When the economy is crumbling and people can't pay their debts, which businesses make more money? Repossession businesses do. They're the ones who come to take away the cars and furniture of people who can't pay their bills and loans.
Do you think this business is right for you? If you do, read on and learn more about starting your own repossession business.
Hire and keep the right personnel. The repossession business is definitely not for everybody. Remember that in this business it's not unusual to encounter people in distress or in a blind panic.
This means that when you're staffing your business, you need to look for people with certain characteristics. You need to hire people who can keep a level head at all times. Your men will have to be able to explain the situation calmly to the people losing their property. They need to know how to diffuse a tense situation, and they must never lose their temper.
Your repo men will also need to have a thick skin. At least thick enough to stick to the job at hand. However, this doesn't mean that they should be callous towards the people who are losing their cars and furniture. They simply have to be firm about what they need to do and help the people acknowledge the fact that their property is about to be taken away.
Also keep in mind that not all employees are created equal. When you do hire someone who does the job exceptionally well, make sure to reward him financially. Also consider promoting him or giving him greater responsibility in running the business. He could train others to be more effective on the job.
Aim for the big clients. Banks make for great clients for repossession businesses. Do your best to establish and maintain working relationships with big clients. This means knowing exactly how they process repossessions, working within their timetable, and being able to accommodate their payments schedules.
A very nice advantage of working with big clients like banks is that they are typically met with less resistance from their customers. This means your men will normally get hassled less by the people having their property repossessed.
Big clients typically pay later than small businesses. On the plus side, the contracts are typically larger than what you'll get from small clients. Get a few big clients on your permanent list and you may never have to go chasing after small contracts again.
Make sure the job is legal. Is the person hiring you the legal owner of the property in question? Don't assume that the answer is yes; do your homework and ask for proof of ownership. Ask for the proper legal documents, and if you have any doubt about the legality of the job in question, consult a lawyer or simply drop the client.
There are many clients out there. Don't risk having your business shut down because you mistakenly repossessed the wrong car or were tricked into stealing someone's furniture.