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The Founder expects that the business will aggressively expand during the first three years of operation. Doe intends to implement marketing campaigns that will effectively target companies that have outstanding receivables within the target market. The Company is registered as a corporation in the State of New York. Below is a breakdown of how these funds will be used: Doe is not seeking an investment from a third party at this time.

If the business is very successful, Mr. Doe may seek to sell the business to a third party for a significant earnings multiple. Most likely, the Company will hire a qualified business broker to sell the business on behalf of the Debt Collection Agency. Based on historical numbers, the business could fetch a sales premium of up to 4 times earnings.

Debt Collection Agency Start Up Sample Business Plan NEW!

Below is a description of the debt collection and credit advisory services offered by the Company. The primary function of the Debt Collection Agency is to purchase defaulted loan and receivables portfolios that have not been properly serviced by the debt for more than days. The business intends to purchase these portfolios for three to four percent of their face value. The secondary market for defaulted debts is immensely large, and debts are regularly sold and divested among debt collection agencies.

The business will maintain a call center that will house 2 to 3 debt collection staff members that will be responsible for managing the phone calling and correspondence with each debtor of the Debt Collection Agency. Management estimates that on any given day, a staff member will make to phone calls, and will service approximately accounts. The Company is currently developing its procedures for employee incentives. The business will also act in a third party capacity among companies that contract with the Company for collecting debts on their behalf.

Product details

The Company will also offer per hour advice to clients regarding how to properly maintain their credit scores. In regards to fees, the client will pay directly for these counseling services, which will be offered at a fixed rate. Currently, the economic market condition in the United States is in recession. This slowdown in the economy has also greatly impacted real estate sales, which has halted to historical lows. Many economists expect that this recession will continue for a significant period of time, at which point the economy will begin a prolonged recovery period.

However, debt collection businesses typically operate with a great degree of economic immunity as people will continue to require these services on an ongoing basis, especially during deleterious economic climates. As such, Management feels that the current economic climate is actually an excellent time to launch this type of business as millions of people are currently having substantial issues with their debts.

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In the United States there are over 60, businesses that operate as credit intermediaries which includes debt collection businesses. The Internet has revolutionized the way that many these companies do business. Preparing to Start Your Own Agency. Accounting and Collection Software Program. Laws and Regulations Governing the Industry.

Debt Collection Agency Business Plan

Collection Methods and Communicationy. Managing Customer Accounts New and Old. Payment Plans Settlements and Getting Paid. Lawsuits Complaints and Legal Counsel. The Future of your Successful Business. Example Debtor Excuses and Rebuttals. Promoting Your Agency and Acquiring Clients. - Free Debt Collection Agency Business Plan

Agency Proposals What to Include. As your debt collection startup grows, you may want to consider expanding into the world of factoring. Here's how it works: Instead of collecting debts for someone else, you can buy a company's accounts receivable at a highly discounted rate. Rather than collecting a commission, you then keep whatever you are able to collect.

Haven't created a business plan for your debt collection service yet?

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You could be in big trouble. At Gaebler, we advise new business owners to keep your business plan simple. Even though there are certain issues your plan needs to address, business plans are fluid documents that are intended to adapt alongside your debt collection service.

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As your company matures, you can circle back to your business plan to make revisions and adjustments. Prior to opening a debt collection service in your town, it's a good idea to determine how strong the competition is. We've provided the link below to help you find competitors nearby. Simply enter your city, state and zip code to get a list of debt collection services in your town. If there's too much competition, it may be wise to consider starting the business in a less competitive marketplace.

Once you've finished assessing the competion, be sure to speak with somebody who is already in the business. If you think owners of nearby debt collection services will give you advice, think again. The last thing they want to do is help you to be a better competitor. On the other hand, an individual who has a debt collection service in a different city can be a great learning resource for you, given that you don't compete with them in their area.

Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. In my experience, you may have to call ten business owners in order to find one who is willing to share his wisdom with you. How do you find a debt collection service founder who is willing to talk to you but doesn't live nearby?

Most notably, a debt collection service includes more than just assets - a brand identity and customer base come with the keys to the front door.