Have you ever been scammed by a Fake Mentor who promised you the world but delivered nothing?
Well, today, I'm gonna teach you how to avoid Fake Mentors and still grow your Credit Repair Business!
Fake mentors and phony gurus are snake-oil salesmen who claim to be experts but are not. They don't have the experience, knowledge, or skills to support their claims.
They steal from entrepreneurs by offering coaching, investment, or business opportunities that are actually well-disguised scams.
They use flashy tactics and bold promises of easy work, quick results, and crazy profits to trick hard-working people into spending thousands on useless products or services that don't deliver results.
HOW THIS RELATES TO US
Fake Credit Repair mentors and phony business gurus don't just harm entrepreneurs like us. They hurt the financial future of every Credit Repair customer, and they damage the reputation of the entire Credit Repair industry.
I'm not saying all mentors are bad. Depending on the circumstances, they can be exactly what you need to push your business to the next level. Right now, I have two of the best mentors money can buy. But I've also had some of the worst you can imagine.
Like most new business owners that get scammed, I was a victim of what I didn't know. I was hungry to learn and anxious to succeed, but I often felt lost, overwhelmed, and I was scared one mistake would ruin everything.
I didn't go to business school. I didn't even graduate high school. So I trusted anyone that knew – or sounded like they knew – more than me.
About 19 years ago, when my entire business was just a little CD download, a mentor convinced me that they knew all the secrets to marketing, and if I wanted to really sell my software, I needed to go all-in on a massive ad campaign.
I didn't know any better, so I listened to my mentor.
I spent $150,000 of money that I didn't really have. I borrowed it against my house and blew it all on TV commercials, where I branded myself "The Credit Doctor." I even dressed like a doctor, and it all failed, and I flushed all that money away, all because I put trust in the wrong person.
A few years later, another mentor, this time an attorney, convinced me that my business desperately needed his legal guidance. He was kind enough to offer his service for FREE. All I had to do was agree that when my business started making money, he would get 10% of all the money that came in.
Before you gasp, I know that deal sounds terrible today, but when you're making nothing at all, 10% of nothing sounds like a pretty good deal.
The problem was I didn't need much legal advice, and once the business started making money, that 10% came off the top. It went to him before I paid any of my business expenses, and there was no money left for me. So again, I was starving, and someone else was making all the money. It was terrible!
I eventually broke free of both fake mentors, but these were painful situations that could've been avoided if I had more patience and skepticism. As well as confidence in myself. But I didn't know what I didn't know. I had never had a business before.
THE THING TO REMEMBER
If you're just starting your Credit Repair Business, you're on a tight budget, and you need to be careful how much money you're spending.
Countless fake mentors and gurus claim they have the secret formula for profitability. They all say they have the magic letter or a new loophole that will succeed where all others fail. In reality, they're just selling you the same old tactics with a new name and the same old letters.
Ever heard of "Consumer Law Disputing?" It's suspiciously similar to "Factual Disputing" but sounds much newer and more expensive! But that's an argument for a different podcast.
After all my experiences with fake mentors, I started questioning why I needed them to succeed. I was still early in my process, learning my craft and growing as an entrepreneur. What was the rush to spend all my money on one self-proclaimed expert's advice?
That's I came to an important realization. If you're just getting started and don't have much money, the last thing you need is a business mentor!
WHY THIS IS IMPORTANT
If you're considering hiring a mentor for your Credit Repair business, there are THREE REASONS why you might not need one yet:
REASON 1: You're still learning your craft.
If you're new to the Credit Repair Industry, you need to focus on understanding the basics before you can benefit from a mentor. You need to know your craft in order to tell generic advice from specific advice or a fake mentor from a real one.
REASON 2: You don't have a clear business plan.
You need to know your target customer, your competition, your marketing strategy, etc. If you don't have a clear plan that explains how your business is meant to function, how will you even know or explain to a mentor what's wrong?
REASON 3: You don't have the money.
Hiring a mentor can be very expensive. If you're just starting, you probably don't have the resources to invest in one, so don't. Instead, educate yourself and improve your business development by taking advantage of as many free resources as possible.
Me, I love free resources! If you want to learn how Credit Repair really works, check out my Podcast. I show you how to boost credit scores and remove negative items from reports like bankruptcies, late payments, and repossessions. There are also videos on how to grow your credit repair business. And everything is free!
I do this because I really want you to be successful at credit repair, so you'll go out and change lives, and that takes power away from the evil banks and bureaus, and it really feels good to help people.
If you want a Free copy of my book "The Ultimate Guide To Growing A Credit Repair Business," you can get it right now at Credit Repair Cloud - Free Book.
Or, if you want to discuss your business, ask questions, or get advice from other Credit Repair professionals, join our Credit Repair Cloud Facebook Community. It's a special place with over 30,000 members, and we have rules against solicitation, so it's a safe place to learn without being hassled.
If anyone breaks the rules and private messages you about their services, let us know! Notify our CRC team, and we'll address the problem.
Now, let's say you've used up all these wonderful free resources, you have a business plan, you know your craft, you're making money, and you decide it's time to hire a mentor. Before you hire them, there are three things you need to know!
WHAT YOU NEED TO KNOW
First, Look for a Mentor with a Proven Track Record.
Don't just hire the first person who promises the moon. For all you know, every mentor provides the exact same service, so shop around. Research and look for one with a proven record of success in the Credit Repair industry.
Next, Make sure the Mentor has Experience in Your Niche.
Business mentorship is broad, and different people may specialize in different areas. Look for someone with experience fixing your problem with targeted advice. This is where having that business plan really helps you make your choice.
Last, Set Realistic Expectations.
A mentor can help you succeed faster, but they can't guarantee overnight success. It's actually a huge red flag if they guarantee anything. Building a business takes time. So set realistic expectations and be skeptical of anyone who suggests anything unrealistic or unethical.
I want to say it one more time. I am not anti-mentors. I have three of the very best right now. Russell Brunson taught me everything I know about marketing, Alex Charfen taught me how to grow and scale my team, and Dan Martell is showing me how to grow my software company.
I hired them because the timing was right for me, I could afford it, they had good track records, they're great people, and they got me results. They earned their fees and my trust.
MY FINAL POINT
Fake mentors and phony gurus can do irreparable damage to businesses. But a truly great business mentor is worth their weight in gold. So, ask yourself: do I really need a mentor? If you decide you do, choose carefully. It's one of the most important business decisions you will ever make.
If you've already read my book and want me to hold you by the hand as you grow your very own Credit Repair Business, go to Credit Repair Cloud - Free Training and learn about our Masterclass!
The Masterclass was built by a team of Credit Heroes with decades of experience, serving tens of thousands of clients. It comes with six months of Software, in-depth Marketing, Sales, and Business lessons, and our Advanced Disputing, Affiliates, and Automations training courses.
I'LL END BY SAYING
If you still need a Credit Repair Cloud account, check it out. It's the software that most Credit Repair businesses in America run on. And if you'd like to change lives and grow your very own Credit Repair business, check out our Credit Hero Challenge!
And if you'd like to change lives and grow your own credit repair business, check out our Credit Hero Challenge!
So take care, Credit Hero!
And Keep Changing Lives!