[Karen37a]

That commenter is my best friend and jr partner in real life...not the df

And I was a partner in a small stock brokerage firm in the 90's I do not need anyone to tell me what I already know lol. Then another Finance company after that for 10 years

Anyway gl. You need to feel like you are right. have fun. attacking the next person

[WestCoastFunding]

and you are wrong on your business marketing strategy. , wasted time.
.

Yes, new entrants into the industry, please continue doing what dinosaurs like Karen insist, and spam call t-shirt shops pushing cash advances.

Sadly, she believes the best and only way to reach the 18,000,000 businesses in America in the 2017 and beyond is to advise new entrants is to spam them. In her words, nothing else works. Smh.

Pretty much exemplifies someone who has no clue how the new economy works, and has no ability nor desire to adapt. No creativity. No diversity. All eggs in one contracting basket. From a pure business perspective, isn't that awful?

And this is what you advise now brokers?

[Karen37a]

Yes, new entrants into the industry, please continue doing what dinosaurs like Karen insist, and spam call t-shirt shops pushing cash advances.

Sadly, she believes the best and only way to reach the 18,000,000 businesses in America in the 2017 and beyond is to advise new entrants is to spam them. In her words, nothing else works. Smh.

Pretty much exemplifies someone who has no clue how the new economy works, and has no ability nor desire to adapt. No creativity. No diversity. All eggs in one contracting basket. From a pure business perspective, isn't that awful?

And this is what you advise now brokers?

"And this is what you advise now brokers?" ...omg is that a typo, you didn't go to college

I will not teach you about what I do, nor advise you on how to make money. You make things up, lie. But its on the record because we typed it .You cant bait me into a backhanded training of you

Where did I say "spam tshirt shops".... that is a very very Bad strategy.

Someone like you makes someone like me not want to help newbies because its a general format and you will see what I am typing. Its like free training to some schmuck who not only wont say thank you, he invented the idea.p

As That Bethany person says from the dumb TV show were everyone argues

Get off my Jock

[WestCoastFunding]

[B]


I will not teach you about what I do, nor advise you on how to make money. You cant bait me into a backhanded training of you.

Yes, Karen, we're waiting on a dinosaur like you, to teach us how to chase after 3% of the market using tactics that majority of brokers are using, and becoming more saturated daily. Spamming sure is cutting-edge! Disruptive, even! SMH.

[HDF]

Before you go Karen, I am just curious if you condone "Scott's" behavior.

You know, the trolling, bullying, wishing people dead, slander etc. Hit and run false allegations then deleting and retreating? Are you on board with that?

Thanks for the PM, Karen. And yes, somehow you and I fundamentally disagree with each other on everything you throw out here - but it has been civil. And that is good. Can you please answer the above question?

[Karen37a]

Westcoast
Who is "we" Most of the brokers on here already know the "secret sauce", and I know alot of them in real life. You are the only one out of the loop.

Most brokers cant get to the decision makers of any company with BIG money..so you are chasing the 3%, i teach people how to get out of the gutter

I guess because you put salespeople down and the MCA industry and that's probably the reason you are a champion for regulation and attack me because I am against it, (in the way that they are going).

[Karen37a]

HDF I do not know anyone named Scott, from these boards. And If you ever think I would throw a friend, whos name isnt Scott under the bus in public forum..you must not really know me that well.


And the reason we fundamentally disagree is your stance on the pinky ring zoot suits and regulation.The direction they are going will not help the broker or small Iso or Funders. But again we beat this topic to death.( while being civil to each other)

[HDF]

HDF I do not know anyone named Scott, from these boards. And If you ever think I would throw a friend, whos name isnt Scott under the bus in public forum..you must not really know me that well.

"Scott" is his ***** name now. Wasn't asking you to out him. Asking if you agree with the behavior, approach and slander. Would you appreciate it if someone did that to you?

[WestCoastFunding]

I guess because you put salespeople down and the MCA industry and that's probably the reason you are a champion for regulation and attack me because I am against it, (in the way that they are going)

This is another perfect example of you making a stupid declaration, and then playing victim when challenged. It was you that said all other forms of marketing besides phone spamming don't work. When challenged, you start whining.

[Karen37a]

No, but most people use .... Google. Or Bing. Or Yahoo. If you want to find a product or service that is available, do you use Google, or do you wait for someone in boiler room to Cold call you? Lmao.

Even more, what percentage of business owners in need of immediate financing wait around for cold calls? 5%? 3%?

