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Some people make a grand entrance into cash advance. Please watch this video to see where you are going wrong..
Pretend like I am Sharon, West coast is Louie and I won't tell you who is Simon.
https://www.youtube.com/watch?v=oeQ0kHZ9svM
Heres another one for you
https://www.youtube.com/watch?v=rrNbLBS1D2Q
smh
Please stop...I do not like laughing at people...it makes me feel guilty dirty or bad lol
There are many isos or mentors/ trainers.. funders willing to help people if they are coachable
Put in the work to build a 90-day sales pipeline and the sales will come.
If people cold call from 9am-7pm every day they are bound to close deals and learn. Thankfully peoples work ethic arent high which means more money for the ones that are willing to work harder and longer.
I agreeQuote:
Originally Posted by Mcasalesgod
I can Feel it. Money is going to come...to some... BOOM millions in commission.
I am going to start paddling out
Curious about this. Is there a shortage of money (liquidity) out there by the existing funders of MCAs? No. Seems to me that the shortfall, if any, is in new SMBs who need to be sold on the product or any coming enhancements. No?Quote:
Originally Posted by Karen37a
Or are the current band of funders sub-par in some way?
Quote:
Originally Posted by HDF
There is never a shortage of money for A paper ...or A plus. ( low commission)
Its when you get into the b/c range.
D Paper, you have companies but you are going to pay for it ( which I don't object to, it's their money, high risk)
In the grand scheme of things...when you had certain A paper saying " we funded 1 billion in 15 years" ...half of that was renewals I am assuming? so you are averaging 35 million a year new business? Nationwide? For all your internal sales force and also outside? How much is allocated for me? I wanted the whole 35 million lol.
Some funders were/are really really small...1 million a month? Nationwide?
Then add in defaults, operating expenses etc
The more cash in the market the lower cost ...bigger allocations.
Anyone can sell A paper and drop your drawers down to no commission. That's not what I am here for. If that's what I wanted I would have continued to sell loans..etc 1 point
And I am looking to hang onto the renewals...the book of business, not get tossed out like yesterday's news when I get 3 million on the books. I also do not like doing business with people who throw people under the bus...even if its not me, I hate watching it... I am just thinking..it will be me next or soon. Like wearing a blood diamond that some kid got his arm chopped off for. Id rather not have it.
To each their own
More money makes the cost of money go DOWN....its easier to get. I really want the investment money to syndicate ... and i do not like begging for money
When they have less money and it costs more its the equivalent of everything getting stepped down a grade or 5 points 7 points
That makes it harder to sell... fewer merchants, fewer brokers.
Which is why I said years ago...if you can't sell between 1.30 and 1.45 get out now ...and i was attacked.
Companies coming in( and some here) swinging the other way to gain market share, dragging the cost below profitability and sustainability. I guess they get some money and play broker..pay salaries...try to get more then go under
(it's almost like the merchants getting 2-3 cash advances can't make their monthly nut and eventually go under)
I had said back then to someone* ..What are you a referral broker for $100 ...$300...you can't make it with the cost of acquisition on the merchants..plus the drama and risk...ugg
karen37A are you a lender? If not do you syndicate? If you do syndicate what's your personal underwriting guidelines to determine if you will or not?
We are 45 days in and have funded one deal but seemed to have hit a wall. That first taste was great but we want more now. Much more. Making mad daily calls targeting Phoenix market. Is this our mistake? Huge smb market here but seems conservative for MCA product. Any ideas from the room?
Quote:
Originally Posted by Karen37a
Why do you say A paper has low commission??? Buy rates on these deals are lower which allows me to upsell higher. Most A paper banks are paying 10-12 points. For A+ deals some banks might cap the upsell at 7 or 8 when going out 15 months or longer but most are 10-12. I disagree with that statement completely that these deals are lower commissionQuote:
Originally Posted by Karen37a
Drill down into a few industries you know well and go after them.Quote:
Originally Posted by GIGATT50
You can start by making your logo a bit smaller. I want to joke around but serious...Quote:
Originally Posted by GIGATT50
Many of the newer sales/brokers may have the gift of gab on the phones but everything else lacks the "official" look and feel of a real deal Company. ESPECIALLY online. An email goes out with a link or an application? So many of the website/landing pages are out of control and the applications are no different. The authorizations on applications are even worse on some. You are running the foundation of your business without the essentials. It's a lot more than signing up with a bunch of companies and dialing until you can't speak.
