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06-12-2016, 03:34 PM #1
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1st Timer - New Job - MCA Closer - Advice thread
Good Morning all you beautiful people,
Little backstory ----
One of my best friends as been working as a MCA sales closer for about 2 years and makes a good 80-100k a year.
After having a long conversation about his job and industry as a whole -- i decided i wanted to do it.
I have 0 sales experience. I'm a former student athlete, and been making big money as a Server for about 2 years, with experience in mortgage loans and residential real estate.
-----
I applied for a position in So Cal, the job pays 55k base + comm.
My biggest barrier is no experience,
So i sold this company very well to take a chance on me, and they agreed.
I offered to start on commission only, to prove myself, and they accepted.
So i start this job next month.
The company itself works in merchant services but is just starting out in the MCA field.
They're hiring around 5 people, and ill be one of them.
So DailyFunder, Give me all the advice you can on starting out, anything and everything that will helpful.
I have no sales experience, but an unparalleled work ethic.
so i believe i will do very well
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06-12-2016, 04:23 PM #2
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=]
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06-12-2016, 04:33 PM #3
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Wait, you're brand new with zero experience and even though you were offered an almost $5,000 a month base salary to start, you insisted in coming on board on straight commission with no base salary to "prove yourself"? I don't get it.
Also, I have never heard of an MCA company offering such a base salary, much less to a brand new rep with no sales experience.
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06-12-2016, 06:10 PM #4
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No no no.
I applied for this job that is hiring experienced MCA sales people.
it pays 55k base
they only interviewed because i sent them a really good email (cover letter if you will)
and i felt like the big base salary would ultimately making them pick someone else --- so i offered to do it commission only to start
---
would appreciate any and all advice though Mr Fund
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06-12-2016, 06:45 PM #5
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Oh. I don't have much advice except you should really be getting a base, even if it's minimum wage. It will take you a while to get rolling, and unless you have substantial savings, it will be very rough. This is no longer an easy way to make."six-figures", and anyone who tells you different is flat out lying to you. It takes tons of time and patience to get there, and with this competitive market...well...good luck man. I truly hope it works out for you.
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06-12-2016, 06:57 PM #6
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06-12-2016, 07:26 PM #7
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Really? You work TEN TIMES harder than your friend? So I take it if he's making 50-100 calls a day, pretty typical in this industry (on the low end actually), you'll be making 500-1000 calls a day? I appreciate your wide eyes and big appetite, you're tired of slinging hash and want to hit it big, but I would enter with some realistic expectations, especially with no sales experience. You'll be competing against some guys who can figuratively see though walls and around corners.
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06-13-2016, 07:09 AM #8
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- Jun 2016
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Dude, keep that attitude. I usually stay under the radar on this site. Some of these cats are so complacent they forgot what got them there. Sure it's going to be rough. If you listen to these folks on this site you might as well fold up your tent. I've been in this business since 2002 worked for AdvanceMe and started out just like you. On a slow month I can make 15k, if I double down the commissions are sick. So, young man like PatrickMTKT said your passion is awesome and your confidence level are on point. Go for it DylanJames. Much luck in your endeavors.
Be Profitable,
KQ
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06-12-2016, 06:55 PM #9
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- Jul 2015
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FYI: You were not hired, and you do not have a job. You might have access to a chair and a phone however. Good. It likely will go something like this:
You:"Hey, Lama, hey, how about a little something, you know, for the effort, you know."
Cali Lama: "Oh, uh, there won't be any money, but when you die, on your deathbed, you will receive total consciousness."
So you have that going for you. But it sucks right now for new entrants.
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06-12-2016, 06:27 PM #10
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- Apr 2013
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Good luck, your super late to the game. Only thing you might have going for you is if the merchant services company has their own in house accounts they will give you for leads.
The industry is saturated, and there is no room, especially with no sales experience.
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06-12-2016, 06:33 PM #11
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06-12-2016, 08:20 PM #12
You have zero sales experience, have no knowledge of this industry whatsoever, a punk attitude, and you come on DF to show everyone your cocky ego for what reason? Are you God's gift to the world or something?
I have news for you, this isn't 2008 it's 2016. There is no such thing as "building a book of business" anymore because your deals are going to be called dozens of times per day and when you call them to renew, they're either multi stacked (do you know what this means? If not, ask you buddy) or they're already in another deal.
