Ultimately to be successful in your collection business, you will need to adopt what others in the industry have done and are doing but also utilize your own creativity and business savvy to make your business and services stand out and be successful. So ask yourself, what makes your business different from your competition? What services or products will you provide that will make you stand out in the marketplace and help you rise above your peers? Make a list of your strengths and your weaknesses and make sure you build your business up around your strengths.
If you are collecting debt for a 3rd party, your best weapon or tool will be your collection and close rate … essentially how quick and efficient you can collect on your book of debt. Once a business trusts you with their debt, your ability to collect on that debt and the speed at which you collect money owed to them, will ultimately determine your success in the industry. Everyone wants their outstanding debt collected as quickly and as efficiently as possible. If you can develop a means of collecting debt quickly and efficiently (even more efficient than your competition) you will have no problems finding and retaining good clients and business.
When you go to meet with potential clients, don’t be scared to share your success stories and close ratios with them. Be honest in your dealings and build a relationship of trust with those whom you work. Find a niche market like pediatricians, or accountants, or hospitals, or retail stores that you can target and focus on, and cultivate relationships with business owners in that niche. You are most likely to be successful in your debt collection business by having connections with others who are well connected with or own small businesses. Make sure you network and socialize with those around you, the people you meet will ultimately be the reason for your success.