Some really good posts here. This industry is far from a get rich quick scheme unless you are at the top of the food chain and even then...

I'm an ex-mortgage guy. I ran a great shop. We funded what we wanted on our warehouse lines and brokered the rest. Mostly a-paper so don't throw rocks! lol. Very profitable business and I probably don't need to explain why it all went down the tubes. I entered this space with the intention of being a funder but had to take my lumps first so we were a standard reseller. Oh boy did I learn a lot the first couple years...

You can't hide from the rates. They're high. Very high. Even premium price is a tough pill to swallow for a first time mca client with good credit. You have to learn to talk rates and get around those objections UPFRONT. If you are hoping to throw an offer out without setting any expectations first then you will hear a lot of crickets after you send the #'s.

I have a lot of different ways of explaining it depending on the client and I train my agents to do the same. I'm not in the front lines nearly as much as I used to be but I still jump in for fun. We have an advantage by being able to fund our own stuff but we don't fund every deal. If it doesn't fit our box we either syndicate or broker it. Earning trust and setting proper expectations before an app is even filled out is incredibly important to getting stuff funded. A simple "15 to 30 cents on the dollar over the next 6-12 months is the world we operate in. If you can't deal with those #'s then it's best that we part as friends before chasing a bunch of paper" works well for many (even these #'s are low for risky stuff). Dangle a premium price cookie or two but if you can't talk real rates and pre-sell then don't bother.

Niche's are best way to go if you are going to cold call. Call on a specific SIC code and talk about a special program just for them. Doctors and restaurants already have them but so does everybody else if you can sell from that angle. Stick with just a couple SIC codes and get used to the types of folks you are talking to. Remember every conversation. Share stories of the last call to the next call.

Get people to talk about their business. They LOVE talking about their business. Ask them what their first year was like and why they started in the first place. Once they open up a big big barrier is down. Drop the "you remind me a lot of a a client I'm helping get a new lift for his auto repair shop so he can add a mechanic AND MAKE MORE MONEY".

Put the cost in perspective. "If you put a new lift in your shop how much extra revenue can you make over the next 3-5 years? Wow, that makes the $6k cost of capital on the 25 ground seem really small". See?

I closed a pizza shop once with a brilliant line. I asked "If I walked into your pizza shop and said I'm going to buy $13k worth of pizza over the next 6 months but I wanted to pay $10k cash today, would you take it?". Merchant said in a heart beat. I told him the cash advance was almost the same thing. We're giving you $10k today in exchange for $13k of sales over the next six months. It clicked and he signed the deal.

This business is tough as hell. No two ways around it. But you can make a great living if you are good. There's a ton of agents out there who aren't. Way too many. That's the saturation part. Lotsa of not so good agents tossing each deal against 6 walls praying that they can close it and have a hard time even explaining it. Don't be that agent.