Market
- 9. SALES AND MARKETING STRATEGY
- 10. Sales Forecast
- 11. Publicity and Advertising Strategy
- 12. Our Pricing Strategy
- 13. Startup Expenditure (Budget)
- 14. Sustainability and Expansion Strategy
Why Start a Credit Repair Service Business?
Have you ever dreamt of becoming your own boss? Did you per chance study Banking and Finance, Accountancy or any related course and are finding it difficult to get your ideal job? You don’t need to worry because your dream of becoming your own boss and still work as a professional can be fulfilled with little or no start-up capital.
One of the business opportunities that you can leverage is to start a credit repair services business. Although you would need ample hands on experience with good track record to be able to attract well – paying clients, but that does not stop you from still making headway in this line of business. The truth is that the business has pretty low entry capital and you can start the business from your home, shared offices space or virtual office with one or two staff members.
Basically, credit repair services companies identify errors in credit reporting and disputes inaccurate information with the appropriate organizations to improve credit ratings. These services are typically undertaken on behalf of a client who has known credit problems, such as a recent bankruptcy.
You can be sure that your services would always be in demand by those small businesses and individual that can’t afford to hire the services of well – established consultant. They know that it would save them cost and one good thing about it is that you can handle up to 20 clients per time depending on how organized and hardworking you are.
If you are interested in starting a credit repair services company, then you should be ready to conduct thorough feasibility studies and market survey before committing your money and other resources to it. Aside from a thorough and detailed feasibility studies and market survey, one of the important documents that will aid the success of the business is a good and workable business plan.
Below is a sample credit repair services company business plant template that can help you successfully write your own business plan with little or no stress;
A Sample Credit Repair Business Plan Template
1. Industry Overview
The financial services industry is indeed a very broad industry and one of the active lines of business that an aspiring entrepreneur can start in the industry is credit repair services business. Credit repair service is all about helping individuals and small businesses handle their credit issues so as to improve their credit ratings.
Primarily, credit repair services companies help their clients identify errors in their credit reporting and they go ahead to help dispute the inaccurate information with credit reporting agencies. These services can be offered in person, online or over the phone, usually for a fee. On the average, their advice relates to credit cards, personal loans and home mortgages.
Research conducted by IBISWORLD shows that conditions were ripe for industry growth right before the recession, with the amount of consumer debt increasing to record levels during the early 2000s. Nevertheless, the recession caused demand for credit repair to increase slightly in 2009 and 2010.
Rising unemployment and falling disposable income led to an influx of debt problems for consumers during the recession, causing many households to turn to credit repair service firms for help with debt management. The Credit Repair Services industry is indeed a large industry and pretty much active in countries such as United States of America, United Kingdom, France, Italy, Holland, Switzerland, and Canada et al.
Statistics has it that in the united states of America alone, there are about 123,010 registered and licensed credit repair services firms responsible for employing about 135,701 and the industry rakes in a whooping sum of $6 billion annually. The industry is projected to enjoy -5.3 percent annual growth. It is important to state that there is no organization with a lion share of the available market in this industry.
One thing is certain about starting a credit repair services business, if you are able to conduct your market research and feasibility studies, you are more likely not going to struggle to secure clients because there are always individuals, households, start – ups and even corporate organization who would want to hire your services.
Lastly, with credit repair services business, you can afford to partner with other smaller firms that are into financial related services. You can partner with accounting and bookkeeping consulting firm, you can partner with auditing firms, you can partner with tax preparation firms and you can partner with human resources consulting firms. The bottom line is that, if you have a robust network and you are well positioned, you can indeed maximize your credit repair services business.
2. Executive Summary
Hilary J.F Credit Consulting®, LLP is a registered and licensed financial consulting firm that specializes in credit repair services. The business will be based in Saint New York City – New York and we are able to secure a well – positioned and standard office facility. We are aware that to run a standard credit repair services firm can be demanding which is why we are well trained, certified and equipped to perform excellently well in our chosen line of business.
Hilary J.F Credit Consulting®, LLP is a client – focused and result driven credit repair services firm that provides broad- based services at an affordable fee that won’t in any way put a hole in the pocket of our clients. We will offer standard and professional credit repair services to all to our individual clients, and corporate clients at local, state, national, and international level. We will ensure that we work hard to meet and surpass our clients’ expectations whenever they hire our services.