What would a "Merchant" do? Who is also a human being - as a human being we are cautious and first look for what is "out of place" or "incorrect" which makes them either proceed or delete.
This.Quote:
Originally Posted by WhoisKingsley
Put yourself in a business owner’s shoes. Person calls me saying they handle business financing, the very first thing I’m going to do is Google said company. I Google “Gigatt Business solutions” and the initial online footprint that I see in Google results look solid. So far, so good. Next step, I click on website link. First impression on mobile is that the initial view looks sort of broken, and page is mostly black. Black pages are cool if your selling web hosting, but not finance. Additionally, when I scroll to bottom is says your using a Godaddy website builder.
My suggestion, if you know HTML, but a premium theme and use something more appealing and scalable. Or, spend $500 - $5,000 and have a developer do it.
Great points and thanks.
This is good advice ( Kevin seems to be on point lately)Quote:
Originally Posted by kevinhenry0527
Having to hang out in the trenches with the sales people makes you see a different vantage point, that is something that college or an MBA can never learn in school or from a book.
Now Kevin with his stockbroker knowledge, loans, advances, factoring, marketing, sales, underwriting recruiting ( in the trenches as the bombs went off) etc...is going to be hard to beat
__
Also who is Kingsley is correct
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John...MY, a paper is not YOUR a paper...this is why sometimes I say (a plus) to make the distinction...those have rates of 6%-13% 3-5 years. All this drama and I found a funding /lending source in Calif in that range. I have to decide if I want to go into the state with the extra threat of lawsuits and litigation
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Kevin, I do syndicate ( i made a rule at first to never go in more than 25%-50% on a deal so I do not get cocky bet the farm and implode myself) ...so "technically" I could have run around all over town saying " I am a Direct Lender/Funder"...and I didn't syndicate a lot . I am unable to handle the deal flow if I really wanted to open the floodgates. ( so I focus on retention and renewals)
Underwriting is a tricky thing. Id rather take Vito the pizza guy with great pizza ., loyal following, no tax returns and bad credit then the guy with the 750 scores and the food in his restaurant sucks.
That is something that black box automated algorithm underwriting can never factor in...there are more human factors that I look at as well
** Everyone who survived the initial blast down...learned a lot. Those people as well are hard to beat...automated algorithms vs a live sales force. Let's make a bet and I get to choose teams...I can pick 10 people from the df . 1 million bet ( each person wins 1 million). It would be a slaughter
Karen-Thanks, but one correction. I was never a stockbroker. I have spent my entire career on the institutional side of the business. Not knocking stockbrokers, but there is a mindset difference between stockbroker-retail and institutions.Quote:
Originally Posted by Karen37a
I just label everyone "stockbroker" it's easier to say than "institutional trader" or "principal Venture Capital" " osj compliance" etcQuote:
Originally Posted by kevinhenry0527
Agreed, its always a numbers gameQuote:
Originally Posted by Karen37a
Agreed. Newbies who accelerate their growth path the fastest are coachable in that they use determination to learn as much as possible and implement immediately. Listen to everyone, learn from everyone, be open to others' guidance.Quote:
Originally Posted by Karen37a
It is a training and conditioning process, and the best Newbies understand that Sales, in general, is a high failure, high rejection game. Here, at times, even more so. Embrace the pain in the beginning --> fail Forward. This is how you get better, this is how you build your skill and your stamina.
Your greatest asset in the beginning is Humility - own that you are at the beginning, and that you may not be very good. But with Consistent practice and work at it, you will become a Funding Pro.
-FundingStrategist
https://fundingstrat.com
Whoever you are I like your attitude. I haven't heard "Fail Forward" in awhileQuote:
Originally Posted by FundingStrategist
Somehow real sales and the positive mindset needed to make them and deal with rejection long term; got lost in backdooring, bullying, regulation and dropping rate and instant online sales.
I can see it's turning around a bit.
And positivity is contagious,
No one wants to follow a dull disillusioned dang gone crybaby....art Williams
Thank you and likewise!
-FundingStrategist
https://fundingstrat.com