Me? A Debt Collector?

Smart Money Magazine's February issue has an article about starting your own collection agency.

Used to be that for businesses to try to collect for small amounts it was unprofitable but now with new technology it's become relatively easy for anyone to set up themselves as a debt collector.

In most states you don't need even need a license to start collecting.

The example they gave in the story was of a woman who purchased collection software, a computer, rented space in a strip mall and opened up for business. After two years she's earning $30,000 a year on $90,000 of collections.

The reason this article struck me is that the start up costs are low, you can work from home, and most importantly it's not a franchise. Read a book, possibly get a license from your state, buy a computer program, get some customers and start calling.

I'm in the Eastern time zone so theoretically I could do this as a 2nd job by getting accounts in the West. I could work 3-4 hours each night.

There wouldn't be any extra costs associated with this as a second job such as a uniform or dressy clothes to wear, gas or parking costs.

Plus when I started working for Ameritech we sort of did collections so I'm sure I could do it no problem. Plus I love to bug people especially when I'm trying to get something from them so that would be fun.

I just might have to look into this a bit more.

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