At Hilary J.F Credit Consulting®, LLP, our client’s best interest would always come first, and everything we do is guided by our values and professional ethics. We will ensure that we hire professionals who are well experienced in the credit repair consulting services industry.
Hilary J.F Credit Consulting®, LLP will at all – time demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.
We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.
Our plan is to position the business to become the leading brand in credit repair services line of business in the whole of New York City – New York, and also to be amongst the top 10 credit repair services businesses in the United States of America within the first 10 years of operations.
This might look too tall a dream but we are optimistic that this will surely be realized because we have done our research and feasibility studies and we are enthusiastic and confident that New York City – New York is the right place to launch our credit repair services business before sourcing for clients from other cities in The United States of America.
Hilary J.F Credit Consulting®, LLP is founded by Hillary Julius and Fritz Lundeberg, his business partner for many years. The organization will be managed by both of them since they have adequate working experience to manage such business.
Hilary Julius has well over 5 years of experience working at various capacities within the financial cum credit repair consulting services industry in the United States of America. Mr. Hilary Julius graduated from both University of California – Berkley with a Degree in Accounting, and University of Harvard (MSc.) and he is a chartered account with background on credit repair.
3. Our Products and Services
Hilary J.F Credit Consulting®, LLP is going to offer varieties of services within the scope of the credit repair consulting services industry in the United States of America. Our intention of starting our credit repair consulting services firm is to work with individuals, household, smaller organizations (start – ups and mom and pop shops) and also well – established corporate organizations who would want to outsource their credit repair concerns to professionals.
We are well prepared to make profits from the industry and we will do all that is permitted by the law in the United States to achieve our business goals, aim and ambition. Our business offering are listed below;
- Credit repair consultation
- Dispute processing
- Cease and desist collections processing
- Settlement assistance
- Credit reestablishment
- Other financial consulting and advisory related services
4. Our Mission and Vision Statement
Our vision is to build a credit repair services brand that will become the number one choice for individuals, smaller businesses and corporate clients in the whole of New York City – New York. Our vision reflects our values: integrity, service, excellence and teamwork.
Our mission is to provide professional, reliable, trusted and result oriented credit repair services that assist individuals, start – ups, corporate organization and non-profit organizations in organizing their credit repair related concern.
We will position the business to become one of the leading brands in the credit repair services line of business in the whole of New York City – New York, and also to be amongst the top 10 credit repair services firms in the United States of America within the first 10 years of operations.
Our Business Structure
Ordinarily we would have settled for two or three staff members, but as part of our plan to build a standard credit repair services firm in New York City – New York, we have perfected plans to get it right from the beginning which is why we are going the extra mile to ensure that we have competent, honest and hardworking employees to occupy all the available positions in our firm.
The picture of the kind of credit repair services business we intend building and the business goals we want to achieve is what informed the amount we are ready to pay for the best hands available in and around New York City – New York as long as they are willing and ready to work with us to achieve our business goals and objectives.
Below is the business structure that we will build Hilary J.F Credit Consulting®, LLP;
- Chief Executive Officer
- Credit Repair Consultants
- Admin and HR Manager
- Marketing and Sales Executive
- Customer Care Executive / Front Desk Officer
5. Job Roles and Responsibilities
Chief Executive Office:
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for fixing prices and signing business deals
- Responsible for providing direction for the business
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
Credit Repair Consultants
- Responsible for handling credit repair consultation
- Responsible for handling dispute processing
- In charge of cease and desist collections processing
- Responsible for providing settlement assistance
- Responsible for creating credit reestablishment
- Handles another financial consulting and advisory related services
Admin and HR Manager
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Designs job descriptions with KPI to drive performance management for clients
- Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Defines job positions for recruitment and managing interviewing process
- Carries out staff induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
- Oversee the smooth running of the daily office activities.
Marketing and Sales Executive
- Identify, prioritize, and reach out to new partners, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of relevant projects.
- Writes winning proposal documents, negotiate fees and rates in line with company policy
- Responsible for handling business research, marker surveys and feasibility studies for clients
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develops, executes and evaluates new plans for expanding increase sales
- Documents all customer contact and information
- Represents the company in strategic meetings
- Helps to increase sales and growth for the company
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- create reports from the information concerning the financial transactions recorded by the bookkeeper
- Prepares the income statement and balance sheet using the trial balance and ledgers prepared by the bookkeeper.
- Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for one or more properties.
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for the company
- Serves as internal auditor for the company
Client Service Executive / Front Desk Officer
- Welcomes guests and clients by greeting them in person or on the telephone; answering or directing inquiries.
