1 00:00:00.300 --> 00:00:03.500 The question comes up quite often. How much can you make as 2 00:00:03.500 --> 00:00:06.500 a broker in this business? Yeah, because it's a 3 00:00:06.500 --> 00:00:09.200 commitment it is especially if it's a hundred percent commission. Yeah, 4 00:00:09.200 --> 00:00:12.700 some companies pay base salary, right? But Jen 5 00:00:12.700 --> 00:00:15.300 in general in sales. You need to know. What is the 6 00:00:15.300 --> 00:00:18.700 upside? What can I make by putting my Blood Sweat 7 00:00:18.700 --> 00:00:21.000 and Tears into this business. I'm going to 8 00:00:21.100 --> 00:00:22.800 be a broker of somebody. 9 00:00:24.200 --> 00:00:27.600 I don't care if it's business loans or MCA equipment financing mortgages. Whatever 10 00:00:27.600 --> 00:00:30.700 you want to know you want to know what's the potential and 11 00:00:30.700 --> 00:00:33.600 there is not a lot of public data as 12 00:00:33.600 --> 00:00:36.900 to what one can make yeah in the unsecured small 13 00:00:36.900 --> 00:00:39.200 business finance space. It's one of those things 14 00:00:39.200 --> 00:00:42.600 where you see there. The help wanted ads that say 15 00:00:42.600 --> 00:00:45.200 makes six figures. Yeah, but you never really 16 00:00:45.200 --> 00:00:48.100 meet the person who's making who's making right or you meet the person 17 00:00:48.100 --> 00:00:51.200 is making it but you're not sure if it really making it Instagram makes it 18 00:00:51.200 --> 00:00:54.400 look like they're making it. Yeah, but you're not sure there's no data. It's 19 00:00:54.400 --> 00:00:57.300 one of those things where you're not really sure what the upside is. 20 00:00:57.300 --> 00:01:01.600 So you kind of rely on what your friends are telling you. Yeah. Now we 21 00:01:00.600 --> 00:01:03.600 have an actual chart. There was 22 00:01:03.600 --> 00:01:06.100 a survey conducted a legitimate survey conducted Not 23 00:01:06.100 --> 00:01:09.300 By Us by some other group that polled those in 24 00:01:09.300 --> 00:01:12.500 the equipment Finance space equipment Finance Brokers. They 25 00:01:12.500 --> 00:01:15.900 call them Originators. Right? What do you making in compensation? 26 00:01:15.900 --> 00:01:18.200 They looked at sales people that were working 27 00:01:18.200 --> 00:01:21.700 for Brokers. They looked at sales people that are working for actual lenders sales 28 00:01:21.700 --> 00:01:23.600 people that were working for banks, right? 29 00:01:24.400 --> 00:01:28.100 But ultimately The Originators the Brokers the commissioned people 30 00:01:27.100 --> 00:01:30.500 in the process, what are you making 31 00:01:30.500 --> 00:01:33.400 and they put it all onto a chart for us which is 32 00:01:33.400 --> 00:01:36.300 helpful because equipment financing in particular 33 00:01:36.300 --> 00:01:40.000 equipment leasing that whole industry it overlaps with small 34 00:01:39.200 --> 00:01:42.400 business lending and MCA and the 35 00:01:42.400 --> 00:01:45.500 world that we talked about. Yeah, and so it's good to know if you can make 36 00:01:45.500 --> 00:01:46.400 that kind of money over there. 