Business Discussion

Re: Using a Proven Money Making System

Kemo — Fri, 13 Feb 2009 08:18:58 GMT

willfy:

Hi
Just wondering if the guys that started out at the begining of this thread (Craig, David A,Tim Woods, Tassotti) were still operating?I know Craig is selling Paul's book but are you still lending yourself?
Just looking for some updates if possible like how much income you are getting, any problems you have run into, what kind of % were bad debts.
Looking to get into this myself in the near future and have gone through all of this thread but it is several years now since it started and any extra info would be appreciated.

See three posts down on this thread.

http://www.singingpig.co.uk/forums/7/253962/ShowThread.aspx

Re: Using a Proven Money Making System

willfy — Wed, 11 Feb 2009 22:47:05 GMT

Just wondering if the guys that started out at the begining of this thread (Craig, David A,Tim Woods, Tassotti) were still operating?I know Craig is selling Paul's book but are you still lending yourself?

Just looking for some updates if possible like how much income you are getting, any problems you have run into, what kind of % were bad debts.

Looking to get into this myself in the near future and have gone through all of this thread but it is several years now since it started and any extra info would be appreciated.

Re: Using a Proven Money Making System

saffet — Mon, 29 Dec 2008 15:39:53 GMT

don't want to water this post down so i've just started a new pot relating to this one based on systemizing this business and getting someone else to do the work for you... here's the link;

http://www.singingpig.co.uk/forums/670979/ShowThread.aspx#670979

Re: Using a Proven Money Making System

ricardo — Mon, 29 Dec 2008 14:37:12 GMT

Gowelboy-where did you find out about the known addresses not to avoid?

Re: Using a Proven Money Making System

CyberWhizz — Mon, 29 Dec 2008 12:05:32 GMT

Looks like this is a slow start long term income stream, have you looked at online businesses?

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Re: Using a Proven Money Making System

Craig — Mon, 29 Dec 2008 11:17:20 GMT

Hi Saffet

I think you would have a better chance of success if you did employ a collector right from the start rather than later.

I've used three collectors now, and clients are, shall we say, unwilling to pay a new face initially.

It will be somewhat harder to keep your collection ratios up but I think its do-able.

Craig

Re: Using a Proven Money Making System

saffet — Mon, 29 Dec 2008 10:27:12 GMT

wow, what a thread!

James, David, Craig, i'm keen to be starting myself in the new year but want to employ a collector from day one as part of my business plan. i know it's going to waste money to begin with but what have your experiences been like to date with collectors and can this buisness still generate a healthy profit of say £1k a week to me personally having employed a collector?

Re: Using a Proven Money Making System

briteways.com — Fri, 26 Sep 2008 00:40:37 GMT

Craig:
Looking on your site, the manual etc. you offer is £1000.
How much is the training?
Was it you guys advertising on eBay last year?
Craig

£1000 is not just for the manual, it is the complete training program. We have decided against marketing the manual alone because we feel that it is difficult for some people to grasp everything needed to start this business from a book alone. We would hate people to suffer financial loss from not applying the information successfully, so we want to do everything in our power to make sure that the principles are completely understood. We will be selling this complete training on ebay at £750 for a limited period only.

Re: Using a Proven Money Making System

briteways.com — Fri, 26 Sep 2008 00:19:27 GMT

Yes we did sell some kind of brief intro to the business on ebay. It did not include the whole business model, or the training or our low risk, immediate profit customer aquisition program. It also did not include the unique access database software solution that we designed and use for our business. Incidently for those interested, the software prints out a complete weekly collection clip for this business with: Customer number, name, address, customer balance, profit/loss for each customer, % quality, number of weeks since last payment, amount of last payment, amount of customer arrears, and also includes a profit and loss which can be printed for any period. We had just started to market the software and were offering it as an option for those who bought the intro information. Hope this clarifies matters. Happy to be here on the forum and looking forward to hopefully helping people to make a start in this biz.

Re: Using a Proven Money Making System

playful — Thu, 25 Sep 2008 21:57:16 GMT

Yes, they definitely sold the £40 manual on eBay

Re: Using a Proven Money Making System

Craig — Thu, 25 Sep 2008 21:50:37 GMT

Looking on your site, the manual etc. you offer is £1000.

How much is the training?

Was it you guys advertising on eBay last year?

Craig

Re: Using a Proven Money Making System

briteways.com — Thu, 25 Sep 2008 20:01:23 GMT

peter9092:
Have now been looking at this business for a few years and me and the missus will be starting up next year .I am just finishing out a contract with my current employers otherwise i would have already started.
We should have about 40grand of our own money so hopefully shouldnt need to borrow and have Pauls book to learn the basics from.Just a few questions for those with experience in this trade;
1.Are you running as a Ltd coy,sole trader,partnership etc?
2.Being brand new to the industry is there anywhere else i can learn about correct(ish) client selection?As i see this is pretty much one of the key elements to this being a success.
3.Are there any online type courses myself or my wife could do while we wait until we are in the situation to start next year?i.e accounts,bookkeeping .We have had a look but just wanted to see if their was anything specific to the industry.
Cheers,Peter

No need to go through all the expense and paraphernalia of a LTD company we run as a sole trader. The end of year books are incredibly simple in this business. All the tax man is interested in is the interest on loans, that is your turnover for the year. After that you deduct all expenses for the biz including bad debt. Bad debt is claimed at the full amount ie the full balance owed by the customer including interest. As for customer aquisition, this is the crux of the matter, especially on start-ups because it is mainly new customers who default on their loans. I cant really tell you here how we cope with it because we also sell our business model training and that is one of the main secrets of our success. I can assure you tho that it is totally different to any other approach. We actually make money during the process of aquiring and assessing customers ability/willingness to pay, and our method also expedites density of calls in a given area. I can say however that a softly softly approach is the best way for you. You will be anxious at the start to lend as much as you can, but the key here is quality not quantity. When you are ready to start it might be worth you investing in our start up module, where we actually come to your area and show you on the ground how to make money immediately while aquiring customers.

Re: Using a Proven Money Making System

peter9092 — Thu, 25 Sep 2008 19:17:01 GMT

Have now been looking at this business for a few years and me and the missus will be starting up next year .I am just finishing out a contract with my current employers otherwise i would have already started.

We should have about 40grand of our own money so hopefully shouldnt need to borrow and have Pauls book to learn the basics from.Just a few questions for those with experience in this trade;

1.Are you running as a Ltd coy,sole trader,partnership etc?

2.Being brand new to the industry is there anywhere else i can learn about correct(ish) client selection?As i see this is pretty much one of the key elements to this being a success.

3.Are there any online type courses myself or my wife could do while we wait until we are in the situation to start next year?i.e accounts,bookkeeping .We have had a look but just wanted to see if their was anything specific to the industry.

Cheers,Peter

Re: Using a Proven Money Making System

briteways.com — Thu, 25 Sep 2008 00:21:18 GMT

Be interesting to see how this thread progresses

Re: Using a Proven Money Making System

briteways.com — Wed, 24 Sep 2008 23:44:00 GMT

Rumpole - Of course you failed!!! 12 unprofiled customers and an inexperienced collector is never going to work out. I would have been hugely surprised if that combination had any success at all.