Before doing anything else, you must contact the local county or state bureau office to obtain the required permits and licenses to start business in this field.
Of course, there is a significant capital investment required to start up this business. Your clients will be at a disadvantage as they will not be able to bring capital to bear in negotiations. By convincing the debtors to pay off their creditors through monthly payments, you will have an excellent chance of settling the debt for a fraction of the original debt.
You could also consider opening your own line of credit and receive regular payments from the customers to stay current on your debts. Consider, making yourself familiar with the state laws and regulation on debt collection. You should be able to negotiate with large credit offering companies and collection agencies effectively to make your business a success.
After arranging the capital investment, you should look into the competition you must face in the local area. Talking to the people who have been in this business is also a very good practice. Prepare a marketing strategy and promote your business both online and offline to attract potential customers.