37 00:01:47.400 --> 00:01:50.300 Either a you should add those products to your tool belt. 38 00:01:50.300 --> 00:01:53.400 Yeah or two. Maybe you should 39 00:01:53.400 --> 00:01:56.200 consider that that is the potential that you could make in 40 00:01:56.200 --> 00:01:59.200 this industry on its own, right? Yeah. So now we 41 00:01:59.200 --> 00:02:02.200 have a chart. Yeah. We have a chart. No, we do. We do 42 00:02:02.200 --> 00:02:02.900 have a chart and 43 00:02:05.600 --> 00:02:08.100 I'm Gonna Let You Johnny struggles with 44 00:02:08.100 --> 00:02:11.100 the pie chart? That's okay. We actually we included a link 45 00:02:11.100 --> 00:02:14.100 to this chart online. We do not have our own. I don't think 46 00:02:14.100 --> 00:02:17.400 we had our own seven article about it. I think we just linked to this chart. I think 47 00:02:17.400 --> 00:02:20.200 we did. I may have shared it on Facebook to get 48 00:02:20.200 --> 00:02:23.300 people's feedback on it. And you know what it was kind of the same thing where 49 00:02:23.300 --> 00:02:27.100 people didn't really want to comment on it because they didn't want to give away either. 50 00:02:26.100 --> 00:02:29.200 You know, that's not what I'm you know, that's not what I'm 51 00:02:29.200 --> 00:02:32.100 making. Yeah what they don't maybe they're the owner of a company. That's not what 52 00:02:32.100 --> 00:02:35.200 they're reps are making. Yeah. So even then when I shared this data 53 00:02:35.200 --> 00:02:38.300 online people didn't really want to talk about it. Yeah, but too 54 00:02:38.300 --> 00:02:41.400 bad. Yeah, we are going to talk about it right now. This is 55 00:02:41.400 --> 00:02:44.700 what we learned. This is what Johnny was mentioning before that according 56 00:02:44.700 --> 00:02:45.300 to this chart. 57 00:02:46.600 --> 00:02:49.800 Seven and a half percent of Originators salespeople, 58 00:02:49.800 --> 00:02:52.000 whatever you want to call them and the equipment Finance space. 59 00:02:52.800 --> 00:02:56.600 Made less than under 75,000 in 60 00:02:55.600 --> 00:02:59.300 annual compensation for 2022. That's 61 00:02:58.300 --> 00:03:02.200 an extremely small percentage. Which 62 00:03:01.200 --> 00:03:04.300 means that the rest are making 63 00:03:04.300 --> 00:03:07.700 more than 75,000. That's good. 64 00:03:07.700 --> 00:03:10.300 It's a good Baseline. That's a good Baseline. You're if you 65 00:03:10.300 --> 00:03:13.500 put in some time into the business, you're pretty much guaranteed to 66 00:03:13.500 --> 00:03:15.800 make more than 75,000 a year. 67 00:03:16.900 --> 00:03:19.500 So how big of The Upside well 68 00:03:19.500 --> 00:03:23.000 it goes all the way to the top right where you 69 00:03:22.100 --> 00:03:26.400 ask do you make an excess of $300,000 70 00:03:25.400 --> 00:03:29.400 and 28% of 71 00:03:28.400 --> 00:03:31.500 respondents that they make in excess 72 00:03:31.500 --> 00:03:34.400 of 300,000. 73 00:03:35.200 --> 00:03:38.900 That there's a real upside number. Yeah, that's because 74 00:03:38.900 --> 00:03:41.200 people say six figures they don't know if you're talking about one hundred 75 00:03:41.200 --> 00:03:44.300 thousand dollars in one cent They that could be what they're 76 00:03:44.300 --> 00:03:47.200 talking about six figures if it's six feet. You know what I mean? What are we talking about? We say 77 00:03:47.200 --> 00:03:50.500 six figures we talk about 100,000 we talk about 900,000. Give me 78 00:03:50.500 --> 00:03:53.400 a number 28% of people 79 00:03:53.400 --> 00:03:55.300 polled in this survey. 