Factoring Brokers Create Momentum for Success

I think it is time that we address “momentum.” Creating and maintaining momentum tops my list as one of the most important aspects in business. Allow me to drill deep into the mindset and physiological state to becoming a successful Factoring Broker.

Factoring Broker Success

Have you ever heard the saying, “You’re a Dreamer?”

“You’re a dreamer” should not be confused with being lazy or someone that is out of touch with reality.

What drives you? Is it Family, Money / Health / Happiness (Wealth) or is it Circumstance? I must confess dreams and goal setting drive me every day. Dreams are a wish your heart makes and it could be debated that dreams are the most powerful force in our universe. Dreams provide encouragement to escape from circumstance.

Dreams are an imagination a vision of what we can accomplish in life or what we would like our life to be. I have had the privilege to meet and work with thousands of people during most of my adult life. In many cases, I have witnessed that circumstance gets in the way from people following their dreams. What are your dreams?

Now I am not a doom and gloom individual but, given the state of the economy, some would say that we are living in a negative society. When a person allows negative forces to be part of their lives, the negative forces start to influence the individual’s behavior. Their mindset changes to frustration this causes motivation to be taken over by skepticism. The individual becomes worried about things they can’t control and they become a victim of circumstance. Their business loses momentum; they feel isolated to the negative forces that surround them.

It is all in Your Head!

In taking a quote from Steven Covey, “Begin with the end in mind”, it is based on the principle that all things are created twice. There is a mental (first) creation, and a physical (second) creation (Dreams and Goals). The physical creation follows the mental, just as a building follows a blueprint. If you don’t make a conscious effort to visualize who you are and what you want in life, then you empower other people and circumstances to shape you and your life.

Having unrealistic expectations will also have an impact on creating your momentum. Unrealistic expectations become a fantasy of hope that solutions to our problems or circumstance will come easy. A classic example is the individual that has attended a myriad of business opportunity workshops ends up with a garage full of inventory of different products, multiple libraries of information with very little or no success to show.

People tell me that they have bought all kinds of courses but, have done nothing with them. Another course comes out and they buy that one too and do nothing with it. They have good intentions but, never take Action! This process repeats itself until one of two things happen a) they run out of money or b) they become frustrated and act like it is somebody else’s fault that they have not taken Action!

Don’t fall into the trap of following unrealistic expectations, I promise that you will continue to be disappointed.  Each disappointment you experience weakens your physiological state. Your common sense becomes jaded impervious to information, education and advice from industry experts that will help you accomplish your tasks, achieve your goals moving you closer to fulfilling your dream.

I challenge you…

Whether you are new to the factoring business, thinking of re-joining the industry or a seasoned professional looking to get ahead – Next time you set out to try anything in your business, I want you to adapt a mindset to expect that nothing will work on your first, second or third attempt. When you are setting your goals, design your tasks with the expectation that will require at least four, five, six attempts. Want to get ahead and stay ahead? I like to work in 90 day cycles which mean whatever I do over the next 90 days – I don’t expect to reap the rewards until the following 90 days and so on…all this builds experience, confidence and momentum. More to come on this in next week’s article.

With experience comes a learning curve – don’t expect to show up in the Factoring Industry and you are now an expert. I am sure most of you understand that by now. I can tell you this,“It is a lot easier to build a small portfolio of clients (by harnessing the power of the internet) today, then it was when I joined the industry back in 1999.”

I had to knock on doors – yes I knocked on hundreds of doors handing out brochures. I cold called, boy did I cold call ugh! I hired telemarketing agencies – I walked the trade show aisles and sent thousands of direct mailers. I learned the business through hard knocks and developed experience along the way. I learned to do the “Right things Right”, but, you have to execute take Action.

We all have to go through a learning curve and for each individual there will be different learning curve. Some learn fast, some learn slowly, and some are in between. Some need education, some need coaching and some need role models to follow. I want you to understand there is “NO Easy Solution”.

If you continue to cling to the idea that there is an opportunity out there with an easy solution and you expect that everything you try should work first time out you are hallucinating. The Factoring business is a simple business not a get rich quick scheme you are going to have to work at it some-time, part-time, full-time it is like catching a fish you never know how big that fish is on the end of the line. The time to be working this industry is NOW! You know the state of the economy, you understand the trends.

It is time to take Action!

Believe in the power of “Residual Income!” Back in 1999, I received my first commission in the amount of $17.87. It would have been easy for me to blame circumstance, conditions and the industry. There always comes a moment when you make a decision to change your direction. I could have reacted with a negative attitude and become a victim of circumstance. Instead I tackled it with a positive attitude reassuring myself that this check (cheque for my Canadian friends J ) was a sign that I could do the business and that a real business existed out in the real world. I continued to focus on things I could control, executing my daily tasks, striving to meet my goals and following my dream.  In short that commission grew to exceed $1,000.00 due to the many benefits my client received through factoring. Believe in the power of “Residual Income.”

Education + Experience = Your Dream

You wouldn’t be reading this article right now if you didn’t believe in education. You know that education is a necessity in life and in any business. I don’t care how you get it buy it, read it, learn it on your own. It is your responsibility to determine what has been holding back to achieving your goals moving you closer to your dream. This may come as a surprise there is always going to be stuff to buy and things to learn. I continue to learn and invest into programs that will educate me on how to stay ahead of the competition. I read books, I watch videos, I attend workshops on learning new marketing strategies. Here is the key I do something with it – I take Action! It is your responsibility to make use of your education gaining experience along the way. The most important aspect of education is putting the knowledge you learn to use. Following the expectation “that whatever I do with the education, information I am going to attempt to apply it at least six times, work it in 90 day cycles.”

Do you understand where I am coming from? If you haven’t been doing this, it is your responsibility to figure out what has been holding you back? If it is insecurities, fear of failure, self doubt, self criticism, anxiety? News flash you are not alone these are common things that hold people back in taking Action. It is up to you to find the solution perhaps my next article can help with that…by the way “TFI” is just around the corner.

I want to leave with you this thought until next week “Don’t believe that people are born to be successful – it is based around education, experience and developing skills – the only requirements for developing skills is through education and experience, practice and complete dedication to creating momentum.” Help is on the way, Next Week’s Article will address The Factoring Broker’s Action Plan

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.