1. Setting up your office correctly. - Many fail because they read books that tell them they have to do it all. Their success is based solely on them. Their knowledge, skill, money and time. Which is a HUGH stress on the anyone starting a new business. This is not true. Be sure to set up your office with a team of knowledgeable players (attorneys, agencies, etc.) that can fill those weaker areas for you allowing you to get started in this business, make money while still learning the business. You need to create a business that works when you don't or you will be a slave to your business FOREVER. Be sure your office is lean (your office should not cost you more than $100 a month to keep open). FAT offices are heavy burdens that no one should need to take on.
2. Study and Learn - Most of us rarely learn just by "reading" a book. We normally need to see it and touch it (do it). If you can, incorporate these training methods while you are learning and this will jumpstart your new business.
3. Goal Setting - Create a blueprint of where you want to be at, when and how are you getting there.
4. Organization - If you are not an organized person. LEARN it now. This can be another hidden killer in this business.
5. Develop the correct inventory - You need to understand that all your inventory will not be collectable. You need to build an inventory that should consist of 75% of judgments under $10K (as your collectability rate will be higher) than the remaining 25% of judgments (that exceed $10K). You need to see the money so it is important to build the correct inventory to ensure the best chance of "seeing the green".
6. Patience - Learn it if you don't have it already.
7. Be creative - Learn to find the "sore spot" of your debtor. This takes some creative thinking but once you find this spot = you have the Judgment Debtor's attention and you can smell the money.
8. Case Assessment - Be sure you set some internal rules to help you work a file smart. For example, if your office rule is to make $100 per hour and you are working a $1000 judgment at 50/50. You need to give yourself 5 hours to work this file. Keep track of your time and know when to quit.
9. Persistence - Unlike #8 above, many Judgment Recovery Professional's quit too early because they have limited themselves in their asset finding skills or enforcement tactics. If you have bitten on the Judgment Debtor's leg ........ stick with it. With some persistence and time, either you will let go (quit) or the Judgment Debtor will drop to his knees (and pay).
10. Be Proud - This can be a very rewarding business. We are in our "perfect storm" and there is more inventory than ever for us to work. Hold your head up high and be proud that you have taken the time to study and have the dedication & desire to keep learning.
Good Luck to each and every one of you.....
