People pay you for helping them get out of debt.
This is a home business that provides a very worthwhile service.
You have these people provide a list of their current cash expenditures by various categories.
Then you coach them on ways to eliminate unnecessary expenditures.
They can pay down their debts with this extra money.
Qualifications -- You should feel comfortable discussing financial matters with strangers.
You should be knowledgeable about using budgets to control personal expenses.
Startup requirements -- The following requirements should be completed before you start business operations: * Determine if you are allowed to operate a home business in your area * Have access to a telephone that is available most of the time * Have or purchase a listing adding machine * Set up a home office with basic office equipment and supplies * Determine and satisfy all governmental and insurance requirements for your home business Getting clients -- Place classified advertisements in your local newspaper or on the craigslist.
org website.
Describe your services in plain language.
Include your telephone number or e-mail address for potential clients to contact you.
You also may want to include a range of likely fees for your services.
When discussing your services with potential clients, you need to show them the benefits.
You can help them get out of credit card debt, or even get out of all debt.
Then you need to agree on the fees for your services.
The general rule is -- the more detailed work your clients do, the lower your fee can be.
Filling out the cash expenditures summary -- You need your clients to summarize their actual or estimated cash expenditures for a typical month by various categories.
These categories might include auto and travel, clothing, drugs and medical, education, entertainment, food and groceries, gifts and donations, household expenses, miscellaneous expenses, and rent or mortgage payments.
Be sure they include items that are paid for with pocket cash.
This could be included under miscellaneous expenses, unless it is a large amount.
Coaching your clients -- Now you can sit down with your clients and review their cash expenditures summary.
You and the clients need to decide where to cut back on various items.
Certain things that were once considered essentials may have to be eliminated.
These are such things as eating out, expensive vacations, gifts or donations, newest fashions in clothing, luxury items, fancy food or groceries, and any items that are unnecessary.
In extreme cases, the client may have to move into a less expensive house, defer making payments to a college fund, or even get a second job.
Solving problems -- Probably the main problem you will have is getting clients to change their habits.
One way to change habits is to try it just for one day.
If successful, try it for another day.
Eventually, your clients may be able to change their habits for an entire week or month.
Collecting your fee -- I recommend collecting your fee at least monthly.
Eventually, you will have accomplished your goal, or the client will discontinue your services.
You don't want to have a big fee owing you at that point.
Final thoughts -- Helping clients get out of debt can be an enjoyable home business.
However, if any potential clients seem argumentative or difficult to please, it's probably better to pass on them.