Posted: February 18th, 2022
Loan brokers are people who act as intermediaries between borrowers and banks. In some situations, only with the help of a loan can you cope with financial problems, so the services of such specialists are quite in demand? Brokers provide clients with advice and help them complete all the primary documentation. Before you turn to such a specialist for help, read the reviews of former clients on the Internet to assess the level of his preparation. If you decide to work independently in this direction, you should know that you must first undergo special training before you become a loan broker.
How to start a brokerage business?
In any case, first of all, you need to draw up a competent business plan for a credit broker.
It should consist of the following items: Service list; Office location; Staff; The level of competition, Payback of a business project.
To understand everything in more detail, you need to familiarize yourself with a step-by-step business plan to become a loan broker and study each of its points separately.
You need to open an LLC or register an individual entrepreneur to start a commercial activity. If you do not have enough time or money for this, you can work with the first clients without official registration as a private person before becoming a broker. But to avoid problems in the future, the documents must be formalized. For the first time, you can work in the status of an individual entrepreneur under a simplified taxation system. No certificates, licenses, or other permits are required for intermediary activities in the field of lending.
Specialists can provide advice to clients and act as intermediaries between them and the credit institution. To do this, you need to sign an agreement with the bank, which stipulates that the broker has the right to act on behalf of his customer. After that, he receives forms of documents and complete information about loan offers. Read also about which bank is more profitable to open a deposit. Some banks provide a special program with which they exchange information with a broker over the Internet. This greatly simplifies the work. The more partner banks you have, the more visitors will appear in the company.
The office space should be located near a bank, a business center, or a car market. If you choose the right location, the influx of customers to your company will be stable. You don’t need a big office to work in. It is enough to rent a room with an area of 10-20 square meters. Meters. It should equip jobs for managers who will provide customers with information about the loan products of different banks and their advantages and disadvantages. A credit broker can run his business without an office. In this case, all you need to work on is a table, a chair and a computer with Internet access. You can also advise clients by visiting their homes. Such a service usually costs more, so it brings additional profit.
Business promotion and competition
In order to promote this business, it is advisable to use outdoor advertising and the Internet. If your company has a corporate website, it will significantly raise its status. It contains information about prices and services. Also, promote your business through forums and print ads.
The payback period of the initial investment largely depends on how well the company works. Of the 60–70 clients who visit the brokerage office every month, 30–40 people receive loans. Some of them are screened out by banks, and specialists themselves refuse to work with the rest. At first, you will have about 20 visitors per month. But over time, the client base will begin to grow, and income will increase. Success in work is ensured by a successful advertising campaign. Under favorable circumstances, you will return the starting capital in 3-4 months. Now you know how to become a broker in Russia, so everything is in your hands.
Beginning businessmen face many problems that prevent them from gaining a foothold in the market. The first is finding clients. This question is central to any kind of business. Many clients are simply afraid to contact such specialists because there are many scammers among them. If you charge a large advance for your services, it is unlikely that your office will have many visitors. In addition, clients want the broker to guarantee that they can get a loan. Most often, these are people who cannot officially confirm their income or customers with a bad credit history.
Once you know what it takes to become a broker, you can get to work. Promoting your own brand without bank connections and a large customer base is not so easy. To understand all the intricacies of this business, you should first work as a loan agent and study in detail all issues on loans. Another good option is to work on a franchise. Only after you gain experience can you go “free swimming.”
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