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Business

Can i make over $100,000 a year in the auto repossession business 2023?

If someone told you that you could make over $100,000 a year in a bad economy without a college degree, you would think they were crazy. But some auto repo business owners aren’t just doing well—they’re making six figures a year. When the economy goes bad, they do better!

How much do repo men earn?

If you start your own car repossession business, you can expect to earn $250 (or more) per car booked. If you repossess two cars a night, five days a week, that’s $130,000 a year. It certainly takes work and determination, but it is possible.

Repossession agents make more money when lenders hire them to track down hard-to-find debtors – what’s called “skip tracking.” If a debtor voluntarily gives up their car (or if it’s easy to find), an agent can make as little as $100 for recovery.

Repos guys who work for someone else usually earn 40% of the repo fee – or $70 to $100 per vehicle repossessed (on average.)

What are the pros and cons of owning your own repo business?

While it’s true that repo business owners make more money, they have to pay for gas and overhead before they get paid. And, as the motto in the repo industry goes, “no recovery, no payment.”

Fortunately, you don’t need to invest in expensive equipment to start a repo business. In fact, you usually don’t need a tow truck!

That’s because many lenders keep master codes on file for every vehicle they own. Sometimes they even carry a spare set of keys! All you have to do is make a key, find the car and drive it away.

You can invest in a minimal amount of equipment to get started and reinvest your profits as your business grows.

What are the pros and cons of being a repo man for someone else?

Although there are advantages to owning your own business, many repo agents find it easier to get started with an established repossession company. That’s because in some states, there are many paths to becoming a licensed repossession business, including:

  1. Connecting and securing
  2. Competing a required amount of training (not all states require this)
  3. Familiarity with repossession, investigation and collection laws
  4. Investing in equipment, computers and software suitable for your business

In fact, many repo business owners started working for someone else!

While the rap business isn’t for everyone, if you have a tough skin, a hard work ethic, and an entrepreneurial spirit, it can be lucrative whether you work for someone else or yourself. The key is to get adequate training before you hit the field so you can avoid common (and costly) mistakes!

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Business

Fatal flaws in your business plan 2022

A business plan is the blueprint that guides aspiring entrepreneurs as they build their new business ventures. From 2008 – 2010, I taught a 20-week business plan writing course at an SBA-affiliated women’s business development organization. We met for three hours each week and students wrote their plans week by week, guided by the lessons.

When evaluating a business concept, unrealistic expectations or faulty thinking can creep in and undermine planning. Excitement about the idea can distort one’s ability to see potential obstacles. What follows are scenarios budding entrepreneurs should watch out for.

Unrealistic expectations

While it is sometimes true that using yourself as your ideal customer is a smart idea, since you understand the value and availability of that product or service, you may misrepresent the size of the market and the appeal that can be achieved beyond a select group. true believers.

Insufficient information

Confirm the need for your products or services when you research and verify the number of potential customers who have the money and motivation to buy from you.

Additionally, make sure you understand the purchase process. Who gives the green light to the sale? What is the sweet spot price range? Finally, where do potential customers get these products or services now?

Access to customers

Access to customers is everything, and some industries or target customers seem impenetrable. You can identify the right customers, understand how your products or services fit their needs, and know how to price and offer them. But if potential clients don’t have the confidence to work with you because you lack an endorsement from a trusted source, you’ll starve.

Cash flow overstatement

Usually, businesses will not achieve desirable gross sales or show a net profit in the first year of operations. Businesses that require particularly high start-up costs will require long periods of growth. The business plan should acknowledge the potential for negative cash flow and demonstrate how fixed and variable expenses will be met during that time. One must know how inventory will be financed, payroll will be met, and office rent will be paid.

When writing your business plan, conservative financial projections are strongly advised. Customer acquisition may take longer than expected and the size of their purchases may initially be small. Furthermore, it is possible for a business to be profitable on paper and still suffer from cash flow problems if customers do not pay on time.

Underestimating start-up costs

Developing a reasonable estimate of how much it will cost to get the venture up and running is essential. You must be prepared to bear the cost of all permits, equipment, inventory and personnel necessary to conduct business. If you plan to hire employees, it’s important to have a good idea of ​​your minimum staffing needs up front (you can hire more as revenue increases).

The “magical thinking” business model.

The business model illustrates how your venture will become profitable. Well-thought-out interactions between marketing, financial and operational processes will drive and sustain profitability, and you need to determine how these will happen. The business model describes the main functions of the enterprise.

