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  • Newbie here, looking to be pointed in the right direction

    Hi everyone! I'm new here, and I'm new to being a business owner. I've worked in the alternative financing world for the last few years, and I've gotten to be pretty good on the phones.

    Recently, after a number of events at the brokerage I worked at, I decided to leave and do it on my own. I believe I can do it better than they did - they were sloppy and not-responsive, sometimes taking 3 weeks to get an answer from underwriting. Naturally, at that point, the potential client would have been funded by someone else.

    This turned my 1.2 million dollars in applications to 180k in funding in the last month I was there.

    I know there is more to running a successful business than being good on the phone - but I don't know what, exactly. That's why I'm here.


    I understand that many of you reading this may have a vested interest in pointing me one way or the other - what I'm here to ask is that those of you who have been in the industry long enough to know better steer me the right way. Where do I buy leads? What lenders should I avoid? How can I generate inbound? I have a ton of questions, but these three are the most important right now - I'm usually pretty good at figuring things out as I go, which is the reason I started this in the first place. Specifically those first two are pretty significant in the stage I'm at though, and I want to make sure I choose the right direction before diving in.

    There is so much to take in, and everywhere I look everyone contradicts each other - I don't know what to believe because I don't know what content is paid for and what is genuine good advice. I dont have a huge budget, which means that I can't really experiment with a ton of different options - I have to pick one and hope it works out, to finance the next round of purchasing, expanding, hiring, etcetera.

    If anyone would like to help, maybe tell me some of the things to avoid in the beginning I would greatly appreciate it, and I'll pass it on when it's my turn.


    Thanks for taking the time to read this!
    Last edited by Jellyfish Capital; 07-18-2017, 05:46 PM.

  • #2
    I'm not getting any replies - so let me add a more concise question:

    If you only had 10,000$ to get started, where would you get your leads?
    Would you buy UCC leads, Triggers, Live Transfers, or what?
    Which lenders should I avoid in order to make sure I don't get screwed in the beginning?

    Comment


    • #3
      I would buy INBOUND leads. They're MUCH more responsive!

      If you want, I can help you a bit. If you have the files, I'll help point you to the right funders. I have some other creative things I do (real estate, credit lines, etc.), so I think we can help each other in a lot of various ways.
      Micah Markowitz | American Business Funders | www.abfunders.com
      mmarkowitz@abfunders.com | 646-883-9721 - direct

      Comment


      • #4
        Originally posted by abfunders View Post
        I would buy INBOUND leads. They're MUCH more responsive!

        If you want, I can help you a bit. If you have the files, I'll help point you to the right funders. I have some other creative things I do (real estate, credit lines, etc.), so I think we can help each other in a lot of various ways.
        Hi Micah - I don't yet have the files. That's the last step I'm missing here - I'm at a crossroads as to who to buy them from, what type to buy, etc. Everything else is ready - Just stuck on this decision. I don't have the luxury of buying from many sources and seeing which ones are the best - I can only really afford to dive in head first to one source and hope they convert

        Comment


        • #5
          Try dataops@enablementdata.com
          You can buy them in small batches at first.

          I'd love to work some of the files you can't convert. I have a bit more resources than the average broker out there. I'm not just a salesman like many of them are.
          Micah Markowitz | American Business Funders | www.abfunders.com
          mmarkowitz@abfunders.com | 646-883-9721 - direct

          Comment


          • #6
            Originally posted by Jellyfish Capital View Post
            Hi everyone! I'm new here, and I'm new to being a business owner. I've worked in the alternative financing world for the last few years, and I've gotten to be pretty good on the phones.

            Recently, after a number of events at the brokerage I worked at, I decided to leave and do it on my own. I believe I can do it better than they did - they were sloppy and not-responsive, sometimes taking 3 weeks to get an answer from underwriting. Naturally, at that point, the potential client would have been funded by someone else.

            This turned my 1.2 million dollars in applications to 180k in funding in the last month I was there.

            I know there is more to running a successful business than being good on the phone - but I don't know what, exactly. That's why I'm here.


            I understand that many of you reading this may have a vested interest in pointing me one way or the other - what I'm here to ask is that those of you who have been in the industry long enough to know better steer me the right way. Where do I buy leads? What lenders should I avoid? How can I generate inbound? I have a ton of questions, but these three are the most important right now - I'm usually pretty good at figuring things out as I go, which is the reason I started this in the first place. Specifically those first two are pretty significant in the stage I'm at though, and I want to make sure I choose the right direction before diving in.

            There is so much to take in, and everywhere I look everyone contradicts each other - I don't know what to believe because I don't know what content is paid for and what is genuine good advice. I dont have a huge budget, which means that I can't really experiment with a ton of different options - I have to pick one and hope it works out, to finance the next round of purchasing, expanding, hiring, etcetera.

            If anyone would like to help, maybe tell me some of the things to avoid in the beginning I would greatly appreciate it, and I'll pass it on when it's my turn.


            Thanks for taking the time to read this!
            Honestly, with the amount of start up capital you have I would stick to the old school route and source you own leads...which I feel builds a better book.... In regards to lenders..it'll be best to start relationships with lenders on all tiers(A-Z) paper....in my opinion 2nd position paper will help growth on the short term.

            Comment


            • #7
              I would recommend seeing if you can fund any past applications you have gotten in from the past. By calling merchants you have spoken to before, it will be much easier to close because they know you are serious, and know who you are. It would be good to get some momenum in regards to getting some easy apps in. A decline can turn it an approval in a matter of days, depending on the situation. I am available anytime at frank@fbcfundinggroup.com if you need anything, good luck. Debanked has a good section on leads that I would highly recommend.

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