How much money do I need to get started?

The answer to this question depends on where you chose to start your business, how many employees you choose to employ, and whether your business will require office space. The typical expenses involved in starting up a new debt collection business are as follows:

  1. Local and state business fees
  2. Insurance and taxes
  3. Employee wages
  4. Purchasing debt (assuming that you are not collecting for a 3rd party)
  5. Office space
  6. Office supplies
  7. Debt Collection Software
  8. Internet connection
  9. Software services like credit bureau reporting, skip tracing, predictive dialing, etc
  10. Accounting and payroll services

Assess your needs for each of these items and then put a price on each one. This will give you an idea of how much money you will need to get started in your debt collection business.

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