I'll tell you what, please keep focusing on ONLY selling cash advances, and make sure the only way you market is through cold-calling t-shirt shops and the like. The rest of us who don't rely on spam never need to make a cold call, because the people seeking financing call us. And when clients are seeking you out, your firm can focus more on hiring trained financing professionals, and not........salespeople.

You said it numerous times...maybe you have short term memory loss.. anyway have fun making things up.

Your disdain for the mca industry and sales people is apparant hence the reason you want regulation, you think you are knocking competition out.( And you have stated that before publically.)

PS I am not whinning. I already bet you and you didnt take the offer because I can outclose you.You are the one sinking inthe gutter and trying to do little put downs when you lose agruements.

The People know me know I do not "whine", in fact I have to act more lady like at times. I am being nice because people can see the posts.

You are the one actually whining,correcting grammar all over the DF lol Like you want to get into the old boys club or something it was funny now its a bore and annoying

shoo

[WestCoastFunding]

that's probably the reason you are a champion for regulation and attack me because I am against it, (in the way that they are going).

Im actually against all regulation in the MCA space besides a streamlined national brokers license rather than these state regs (like CA which has proven to be not only ineffective - because it really doesn't stop cash advance brokering, but only makes it harder to broker conventional stuff, thus: increasing chances a broker will push an MCA over healthier stuff).

The difference between you and I is I can articulate my stance. You seem to attempt to repeat dogmatic crap you've heard elsewhere and think it passes as profundity.

Let's not lose sight of how this all started: you defending the AF_Funder's antics. Even after he realized his own antics were despicable and personally deleted his comments. Yet you applauded his antics. Smh.

[admin]

everybody.jpg

[jotucker1983]

Lol, boy this thread is a mess. OF_Funder must have been having a bad week or something and just wanted to rant. Maybe that's why he kept posting then immediately deleting his posts?

But getting back to the topic of sales, Karen let's discuss your proposal again:

Anyone want to come to my office and see me and my top brokers cold call off of UCCs and close sales on a bet $$ ??Bring money.

It can be a daily funder experiment.I can get 5 leads on 30-50 dials, and 20 leads close 1.I can do it..and Ive done it over and over and over on many bets..gets tiring. Think what you will.I know this a waste of time.
( and I do not do 3rd 4th positions etc, did a 3rd once for an emergency)

Karen, UCCs are nowhere near as productive as they used to be, and with your estimated production results, you don't seem to be painting the complete picture. Let's break this down:

- You call 200 UCC data records
- You generate 20 "interested" merchants
- You generate 1 "close"

By "close" I assume you mean you collected an application? Or by "close", do you mean that's a funded deal?

Here have been my results on UCCs since about 2015 when EVERYBODY started calling them:

- I do a call rundown on 100 UCC data records

- I will generate about 12 interested merchants because many merchants flat out slam the phone down on your face today because you are the 7th guy that called that day about a damn "cash advance", and he's getting tired of it.

- Of those 12 interested merchants, after pre-qualifying them (what you guys refer to as ISO Underwriting) only about 5 of them pass that pre-qualification. The rest are stacked to high heaven hell, NSFS/Overdrafts through the roof, bad credit, etc., etc.

- Of the 5 that pass, I collect complete applications from 4 of them

- Of the 4 submitted to Underwriting, 2 are approved

- Of the 2 that are approved, 1 funds

1 fund out of 100 calls to UCC records is not a sustainable strategy for any Broker Office today.

Brokers have to utilize other marketing strategies today as UCCs are DEAD. Plus understand something, many companies are not even filing UCCs on the good/quality merchants anymore, many companies are only filing them on the "bad" or "higher risk" merchants, which further delimits the quality of UCC marketing.

[Karen37a]

Geez John.

he said back to the corners.

I used to get yelled at in the first company I worked for for only dialing 7-30 numbers a day. They would "out me" in the montly meetings. Meanwhile I closed/funded 7 deals in my first month and I was top 3 sales person. .Think what you will.

If you fund 1 out of 100 dials get on the phone, like i said

Grind it out make sales, you renewals come then you are making $$

** i know the mistake you are making is drop closing on rate and commission because I saw you post it once.The rate has to be a certain level to keep everyone in business no matter what anyone says.


Sales and non sales can fuel extreme jealousy, hatred. I have to get to that million dollar commission level before i start patting myself on the back.

this dinasour was trained to dial 500 dials a day as a stockbroker..brokers get 1% 2%,, mortgage brokers etc..I guess they all have to quit.We are spolied.

I am done with paperwork its beautiful outside waving bye ***

[Michael I]

Lol, boy this thread is a mess. OF_Funder must have been having a bad week or something and just wanted to rant. Maybe that's why he kept posting then immediately deleting his posts?