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the manager in an effective and timely manner
- Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients
- Receives parcels / documents for the company
- Distributes mails in the organization
- Handles any other duties as assigned my the line manager
6. SWOT Analysis
Hilary J.F Credit Consulting®, LLP engaged the services of a core professional in the area of business consulting and structuring to assist the firm in building a well – structured credit repair services firm that can favorably compete in the highly competitive credit repair consulting services industry.
Part of what the team of business consultant did was to work with the management of our organization in conducting a SWOT analysis for Hilary J.F Credit Consulting®, LLP. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Hilary J.F Credit Consulting®, LLP;
Our core strength lies in the power of our team; our workforce. We have a team that can go all the way to give our clients value for their money; a team that are trained and equipped to pay attention to details and to deliver excellent jobs.
Aside from the synergy that exists in our carefully selected workforce, we have a very strong online presence are and we are well positioned and we know we will attract loads of clients from the first day we open our doors for business.
As a new credit repair consulting services firm, it might take some time for our organization to break into the market and gain acceptance especially from corporate clients in the already saturated credit repair consulting services industry; that is perhaps our major weakness. So also we may not have the required cash to give our business the kind of publicity we would have loved to.
The opportunities in the financial consulting services industry is massive considering the number of mom and pop businesses, start – ups and of course corporate organizations who can’t afford to do without the services of bookkeeping and payroll service providers. As a standard and well – positioned bookkeeping and payroll service provider, we are ready to take advantage of any opportunity that comes our way.
Some of the threats that we are likely going to face as a bookkeeping and payroll service firm operating in the United States are unfavorable government policies, the arrival of a competitor within our location of operations and global economic downturn which usually affects purchasing / spending power. There is hardly anything we can do as regards these threats other than to be optimistic that things will continue to work for our good.
7. MARKET ANALYSIS
- Market Trends
IBISWORLD recently released a report that pointed out to the fact that over the past five years, many internet-savvy consumers turned to an increasing number of free online services, hurting industry revenue. The report also stated that, aggregate household debt slowly decreased over the period, along with the national unemployment rate, lessening the need for industry services.
Revenue for the Credit Repair Services industry will continue to decline in the five years to 2020. As the economy improves and the unemployment rate continues to decline, the growth of consumer debt levels is expected to grow at a slower rate. Consequently, there will be a narrower scope for growth in credit repair services in the coming years
No doubt, the credit repair services industry landscape begun to change, with consumer preferences increasingly trending toward establishments that offer online credit repair services options.
Despite the fact that the recent improving economic conditions are expected to support the growth of revenue generated in the industry, some credit repair firms’ performance will be stunted, as online credit repair consulting service providers pose a big threat traditional brick-and-mortar credit repair consulting firms.
Going forward, increasing product penetration and of course an expanding customer base is expected to drive growth in the industry. Lastly, operators in this industry ensure that they get all the testimonials they can and publish them on their website and promotional materials. This usually goes a long way to give them credibility and also to attract more clients.
8. Our Target Market
The demographic and psychographics composition of those who need the services of credit repair services providers cuts across both small businesses and large corporations and individual clients as well.
Hilary J.F Credit Consulting®, LLP will initially serve small to medium sized business, from new ventures to well established businesses and individual clients, but that does not in any way stop us from growing to be able to compete with the leading credit repair service firms in the United States.
As a standard and licensed credit repair service firm, Hilary J.F Credit Consulting®, LLP offers a wide range of credit repair consulting services hence we are well trained and equipped to services a wide range of clientele base.
Our target market cuts across businesses of different sizes and industries. We are coming into the industry with a business concept that will enable us work with the small businesses and bigger corporations in and around New York City – New York and other cities in the United States of America. Below is a list of the businesses and organizations that we have specifically design our products and services for;
- Households and individual clients
- Blue Chips Companies
- Corporate Organizations
- Religious Organizations (Pilgrimage journeys et al)
- Political Parties / Politicians
- Hotels and Restaurants
- The Government (Public Sector)
- Schools (High Schools, Colleges and Universities)
- Sport Organizations
- Entrepreneurs and Start – Ups
The level of competitions in the financial consulting services industry depends largely on the location of the business and of course the niche of your financial consulting services. If you can successfully create a unique brand identity for your credit repair services firm or carve out a unique market, you are likely going to experience less competition.
