[TheUnderwritingProdigy]

I wouldn't say clueless, but most def new. I'm learning everyday.

We are 4 weeks from launch. With the help of our Partners, we'll be ready to go by then.

BTW - our focus will be on small businesses and Advances ranging from $10k to $50k.

If you've never at least worked for another MCA shop, you're going to be in for a rude awakening starting your own shop...

[cruisinman]

If you've never at least worked for another MCA shop, you're going to be in for a rude awakening starting your own shop...

Why?

All we have to do is find Businesses that need working capital and get the Client's info to start the deal - our Partner(s) handle everything else.

[Franklin]

Why?

All we have to do is find Businesses that need working capital and get the Client's info to start the deal - our Partner(s) handle everything else.

There is something to be said about having a good idea, a unique plan, and just jumping in and working hard and fast.., it's incredibly rare but it does happen...

...however, the biggest issue is that when you don't know what you don't know, what do you do when those snags happen?

If your job is to simply find business and pass off to another entity to work it, in theory that's very simple... IF you have the answers to, and have solved a number of basic problems:


-Where will you source this new business?
-Can you source new business consistently
-Does your cost to source allow you to make money
-Is the business source unique and can it become quickly saturated
-Is the source of business that type your client is looking for?

-Can you grow your sources of business?


Who covers the cost of this growth (The network or each individual in the network)
Who manages distribution of these business prospects?


I'd also ask, how well do you know the funding side, and how much work have you done with them?



Who is responsible for follow up, doc chasing, paper gathering
...This is 80% of the work.


Who closes? Who closes the big and/or difficult merchants?
...This is 90% of your profits.

Who handles renewals?
...This is your recurring profits.


-Who stays on top of merchants to make sure you get paid from renewals?
-Are follow ups system based or manual?
-What is the type of industries they like, the grade of paper,
and do they have an outlet for non MCA deals?

-What do you do with merchants that don't fit their bucket?
-Are their offers competitive?



* What is the aptitude of the people handling all these different tasks? *


As the machine starts to run, now you have to start looking for inefficiencies, cracks, and leaks.

-Are you losing deals due to lack of follow up, lack of closing ability?
-Is their key staff dependable and present, or is personal drama hampering their work, and therefore your
profits? (This comes down to their company culture).
-Are merchants being missed?
-Are your deals going in one door and out the other 30 minutes later?



If I were you, I'd like answers to these questions as soon as possible, as you're growing.
















www.UccRadar.com - Post one question about funding, see hundreds of merchant responses...

[cruisinman]

There is something to be said about having a good idea, a unique plan, and just jumping in and working hard and fast.., it's incredibly rare but it does happen...

...however, the biggest issue is that when you don't know what you don't know, what do you do when those snags happen?

I admit we currently know very little about the Advance game. But - we are learning.

If your job is to simply find business and pass off to another entity to work it, in theory that's very simple... IF you have the answers to, and have solved a number of basic problems:


1-Where will you source this new business?
2-Can you source new business consistently
3-Does your cost to source allow you to make money
4-Is the business source unique and can it become quickly saturated
5-Is the source of business that type your client is looking for?
6-Can you grow your sources of business?

1 - MCA won't be our lead product / service for the majority of Brokers. Brokers will be marketing a plethora of products / services to local businesses. Some Brokers will join our Network that already have a book of business. We'll plant the MCA seeds and see what grows.

2 - This is where having a Network of Brokers comes in to play.

3 - We have no cost to source except for the commissions / bonuses paid.

4 - Plenty of meat on the bone for everyone.

5 - See #1

6 - Recruiting is my specialty. I owned a very large and successful MLM from 1997 to 2001.

Who covers the cost of this growth (The network or each individual in the network)

Brokers pay their own expenses to do business. We will pay commissions / bonuses quickly to put money in their pockets.

I'd also ask, how well do you know the funding side, and how much work have you done with them?

Just starting. Learning everyday. Relying on our Partners for hand holding out the gate.

Who is responsible for follow up, doc chasing, paper gathering... This is 80% of the work.

The Broker assumes this responsibility with guidance from their Upline and our Partners. We are only seeking Partners who have this process automated.

Who closes? Who closes the big and/or difficult merchants? This is 90% of your profits.

The Broker assumes this responsibility with guidance from their Upline and our Partners.

Who handles renewals? This is your recurring profits.

-Who stays on top of merchants to make sure you get paid from renewals?

The Broker assumes this responsibility with guidance from their Upline and our Partners. We will also have an in-house person(s) that handle Renewals, Retention, etc.

-Are follow ups system based or manual?

We are working on a simple CRM to handle this. If we are able to gain traction and produce more revenue - we can build the CRM greater indepth.

-What is the type of industries they like, the grade of paper,
and do they have an outlet for non MCA deals?

-What do you do with merchants that don't fit their bucket?

-Are their offers competitive?

These questions are why we will have multiple Partners - Preferred, Niche, High Risk, etc. We plan to have all these in place prior to launch.

* What is the aptitude of the people handling all these different tasks? *

We will have a few in-house peeps that will coordinate with the respective Partners. Everything will be virtual

As the machine starts to run, now you have to start looking for inefficiencies, cracks, and leaks.

^ ^ ^ This is Business 101 . . . We will rely upon our Partners to assist.

1-Are you losing deals due to lack of follow up, lack of closing ability?

2-Is their key staff dependable and present, or is personal drama hampering their work, and therefore your
profits? (This comes down to their company culture).

3-Are merchants being missed?

4-Are your deals going in one door and out the other 30 minutes later?

1 - This will happen in the beginning. Hopefully, our Training will help minimize this . . .

2 thru 4 - Haven't been involved yet to determine this.


I appreciate you taking the time to post all these questions. Great questions . . . Thanks!