But getting back to the topic of sales, Karen let's discuss your proposal again:



Karen, UCCs are nowhere near as productive as they used to be, and with your estimated production results, you don't seem to be painting the complete picture. Let's break this down:

- You call 200 UCC data records
- You generate 20 "interested" merchants
- You generate 1 "close"

By "close" I assume you mean you collected an application? Or by "close", do you mean that's a funded deal?

Here have been my results on UCCs since about 2015 when EVERYBODY started calling them:

- I do a call rundown on 100 UCC data records

- I will generate about 12 interested merchants because many merchants flat out slam the phone down on your face today because you are the 7th guy that called that day about a damn "cash advance", and he's getting tired of it.

- Of those 12 interested merchants, after pre-qualifying them (what you guys refer to as ISO Underwriting) only about 5 of them pass that pre-qualification. The rest are stacked to high heaven hell, NSFS/Overdrafts through the roof, bad credit, etc., etc.

- Of the 5 that pass, I collect complete applications from 4 of them

- Of the 4 submitted to Underwriting, 2 are approved

- Of the 2 that are approved, 1 funds

1 fund out of 100 calls to UCC records is not a sustainable strategy for any Broker Office today.

Brokers have to utilize other marketing strategies today as UCCs are DEAD. Plus understand something, many companies are not even filing UCCs on the good/quality merchants anymore, many companies are only filing them on the "bad" or "higher risk" merchants, which further delimits the quality of UCC marketing.

Huh .It is easy to call a hundred a day . So on your math,you fund 22 deals a month .average deal size let's say 40k . Average commission let's say 10 % . You are making 88k a month.more then most make in a year

[HDF]

Huh .It is easy to call a hundred a day . So on your math,you fund 22 deals a month .average deal size let's say 40k . Average commission let's say 10 % . You are making 88k a month.more then most make in a year

Not sure you can assume a 40k handle on a UCC data respondent that is stacked to the gills. 15K might be a better estimate overall. IMHO

[Michael I]

Not sure you can assume a 40k handle on a UCC data respondent that is stacked to the gills. 15K might be a better estimate overall. IMHO

OK so making over 30k a month

[jotucker1983]

Huh .It is easy to call a hundred a day . So on your math,you fund 22 deals a month .average deal size let's say 40k . Average commission let's say 10 % . You are making 88k a month.more then most make in a year

Some notes on your response:

- When you're a one man shop that has to "do it all", you have to juggle a lot of aspects that makes it difficult to run through 100 - 200 calls a day, especially when you actually have a real Pipeline and Underwriting Queue.

- 10% commission is a little out of the ballpark to be competitive. I've done deals at 10%, but the vast majority are 2% - 5%.

I would say if a guy bought 10,000 UCC records for the entire year and he's a one man shop having to juggle everything, this might be his results from the 10,000 records:

* He is able to call through the entire list 2 times over 12 months

* He generates 700 interested merchants after both runs (I'm changing my number from earlier, after reviewing it, I believe it was too high, this range is more realistic with the status of today's UCC records)

* 70% of the interested merchants can't be funded, that's 490. Either they are stacked too high, NSFs/Overdrafts too high, bad credit, etc. That leaves 210 that pass pre-qualification.

- Of the 210 that pass, he collects 168 complete applications

- Of the 168 applications, 84 are approved

- Of the 84 approved, 40 close

- Of the 40 that close, average new deal commission is $900 or $36,000 in total

- Of that $36,000 he has to take out the cost of buying the UCC records, cost of his dialer, cost of his website, cost of his telephone system, and other costs, that might total $8,000 leaving him with $28,000 remaining before taxes.

He better have a good renewal portfolio or to be honest, he could pursue better opportunities elsewhere.

[jotucker1983]

OK so making over 30k a month

NO where near that amount Michael. Try about $30,000 a YEAR, again, if he's a one man shop having to juggle everything.

[Karen37a]

avg Commission is 2-4k depending on the broker and then you have to factor in renewals.

You cant have a $900 avg and stay alive...

Well I take that back..make more contacts

[MCNetwork]

No, but most people use .... Google. Or Bing. Or Yahoo. If you want to find a product or service that is available, do you use Google, or do you wait for someone in boiler room to Cold call you? Lmao.

Even more, what percentage of business owners in need of immediate financing wait around for cold calls?

According to this logic, there is no need for any company to hire salespeople to perform outbound telemarketing sales since no business owner seeking a service will just sit around twiddling their thumbs waiting for a cold caller to reach them. Tell that to the legions of millionaire salespeople out there crushing it with cold calling in every industry...