Although the competition in the credit repair services line of business is not just within same service providers but also other financial consulting related service providers in the financial consulting services industry. For example, it is now easier for you an auditing firm to also offer credit repair services for its clients.
We are quite aware that to be highly competitive in the credit repair consulting services industry means that we should be able to deliver consistent quality and result oriented services, our clients should be able to experience remarkable difference cum improvement in their credit ratings and we should be able to meet the expectations of clients.
Hilary J.F Credit Consulting®, LLP might be a new entrant into the credit repair consulting services industry in the United States of America, but the management staffs and owners of the business are considered gurus. They are people who are core professionals and licensed and highly qualified credit repair experts in the United States. These are part of what will count as a competitive advantage for us.
Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category (start – ups credit repair service providers) in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives.
9. SALES AND MARKETING STRATEGY
We are mindful of the fact that there are stiffer competition amongst credit repair service providers and other related financial consulting service providers in the United States of America; hence we have been able to hire some of the best business developer to handle our sales and marketing.
Our sales and marketing team will be recruited base on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of the organization. We will also ensure that our excellent job deliveries speak for us in the market place; we want to build a standard credit repair service business that will leverage on word of mouth advertisement from satisfied clients (both individuals and corporate organizations).
Our goal is to grow our credit repair consulting firm to become one of the top 10 credit repair services firms in the United States of America which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with not only in the New York City – New York, but also in other cities in the United States of America.
Hilary J.F Credit Consulting®, LLP is set to make use of the following marketing and sales strategies to attract clients;
- Introduce our business by sending introductory letters alongside our brochure to corporate organizations, schools, households and key stake holders in New York City and other cities in the United States of America.
- Promptness in bidding for credit repair consulting contracts from celebrities, religious organizations and other cooperate organizations
- Advertise our business in relevant financial and business related magazines, newspapers, TV stations, and radio station.
- List our business on yellow pages ads (local directories)
- Attend relevant international and local finance and business expos, seminars, and business fairs et al
- Create different packages for different category of clients (start – ups and established corporate organizations) in order to work with their budgets and still deliver quality services to them
- Leverage on the internet to promote our business
- Engage direct marketing approach
- Encourage word of mouth marketing from loyal and satisfied clients
- Join local chambers of commerce and industries with the aim of marketing our services.
Sources of Income
Hilary J.F Credit Consulting®, LLP is established with the aim of maximizing profits in the credit repair consulting services industry and we are going to go all the way to ensure that we do all it takes to attract clients on a regular basis and to get referrals from our clients.
Hilary J.F Credit Consulting®, LLP will generate income by offering the following financial consulting services for individual clients, start – ups, NGOs and for corporate organizations;
- Provide credit repair consultation
- Handle dispute processing services
- Provide cease and desist collections processing
- Provide settlement assistance services
- Provide credit reestablishment services
- Provide other financial consulting and advisory related services
10. Sales Forecast
One thing is certain, there would always be individuals, start – ups, NGOs and corporate organizations that would need the services of professional credit repair services providers.
We are well positioned to take on the available market in New York City – New York and other key cities in the United States of America and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow the business and our clientele base beyond New York City to other cities in New York and other states in the U.S.
We have been able to critically examine the credit repair services consulting market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to startups in New York City – New York.
Below are the sales projections for Hilary J.F Credit Consulting®, LLP, it is based on the location of our business and the wide range of credit repair consulting services that we will be offering;
- First Fiscal Year-: $150,000
- Second Fiscal Year-: $350,000
- Third Fiscal Year-: $750,000
N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and natural disasters within the period stated above. There won’t be any major competitor offering same additional services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.
11. Publicity and Advertising Strategy
We have been able to work with our brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market. We are set to take the credit repair cum financial consulting services industry by storm which is why we have made provisions for effective publicity and advertisement of our credit repair services consulting firm.
Below are the platforms we intend to leverage on to promote and advertise Hilary J.F Credit Consulting®, LLP;
- Place adverts on both print (community based newspapers and magazines) and electronic media platforms
- Sponsor relevant community based events / programs
- Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, YouTube, Google + et al to promote our brand
- Install our Bill Boards on strategic locations all around New York City – New York
- Engage in road show from time to time
- Distribute our fliers and handbills in target areas
- Ensure that all our workers wear our branded shirts and all our vehicles are well branded with our company’s logo et al.