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06-12-2016, 08:29 PM #13
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06-12-2016, 09:47 PM #14jotucker1983Guest
Based on what? Based solely on the fact that he told you (people can lie as well BTW) he was making a certain amount? Did he give you any particulars such as:
- The type of business plan in place? Such as does his company have a very large marketing budget, do they have a strategic network setup to get a lot of leads, are they doing some sort of specialized targeted calling?
- Are they pushing 1st position A, B, C, or D Paper, or 2nd - 11th positions?
Did you get any particulars? Did you also do any other research on this industry using the vast amount of information on Daily Funder, deBanked, Google, and other resources to determine if this is an industry to come in right now....and....develop some sort of business plan to acquire new accounts?
Or, did you just "hear" from somebody that they were making around 6 figures and all they quote, unquote have to do is come in, sit down, and start dialing businesses?
Your biggest problems do not include anything in relation to not having sales experience, your biggest problems are:
- You are entering a very saturated market
- You have no unique value you are bringing to the market to separate yourself from others
- You have absolutely no business plan in place on how you are going to acquire accounts
- You have absolutely no marketing capital
- You have absolutely no networks
- You are living in a VERY high cost of living area
Now, you did say you would be doing this for another company, are they going to provide you with a marketing budget, leads, or anything of the sort? Or, are they just going to have you randomly cold-call out of the Yellow Pages?
If the strategy is to randomly cold-call out of the Yellow Pages, listen to my advice and go do something else.
Well, I'm not sure what company you are referring to, but I can tell you that most companies in this space will hire anybody with a heartbeat and pulse on 100% commission. The barrier to entry is VERY low, matter of fact, there's no barrier to entry, any stray dog can just come walking on in here.
No, take that level of committment BACK to what you were doing before making about $8,000 a month unless you are coming in here with a marketing budget, strategic networks or some sort of exclusive big data resources.
I'm serious.
Sir, you don't know anything about how to build a book of business in this industry because if you DID, you wouldn't be running into it empty handed with no UVP, no capital, no networks, no data, etc., which are the tools NEEDED to build a book of business in this industry.
That's nice and cute, but in this world, "positive affirmations" mean nothing. Either you have the tools and resources to acquire clients, or you don't.
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06-13-2016, 11:38 AM #15
What your friend did two years ago, as opposed to TODAY are very different arenas. You will be going up against seasoned veterans who already REALLY KNOW THE PROGRAMS & INDUSTRIES.
If I was in your shoes, and knowing what I know, I would have run at the base salary...though any firm offering that kind of base to beginners HAS GOT TO BE screwing them for a few accounts and then jettison.
Best of luck though...love the piss and vinegar attitude
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06-13-2016, 02:05 PM #16
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06-27-2016, 05:22 PM #17
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100k a year is average, nothing special in this industry. I wouldn't try and get advice on here. I would just go into the job opened mind, find the person there that is closing the most business and absorb as much as you can. From there is it a combination of talent and hard work that will make you succeed.
Side Note: You better hope the company has deep pockets because that will give you a better chance to succeed. The less capital they have to spend/market, the quicker you will become just another statistic in the MCA world.Second place? Set of steak knives.
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06-12-2016, 07:17 PM #18
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DylanJames,
Go for it my friend. Your energy and passion will get you where you want to be. Remember, 99% of us in here are your competitors. So it is normal to hear all the push back advices from us. But I will wish you the best.
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06-12-2016, 07:37 PM #19
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You'll work 10+ hours a day again too, and 6 or 7 days a week to make about the same. It's not a free ride bud.
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06-12-2016, 07:39 PM #20
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You can build a book of business in this industry, you can't build a book of business waiting tables.
one way or the another you're not going to change my mind my friend
As an athlete you kill yourself everyday to be the best --- and you do it for free.
i don't mind paying my dues
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06-12-2016, 07:42 PM #21
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06-12-2016, 08:16 PM #22
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http://www.edd.ca.gov/unemployment/Filing_a_Claim.htm
I'll save you a google search for when you quit after one week.Tommy Stein
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06-12-2016, 08:25 PM #23
Very surprised to hear that there are companies paying a 55k base plus commission. That is a huge base number.
Last edited by Scott Williams; 06-12-2016 at 08:31 PM.
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06-12-2016, 08:35 PM #24
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06-12-2016, 08:45 PM #25
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