There are tons of times where I've called a business owner and he said "Wow, as a matter of fact, I'm in the market for financing and I'm still looking at options. Whatcha got?" It's all about timing and making enough calls to cast as wide a net as possible. Don't get me wrong, it's certainly nice to get qualified inbound leads but unless you're swamped with 10 plus per day (which is exceedingly rare nowadays unless your shop spends millions on marketing), you'll actually have to pick up the phone and do some real prospecting to fill out your pipeline and put food on the table. Salespeople who think they can sit around all day waiting for the Glengarry leads to pop up in their inbox usually don't last very long. When the lead volume dries up they ***** about things like poor lead quality, the industry is too damn competitive and a hundred other reasons to explain away their failure as they troll the forums of their previous industry during lunch breaks at Best Buy. The salespeople who know how to roll up their sleeves and actually cold call effectively (like Karen37 and her team) can always write their own ticket in any industry. I've heard Karen's sales pitch several times and will freely admit her skills blow mine away, and I'm no slouch myself. Salespeople who aren't afraid to cold call are immune to the MCA lead snake oil salesmen pitching their crappy products to pseudo salesmen seeking fictional shortcuts to success.

[MCNetwork]

avg Commission is 2-4k depending on the broker and then you have to factor in renewals.

You cant have a $900 avg and stay alive...

Well I take that back..make more contacts

Damn right. With an accurate 10,000 UCC list from 2015/2016, I can generate 150-250K in gross revenue with a two man shop in 12 months. And that list will cost me 2-3k.it will take a lot of hard work but it's certainly doable. $900 in average commission is crap. You can make more than that selling $7500 Yellowstone advances. My average commission is in the 2k range.

[MCNetwork]

And that's WITHOUT renewals.

[WestCoastFunding]

According to this logic, there is no need for any company to hire salespeople to perform outbound telemarketing sales since no business owner will just sit around twiddling their thumbs waiting for a cold caller to reach them.

That's not at all what I said. I simply stated that the percentage of business owners waiting around for cash advance brokers to sell them financing is a very small percentage, and the pool of brokers cold-calling is increasing. If you want to fight for cold calling market share, knock yourself out.

I do know that business owners do hundreds of thousands of searches on Google, Yahoo, Bing and other search engines for business lending options each month. Here are just 6 keywords and the number of monthly searches for each one:


Working capital: 27,000 monthly searches
Business loan: 6,600
Business loans: 18,100
Small business loan: 5,400
Small business loans: 45,000
Merchant cash advance: 3,600

Those are just a small fraction of search terms, and there are thousands of other keywords (as well as long tail search terms). And that only represents Google searches and not other engines.

Like I've said, it's 2017. There are more efficient ways to reach customers than cold calling. And those of us that aren't forced to spend endless amounts of hours dialing away, are able to focus on hiring finance professionals that are well-versed on all types of business and commercial lending, and not just MCA salespeople.

I'll say it again, when your customers come seaking-out your services (as opposed to cold calling) there is nothing to sell. There's no resistance. At that point all you have to provide is advisory, and let the solutions (financing options) sell themselves.

But hey, market how you wish. If one really believes that the "ONLY WAY" to reach prospective customers is to cold call, have at it. I just fundamentally disagree.

[MCNetwork]

Here are just 6 keywords and the number of monthly searches for each one:


Working capital: 27,000 monthly searches
Business loan: 6,600
Business loans: 18,100
Small business loan: 5,400
Small business loans: 45,000
Merchant cash advance: 3,600

Those are just a small fraction of search terms, and there are thousands of other keywords (as well as long tail search terms). And that only represents Google searches and not other engines.

Absolutely correct. Now tell me the cost per click of those terms for a PPC campaign and how much your average ISO would have to spend in order to rank a site properly (first 2 pages of Google). Then tell me how much it would cost and length of time to rank a website for all the industry long tail keywords to even get a miniscule slice of that volume. And then tell me what percentage of those searches are from people who even remotely qualify for a business loan (Hint: most of those clicks are from startups, no matter how well your ads are worded to discourage them from clicking). It's not pretty. That's why unless you have incredibly deep pockets and are willing to suffer through a negative ROI for a few years until your SEO campaigns are dialed in and renewals kick in, cold calling will always remain the most consistent way for a small shop to make it in the MCA industry. If they try to launch a PPC campaign they will be bankrupt after buying a few hundred clicks. The MCA/business loan keywords are among the most expensive search terms in Google...