Similarly, the value proposition of your products or services must be articulated. The overall marketing strategy and selected tactics and resources that will promote the value proposition—intellectual property, patent rights, key relationships or capital—will be considered. Sales distribution channels will be detailed.

Getting to plan B (2009), by Randy Komisar and John Mullins, details the main components of the business model and advises business plan makers to segment their models into subheadings:

  • Revenue Model, to describe what you will sell, your marketing plans and how you expect to generate revenue
  • Operating Model, to detail where you will do business and how day-to-day operations will work
  • Working capital model, which means the cash flow requirements of the business. Understanding cash flow helps you know when money will be available to cover expenses like rent and payroll (it’s different from income). A business can generate adequate income (sales) and still suffer from cash flow problems.

Your business model will keep you organized and your priorities realistic. Issues such as quality control, collection of accounts receivable, inventory management and identification of strategic partners will mean much more than your number of Facebook followers, for example. Good luck to you and your new business!

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Business

Put together your cleaning business portfolio 2022

If you are already trying to put together your cleaning business portfolio، then this already means that you are really close to starting your home cleaning business.

What you put in your portfolio will be your client’s way of evaluating your skills and expertise as a cleaner. So you will include photographs، some brochures، flyers، leaflets، some letters of recommendation and some testimonials from your previous clients، and if possible، some newspaper clippings introducing you as a cleaner or your newly formed company.

But then، the next question is، if you are a new cleaner and the start of your cleaning business is not yet complete، how do you achieve these?

Gathering materials for your portfolio can be a dilemma if you don’t know what to do. Here are some tips on how to get hold of these subjects، even if you’re just starting out as a scavenger.

Photos:

What you need are pictures of your work. So it doesn’t mean it has to be a customer’s home. What is important is that it is a testament to your work. So you can clean your house and take some pictures of it.

You can also ask your close friends and family members if you can clean their homes, in exchange for permission to take pictures of the areas or rooms you serviced and include them in your portfolio.

The good news about this strategy is that friends and family members are people who are very willing to help you when you start your new business. If there’s anything they can do for your cleaning business, startups and all، they’re definitely happy to do it.

In fact, you can even tell your customers who are looking at your portfolio that a particular photo is of your home where you believe certain products are best at cleaning certain items. This is actually the cleaning business marketing. If you believe in your products and services، if they are good enough for your home, then people will have more faith in your services as well.

The testimonies:

Another cleaning business marketing strategy is to have testimonials or letters of recommendation from clients or those to whom you have provided cleaning services. Just like photos، you can clean the homes of your friends and family in exchange for an honest testimonial. This is customer feedback on paper. You can add new paying customers later.

Well, house cleaning business is also a business with growing trends. So keep your portfolio updated with certificates from workshops and seminars on it.

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Business

five reasons to write business correspondence in 2022

What is an effective business organization? The answer to this is quite wide and varied. But there is one aspect of business operations that is often overlooked. This is business writing.

Effective business communication is important in the day to day running of a company. Furthermore, it can dictate whether the company makes or loses money. Moreover، it affects the organization of business at different levels from the individual to the corporate leaders.

1. To convey information:

The essential role of business writing in an organization is to exchange information. Whether it is the latest sales statistics or sales projection، a business plan، a marketing proposal, proper communication of data is essential. The success of a business organization depends on the quality of information that flows through its people.

2. To justify an action:

Another reason people communicate is to justify or explain an action. An example of this is writing an incident report. The person explains what happened so that the company can better understand an event. Justifications and explanations require the author to put in as much detail as possible to clearly communicate his point.

3. To influence action:

Business writing is often a way to influence other people. A good example of this is presenting a business proposal, a marketing plan or a project proposal. By detailing relevant information، the author seeks to influence the decision. Influencing others is a hallmark of effective business communication.

4. To give good or bad news:

The workplace is a dynamic place. It provides employees with good and bad news on a daily basis. Through proper business communication، bad news is properly worded to soften the blow. Likewise, the good news is emphasized just for the sake of emphasis. This can range from getting a raise to sharing company achievements. On the other hand، this can offer grim realities such as suspensions, or even layoffs.

5. To direct the action:

Finally, effective business writing aims to direct the reader to the right actions. Many company documents such as SOP manuals، employee manuals، technical instruction manuals and the like provide clear information. In order for corporate correspondence to guide employee action، it must be clear and concise. Unfortunately، many communication failures result from unclear and contradictory statements.

By keeping these 5 reasons for corporate correspondence in mind، an author can write business communication effectively.

Furthermore، proper writing style stems from a clear and effective purpose of business writing.