12. Our Pricing Strategy
Hourly billing for credit repair cum financial consulting services is a long – time tradition in the industry. However, for some types of credit repair consultancy services, flat fees make more sense because they allow clients to better predict consultancy costs.
As a result of this, Hilary J.F Credit Consulting®, LLP will charge our clients a flat fee for many basic services such as credit repair consultation, dispute processing, cease and desist collections processing, settlement assistance, and credit reestablishment et al.
At Hilary J.F Credit Consulting®, LLP we will keep our fees below the average market rate for all of our clients by keeping our overhead low and by collecting payment in advance. In addition, we will also offer special discounted rates to start – ups, nonprofits, cooperatives, and small social enterprises.
We are aware that there are some clients that would need regular access to credit repair cum financial consultancy and advisory services and assistance, we will offer flat rate for such services that will be tailored to take care of such clients’ needs.
- Payment Options
The payment policy adopted by Hilary J.F Credit Consulting®, LLP is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.
Here are the payment options that Hilary J.F Credit Consulting®, LLP will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via online bank transfer
- Payment via mobile money
- Payment via Point of Sales Machines (POS Machines)
- Payment via check
- Payment via bank draft
In view of the above, we have chosen banking platforms that will enable our client make payment for farm produces purchase without any stress on their part. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer for services rendered.
13. Startup Expenditure (Budget)
In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting / leasing a big facility, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.
This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business.
On the average, starting a credit repair services firm can be cost effective; this is so because on the average, you are not expected to acquire expensive machines and equipment. Basically what you should be concerned about is the amount needed to secure a standard office facility in a good and busy business district, the amount needed to furniture and equip the office, the amount needed to pay bills, promote the business and obtain the appropriate business license and certifications.
Basically, these are the area we are looking towards spending our start – up capital on;
- The total fee for incorporating the Business in the United States of America – $750.
- Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $3,300.
- The total cost for payment of insurance policy covers (general liability, workers’ compensation and property casualty) coverage at a total premium – $9,400.
- The amount needed to acquire a suitable Office facility in a business district 6 months (Re – Construction of the facility inclusive) – $40,000.
- Marketing promotion expenses for the grand opening of Hilary J.F Credit Consulting®, LLP in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
- The total cost for hiring Business Consultant – $2,500
- The cost for equipping the office (computers, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) – $2,000
- The cost of launching our official Website – $600
- Budget for paying at least two employees for 3 months and utility bills – $30,000
- Additional expenditure (Business cards, Signage, Adverts and Promotions et al) – $2,500
- Miscellaneous – $1,000
Going by the report from the research and feasibility studies, we will need about One Hundred and Fifty Thousand US Dollars ($150,000) to set up a small scale but standard credit repair consulting services firm in the United States of America.
Generating Funds / Startup Capital for Hilary J.F Credit Consulting®, LLP
Hilary J.F Credit Consulting®, LLP is a business that will be owned and managed by Hilary Julius and his business partner Fritz Lundeberg. They are the sole financial of the firm, but may likely welcome partners later which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources.
These are the areas we intend generating our start – up capital;
- Generate part of the start – up capital from personal savings
- Source for soft loans from family members and friends
- Apply for loan from my Bank
N.B: We have been able to generate about $50,000 (Personal savings $40,000 and soft loan from family members $10,000) and we are at the final stages of obtaining a loan facility of $100,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
14. Sustainability and Expansion Strategy
The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.
One of our major goals of starting Hilary J.F Credit Consulting®, LLP is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running. We know that one of the ways of gaining approval and winning customers over is to offer our credit repair cum financial consulting services a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.
Hilary J.F Credit Consulting®, LLP will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner of our business strategy.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more as determined by the board of the organization. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
Check List / Milestone
- Business Name Availability Check: Completed
- Business Incorporation: Completed
- Opening of Corporate Bank Accounts various banks in the United States: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of All form of Insurance for the Business: Completed
- Conducting Feasibility Studies: Completed
- Leasing a standard and well positioned office facility in the heart of New York City – New York: Completed
- Generating part of the start – up capital from the founder: Completed
- Applications for Loan from our Bankers: In Progress
- writing of business plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents: In Progress
- Design of The Company’s Logo: Completed
- Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
- Recruitment of employees: In Progress
- Purchase of the needed software applications, furniture, office equipment, electronic appliances and facility facelift: In progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business (Business PR): In Progress
- Health and Safety and Fire Safety Arrangement: In Progress
- Establishing business relationship with vendors and key players in the industry: In Progress