Oleg Yavorovskiy, Founder and CEO of Guardian Debt Relief, provides The Startup Magazine with his insights on the key success factors of starting a business…
Solving a problem and helping people are common motivations for launching a business. Before launching Guardian Debt Relief, a debt settlement firm with a vision of helping regular people eliminate debt, I knew credit card debt was a painful problem for many because I lived through it myself. When I was in college, I got into debt but was eventually able to settle it for a fraction of the original amounts through negotiation. In 2012, I launched Guardian Debt Relief to help American consumers eliminate debt and start with the clean financial slate that seems out of reach.
Launching a new business
Most people have had ideas for their own businesses, products or services, the question is how to launch it. A successful CPA with a large international business recently revealed to me that when she retires she wants to become a florist. Similarly, a guy I knew from Wall Street left his trading career to open a chain of car washes in the suburbs. Whether working a full-time job or a seasoned entrepreneur, it’s possible to launch a company that is both successful and beneficial to society—if you properly prepare.
The best way to launch a business is talking with an attorney in the space to learn the rules and regulations, as well as with other business owners. The importance of doing this cannot be overstated. Studying the laws of the business, along with potential risks and rewards, and learning from those who have done it, will be incredibly useful to see if the business is right for you or not. If it is, continue moving forward.
Ensure there is a need for your offering
With over 55% of Americans with credit cards in debt today, and as national consumer debt has skyrocketed in the past decade, there has been a strong need for debt relief particularly since the last recession. Consumer banks earned unprecedented profits in 2019, with an average credit card interest rate of 17.3 percent. High interest rates, paired with finance charges and fees, could keep the consumer in debt forever.
Because there are millions of people in debt now, often with little hope of getting out of debt, there is a clear opportunity to help them. Over the past eight years, Guardian Debt Relief has helped thousands of people eliminate debts—from credit card and medical debts to private student loan and personal loan debts—one by one, over an average three-year period. Debt relief helps reduce the principal balance, allowing the consumer to emerge from our program debt-free, giving their credit an opportunity to rebound as well.
Do due diligence
Once you have done your due diligence, offer your product or service and see if it’s well-received amongst potential customers. Conduct as much research as possible on your target business, learn about it and make sure there is truly a problem to be solved.
Can you test the market prior to rolling out your business? Conduct market research if possible to test the market and ensure your business idea is viable. This might mean talking to potential customers about their needs—and even signing them up. It’s important to do a competitive analysis and learn about any missing services or offerings your concept could potentially fulfill. Importantly, you must also know where your traffic and customers will come from. How will your customers find you, and how many can you expect to sell to? If there is a need in the market, and you can provide a solution, you are well on your way to creating a business with a high probability of success.
Hire the best people
Guardian Debt Relief is comprised of industry experts who have worked for the largest credit cards, collections agencies, and attorneys in the space. Negotiating on behalf of the client to get the best deal and terms on their debts is our specialty. We are able to achieve optimal results because of our staff. Hiring the best people who are not only excellent negotiators, but who also truly care about the consumers’ well-being, has helped our company grow and prosper.
Make sure your team members are motivated to help the consumer first and foremost, and who have experience securing great results. As your team grows, your company culture will be one of motivation and positivity, two qualities that make for very profitable operations. Put the customer and your team members first, and you will have the key success factors that lay the groundwork for a successful startup.
Oleg Yavorovskiy, Founder and CEO of Guardian Debt Relief