Foreclosure Cleanup Business: 3 Things You Can Do to Start Quickly & Cheaply While Working Fulltime
Foreclosure cleanup is an evergreen small business opportunity that happens to be very hot right now. And, enterprising entrepreneurs are realizing this and starting. But, if you work a fulltime job and wonder if you have the time and capital needed to start this business – while holding onto your job (until you can quit), here are three things you can do to get up and going quickly and cheaply.
1. Get Licensed and Insured: The reason we start with this is that you simply can’t operate a foreclosure clean up business without being licensed and insured. Wondering why? The reason is, your clients, eg, banks, realtors, mortgage firms, property management companies, etc., fully expect you to be.
Without having a business license and the proper insurance, most potential clients won’t even deal with you. So get it before you start.
FYI, what’s required in the way of insurance for your foreclosure clean up business varies from state to state, and even from city to city sometimes. So, how do you find out what you need?
Consult with a knowledgeable insurance agent. Tell them the type of business you’re about to start, as well as the type of services you plan to offer and whether or not you’re going to be hiring workers. They’ll tell you what you need . . . and why.
2. Only Offer Services You Can Do Yourself: Foreclosure clean up is the type of business where you can offer a lot of different services. This can range from simple lawn care, to general carpentry, to painting to minor household repairs (eg, fixing broken windows, holes in sheetrock, broken sinks, etc.). This is what makes foreclosure cleaning such a lucrative business, by the way.
There are simply so many services you can make money on. However, to start quickly and cheaply, only offer the services you can handle yourself. For example, if you don’t have carpentry, general contracting or electrical skills, simply offer lawn maintenance and general trashouts.
After all, everyone knows how to cut a lawn and haul away trash and debris, right?
As you develop your skills and/or begin got make industry contacts, you can subcontract with other firms and add additional services. By starting with what you know how to do though, you’ll never have to worry about hiring workers and/or depending on somebody else to complete a foreclosure cleaning job before you can get paid.
3. Do Grassroots Marketing: With the advent of the internet, you don’t have to spend any money to market your foreclosure cleanup business. Simple email realtors, bankers, property preservation companies, and any other type of business you think can throw some business your way.
Marketing is a numbers game. Consider the following marketing tip.
Foreclosure Cleaning Business Marketing Tip: Make it your business to make a certain number of contacts every week. For example, if you send out a minimum of 20 emails a day (M-F), that’s 400 contacts a month; 4,800 a year. With just a 1 percent return (and email usually garners more than that), that’s 48 jobs a year – or approximately one foreclosure cleaning job a week.
If you averaged just $500 on each job — and that is extremely low – that’s $24,000 per year. Not bad for a “part time” business, right?
And, this is how you grow your foreclosure clean up business – eventually to the point where you can quit your job and never have to worry about working for someone else again.
To learn more about bidding on foreclosure cleaning jobs, log on to http://ForeclosureBusinessNews.com. You’ll also find info on the latest home foreclosure news eg, the #1 secret your lender won’t tell you that can stop foreclosure, the timeline for foreclosure in all 50 states, educational videos about the foreclosure process — and more.
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