How to Start a Judgment Recovery Business
If you want to start a judgment recovery business, you will need to check with NJN. This is your one-stop resource to learn everything you can about the business. You will spend most of your time researching and looking for possible clients.
Draft contracts and with the right skills, you will soon collect the money that you deserve.
Are you interested in providing community service? If you are, you might want to consider starting a judgment recovery business. This can be operated from home but before you go any further, you must learn the basics. The only way to do this is by getting adequate training. You will need to consult with NJN or National Judgment Network to avail of their training program. All you have to do is pay for the lifetime membership fee and you can take advantage of the many resources that the agency offers.
Start a Judgment Recovery Business
When you have incurred the needed knowledge and skills, you can now create a detailed plan. Startup can cause headache but you can minimize it by following some sort of guide. A home office will still need several things like accounting software, computer, phone, bank account, and some contacts. You should have access to various databases that hold public records. You have to look for debtors and at the same time, it is vital that you conduct some research to determine their assets.
You will need a marketing plan to convince clients that you’re not asking for any upfront fee. Your main aim here is to secure work. You send potential clients a letter that tells them you’re the one who’s going to pay for the upfront costs to collect the money and all the legwork is yours too. Now, you can earn money by asking for a certain percentage when judgment has been given. Everything should be in black and white. Draft a contract where the procedures are outlined. This should cover issues like legalities, liabilities, judgment recovery period, and payment schedule. You can ask a lawyer to review the contract to find out if everything is covered. Both parties should sign the contract.
The best way to secure lists of potential clients is to check civil records. The local courthouse can help you with this matter. Older judgments usually have higher interests but it can be hard to look for old addresses. Again, this is where you skills will be put to the test. The advantage of this type of business is that you can educate yourself through audio seminars, discussion boards, reports, and tutorials. You don’t have to give you day job just yet. When you’re satisfied with your skills and knowhow, you can do this business full time. Start out early and hone your skills. Learn from the experts and attract more money into your life. You should possess the right attitude and knowledge to succeed.
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