80 00:03:56.100 --> 00:03:59.600 Reported making more than $300,000 now here's 81 00:03:59.600 --> 00:04:03.200 what's really cool 30% 30.1% made 82 00:04:02.200 --> 00:04:05.500 between two hundred and three hundred thousand 83 00:04:05.500 --> 00:04:09.500 dollars. So if you combine those two categories that's 58.1% 84 00:04:08.500 --> 00:04:12.100 or making more than 200,000 a 85 00:04:11.100 --> 00:04:15.200 year more than half make more 86 00:04:14.200 --> 00:04:17.700 than 200,000 a year. 87 00:04:18.500 --> 00:04:21.400 I can see the pie chart the truck. Yeah, here is the pie 88 00:04:21.400 --> 00:04:24.500 chart we can share the chart online again. So 89 00:04:24.500 --> 00:04:26.200 those of you can see it now. 90 00:04:27.200 --> 00:04:30.400 It's possible some people lied or we don't 91 00:04:30.400 --> 00:04:33.500 know all the specific details behind it. But this is 92 00:04:33.500 --> 00:04:36.000 the best we've got but I think it's it's safe to say 93 00:04:36.100 --> 00:04:37.800 that over half of them ain't thousand dollars. 94 00:04:39.800 --> 00:04:42.400 I made more 95 00:04:42.400 --> 00:04:45.300 than a hundred. Yeah. Well, we know we know more than 70 96 00:04:45.300 --> 00:04:49.400 8% made more than 125,000. So 97 00:04:48.400 --> 00:04:51.700 yes, yes more than half more 98 00:04:51.700 --> 00:04:54.300 than half maybe 100 but you know, I think that's 99 00:04:54.300 --> 00:04:57.600 to show you like those six figures are reality. You 100 00:04:57.600 --> 00:05:00.100 know that you people could make that and I think it depends 101 00:05:00.100 --> 00:05:03.600 how hardcore you want me because some people are happy with six figures and you go 100,000 102 00:05:03.600 --> 00:05:08.100 a year. They're happy. Yeah, some people happy with it. Yeah, whatever 103 00:05:06.100 --> 00:05:09.800 300,000, you 104 00:05:09.800 --> 00:05:12.200 know over 300,000 and 105 00:05:12.100 --> 00:05:15.500 um, but you said you're pretty much guarantee at 106 00:05:15.500 --> 00:05:18.100 least 75,000 you if you put 107 00:05:18.100 --> 00:05:21.100 in the time you put in the work the day to shows that's what 108 00:05:21.100 --> 00:05:24.200 you will make. That's what people made at least 109 00:05:24.200 --> 00:05:27.600 in 2022. Yeah. Now it's interesting in that the top 110 00:05:27.600 --> 00:05:30.500 was in excess of 300,000 and 28% of 111 00:05:30.500 --> 00:05:33.200 that said they fall into that category. I wonder how many 112 00:05:33.200 --> 00:05:36.300 people would have been an excess of 500 and I 113 00:05:36.300 --> 00:05:39.300 wonder how many would have been in excess of 1 million. I 114 00:05:40.600 --> 00:05:43.100 Would not be shocked to find that somewhere in 115 00:05:43.100 --> 00:05:46.500 excess of 1 million. That group is probably very small. Yeah, but it's 116 00:05:46.500 --> 00:05:49.900 out there and it's a reality. I think it is possibly possible that 117 00:05:49.900 --> 00:05:52.000 that has occurred. This is the best data that 118 00:05:52.100 --> 00:05:55.100 we have in terms of what a brokers in a related 119 00:05:55.100 --> 00:05:58.300 field. Yeah make and I think 120 00:05:58.300 --> 00:06:01.200 if you're out there wondering what is the outside this is something you should 121 00:06:01.200 --> 00:06:04.100 use for inspiration not some help wanted it as 122 00:06:04.100 --> 00:06:07.400 it says make six figures blah blah, you know, don't get 123 00:06:07.400 --> 00:06:10.400 someone Instagram to try to gauge how much they're making this is what people told 124 00:06:10.400 --> 00:06:13.400 you know, this is what they they said in an actual survey. 125 00:06:13.400 --> 00:06:16.100 Hey, here's what I'm making knowing full well that they weren't going 126 00:06:16.100 --> 00:06:19.100 to be judged right their name is not attached to it. So we don't know 127 00:06:19.100 --> 00:06:21.100 who these people are in particular.