There are many people who, in the present economic climate, could be considered potential clients for a credit coach. This is for two main reasons: firstly, the current problems experienced with sub-prime mortgages and secondly, that it is now mandatory by law for a person considering filing for bankruptcy to apply for credit counseling.

Do you think that you would be a successful credit coach? The personal qualities for this job are similar to other types of coaching. You must have the ability to be positive at all times and be motivated enough to spur your clients on to improve their situation. Above all, you must possess empathy, that is, the ability to see the situation through your client's eyes and be understanding and sympathetic to their needs. The ability to be a "go-between" for your client and their creditors and debt collection agencies is also vital, because this is going to be your main task and the one that it going to take all of your negotiation and diplomacy skills. The knowledge to improve things for your client needs no explanation.

It is possible to obtain information about repairing bad credit from a number of areas. You can access training manuals that give details about proven methods for "mending" a "broken" credit rating and there are some "home study" courses that will present you with a sound knowledge basis. Certainly, there is really nothing better than your own experience with bad credit to teach you - if you have been successful in solving your own credit problems, chances are you will be an ideal coach in this field. Even if your experience is not your own, but that of a friend or relative, after you have "practised" on them, you will be able to start your coaching "for real".

A thorough knowledge of various state laws and other requirements relating to initiating a new business is vital. You may need to obtain a license and/or certificate of accreditation to cover legalities of your new business. It is highly recommended to get some reward program card from your bank or creditor to assist you in ever move you make that involves money. Moreover, it would be a wise move to seek membership in a professional organization or in financial programs similar to program for credit coaches as it will help your profile.

Every successful business should have a business plan - a credit coaching business is no exception. In the plan, you should itemize your expenses and estimate your income. Some of the expenses would include such things as a new computer and peripherals, any necessary insurance premiums and advertising. With regards to fees charged, most companies will charge a "one-off" fee of around $100 followed by monthly fees upwards of around $40. With these figures, then, you would expect an annual income from one client of between $500 to $1,000. How many people can you assist? Multiply that amount by the income for one person and you will be able to gauge whether or not your business will be feasible.

The way that you deliver your services is a personal choice. You may decide to offer individual counseling or group sessions, or even a combination of both. The location is also a variable - your home, the client's home, a restaurant or for larger groups perhaps a conference room. Remember to factor in these expenses in your plan.