The Factoring Broker’s Action Plan

Wondering How to Earn Fees as a Factoring Broker?

Mike Ponomarew reveals the Factoring Broker Action Plan in his next webinar. Read the article and save your seat today!

There are two types of business models a) “Opportunity” and b) “Industry.” The “Opportunity” focused business model concentrates on making money fast, get in and get out, short term results. These types of businesses seem to come and go quickly as people jump in and jump out of the “Opportunity.” Little emphasis is placed on a product.

The “Industry” focused business model concentrates on the promotion of products or services within an economy. Educating the prospect about “What Is In It For Them (WIIFT),” promoting the Features & Benefits of using the product or service. Through the movement of products and / or rendering of services comes the opportunity to generate income. The focus is placed on short term gain with emphasis on long term growth.

The Factoring “FEES” Principle

Factoring fits into an “Industry” focused business model. If you read my article titled “2011 The State of the Factoring Industry” you understand the economic trends and why Factoring has become the Financing Tool of Choice.

To generate income as a Factoring Broker you have to learn how to “Educate” the prospect about “What Is In It For Them (WIIFT).” Notice I did not say selling, I said educating. There is a major difference.

For many companies following an “Industry” business model, selling becomes an important ingredient in their strategy. Brokering factoring transactions is different successful.  Factoring Brokers learn to adapt a “Consultative Mindset” versus selling. The consumer (prospect) has become marketing resistant. If you have attended one of my speaker sessions, webinars or conference calls you will often here me reference the “FEES” principle

The Factoring Broker Action Plan

1. Find them…

2. Expose them…

3. Educate them…

4. Support them…

Understand if any one of these steps breaks down during the “FEES” Principle – the Factor will not generate Factoring Fees, which means no broker commissions will be paid. Learning to Educate your prospect about WIIFT will produce positive results.

Implementing your Action Plan requires the following;

a) Education

b) Tools & Systems

c) Marketing

Through all of my experience as an entrepreneur and business owner I can tell you this, “There is absolutely, positively no getting around in spending (investing) money in your business.” If you are skeptical to what I saying, immune to circumstance (see my article titled “Factoring Brokers Create Momentum for Success”) you must pay the utmost attention to what I am about to tell you!

If you want to build a Real business, in a Real world, in a Real Industry – Here is the Real Deal – it is going to require Your Time, Your Effort, Your Energy, Your Patience and Money.

Yep money! Like a Website, auto responders, landing or capture pages, squeeze pages, support etc. I can show you how to do it inexpensively but, you have to have Funnel Vision (see my article “A Word of Caution to Factoring Brokers“).

Some will argue that they have already been educated via a course, books etc. Claiming they know the Definition of Factoring and how it works (there is more to it than that guys). Guess what? If you haven’t taken action with the education that you have received up to this point…I hate to tell you but, you really don’t know it! You have probably let your emotions and circumstance get in the way. Working the business (applying knowledge) breeds confidence, overcoming insecurities, neutralizing fear, anxiety and making best use of your time and money.

Be honest with yourself…

The most successful brokers turn off the TV. Instead of sitting in front of the TV for countless hours they are on-line, attending workshops, educating themselves how to harness the power of the internet. Investing time developing their skill set learning to stay ahead of the competition.

If you are reading this article one of three things exist:

1. You believe that something “Bigger” is out there for you
2. You are a seasoned professional looking to maintain momentum, or
3. You’re an information monger lol.

Here is what I know – after working with thousands of factoring brokers, Change happens in a moment. There is a moment when people make a decision to change. Some choose to do nothing and continue to become victims of circumstance. For those that make a change that change takes place from inspiration or desperation. Understand this; Inspiration without a plan, a goal, and a strategy is a fallacy. I am not using this forum as a means to pump you up and get you excited. Like I said in a previous article I believe in intelligence versus hype. The time to be working in the Factoring Industry is right now!

Learning to do the Right Things Right!

The core mission of “TFI” is to educate, enlighten, inspire and support individuals like you to transform your actions into success. “TFI” is poised to revolutionize the Factoring Industry and Factoring Broker Training!

If you believe that something “Bigger” is out there for you. Then this may be the place that you want to start….I invite you to begin the process of “Capitalizing on Your Potential” next Wednesday, February 2nd at 9 p.m. – 9:30 p.m. eastern time

“TFI” Exposed Pre-launch Presentation Webinar

To register for this exclusive presentation please click on this link: https://www2.gotomeeting.com/register/583893731

You will be extremely happy you did!

About the Author: Michael Ponomarew joined the Factoring Industry in 1999. He brings with him more than 27 years of experience in entrepreneurship, marketing, and business management. Mike can be reached at mikep@millenniumfunding.com or by calling 888.652.8298 ext. 45.