I have wasted so much time and money doing these mistakes as a business loan broker that I’m going to save you 1000s of dollars and hundreds of hours of time when you start your business loan broker opportunity, so stay till the very end. My name is Erik Johnson. I have been a business loan broker for over two and a half years now. And there are so many things I wish I didn’t do as a business loan broker. Here is How NOT To Be a Business Loan Broker – Read First to Save Your Money.
How NOT To Be a Business Loan Broker – Read First to Save Your Money
So I’m going to dive right in. First, I want to tell you a little background story because if you have any of these characteristics like I did, then you might not make it as a business loan broker.
I’m an internet marketer. So I’ve been doing internet marketing since 2011. Now that’s the good news. The bad news is before that, I was basically a cook in a restaurant, I was an alcoholic, I was an introvert and I wanted to just go home and be left alone.
I have a little bit of autism. And I wanted to make money online. So 2011, I finally got sober and changed my life and turned it all around, started reading self development books and getting really into it.
I signed up with Twitter in 2011. I wrote a full length ebook, created a full length music album and started to really embrace the digital marketplace. And I started making a little bit of money here and there and over the years it slowly built up.
Then I got into Network Marketing in 2014 and it took me a few years to find success in network marketing. And that is crazy because usually only extroverts make it big in network marketing.
But I went a different route and I just created content for the MLM products that I promote and luckily one day, I ranked number one in Google for a CBD product that I was promoting.
And all of a sudden I was getting three to five orders a day. People were coming to me and just literally signing up without talking to me, and as an introvert that was like paradise.
Okay, just making passive income, not having to work more than one to two hours a day.
My blogs are doing all the work, my YouTube’s are doing all the work and I’m just raking in the dough. That was 2018 and since then, you know the network marketing business, I wasn’t ranking anymore and CBD was everywhere. The market got saturated, and eventually my team tanked.
Best Loan Broker Opportunity 100% Online
So as an introvert I want to make a lot of money online. So I found this business loan broker opportunity in May 2020. And so I am like, Okay, I’m gonna do the same thing that I normally do, and that is running ads, creating blog articles, etc.
Now, the first year as a business loan broker, I didn’t have a blog for it. I just ran ads on Craigslist. The first two weeks as a business loan broker, I got a small funding just from posting a Craigslist ad.
And I am like, I am sold on this. It works. I am gonna go all the way. So I started posting more Craigslist ads. And, nothing really happened. Maybe a little funding here, a little funding there.
Then I started my blog for business funding in 2021, and I’ve been working on that every single day into 2023. I’ve spent probably $3,000 on Craigslist ads, give or take, and here’s what I have learned.
How to Build a Business Loan Broker Business the Right Way
Okay, there’s a right way and a wrong way to do business one broker for one, it is an extremely competitive industry.
There are so many people doing business loans because there is a lot of money in the business loan space.
Now I shouldn’t even be wasting my time creating a business loan blog, because I’m going up against big websites like lending tree and nerd wallet and all the other ones that are massive, okay, they’re just untouchable.
But I’m still going with that because I know how to target long tail keywords that are not competitive. Now. But that took me a couple of years to figure out as well. So I made a big mistake there.
But I like blogging, don’t do it if you don’t like writing. If you don’t want to do 200 to 500 articles, don’t even touch it. I’m just telling you my story, but so I’m fine with that.
I got a great blog out of being a business loan broker. I could sell that blog down the road if I ever wanted to. But the point is, I’ve been watching the successful people in this space as a business loan broker, the people who are the most successful are the ones that are literally talking to business owners in person or on the phone.
They have established a relationship. This is all about relationship building. This is not a good internet marketing business. Okay. Because I’ve done it as an internet marketer.
Now, I’m not going to brag and say I made multiple six figures in this, I haven’t. Okay, I’ve made enough to barely get by. Now, what I’ve gotten success in is recruiting a team of agents.
Now I have recruited 500 agents personally, I am a great recruiter. The problem that I have is your team will copy what you do and if I’m an internet marketer, creating content every day for it and it’s not talking to businesses, my agents, some of them are going to try to copy that and it’s almost impossible, unless you have a huge following on social media. You’re not going to do this successfully just online.
Here’s the other thing is it’s common to not have any agents do anything that was common in network marketing. That’s common in real estate, that’s a con in being a business loan broker.
You’re going to recruit a ton of people and 99% of them won’t do anything, especially as someone promoting subprime business advances, our business advances our high interest rate, business cash advances.
Now they do help the businesses, 86% of businesses that can’t get a traditional bank loan, that’s great. There’s a lot of integrity in this business. You’re helping so many business owners that need the money and they need it now to keep their doors open. That is the great side of this. I love it.
Life-Changing Potential as a Business Loan Broker
The commissions can be life changing. You know there’s people that are making over $10,000 commissions and truthfully if I got a $10,000 commission that would change my life.
You know, I could pay off my credit cards and live happy for a couple of months on that – my bills are so low right now, that $10,000 commission would literally be life changing.
But the caveat is 99% of your agents won’t do anything, unless they already do business loans or they already do business credit, or they have over 10,000 subscribers on YouTube or they have over 5000 followers on Facebook or they have 20,000 Instagram followers or over 80,000 Tik Tok followers.
You have to have massive traffic. If you want to build this online. If you’re just starting out and you have no followers, and you’re you don’t have Twitter, you don’t have Instagram, you try it you know you got maybe 200 friends on Facebook and that’s it. You’re not going to do anything with this online.
All right. You might as well just go talk to business owners in person and drop off 1000 business cards, or drop cards or postcards whatever you use, or get on the phone and start talking to your local businesses as a relationship business.
Now I’m going to keep going because I’m waiting for that $10,000 Commission. And this is the only business that I know of where you can start for free, watch four hours of training and you’re good to go.
We only have three business advances. It’s easy to memorize the requirements. But if you’re not talking to the business owners, even if you generate 20 leads a day like I do, I get at least 20 applicants a day.
I don’t talk to them, I don’t reach out. I just let our business convert them. We have a sales team. We have an underwriting team that does all the work for you if you want if you want that.
If you want to just send massive traffic to the underwriting team. That’s great. But your conversion rate is going to be 1% to 3%. It’s the cold market, but the average cold market conversion rate for anything is like 3% and you might not even get that doing it this way.
This is the Best Business Loan Broker Opportunity I have seen. I am still going to build a team. It only takes one to four leaders under you to make significant income as well because our business pays up to 100% overrides on agents that you personally bring in.
This is a network marketing business loan broker opportunity. It’s the only one like it. And the overrides on your personal agents that you recruit is absolutely insane.
But you might have to recruit 1000 people to find your three to four leaders depending on who they are. You know if you’re just randomly talking to people and getting them to sign up and can’t do anything, they’ll disappear after a week.
But if you recruit loan brokers and credit, credit builders, people that talk to clients on a daily basis, they talk to 10 to 20 business owners a day, this is great.
But if you’re just an internet marketer or an affiliate marketer or a network marketer, you’re gonna have to recruit 1000s of people and build a team of 10,000 or more before you start seeing any good income.
That’s just the way it is. It’s a very competitive industry, but I won’t do anything else. On top of that, if you do business loan broker videos on YouTube, they might take off, they might do really well and you can start getting a passive income from YouTube.
YouTube pays really well for business loan broker videos, so that’s another avenue you can take. You can also be a consultant to your agents even though our training is free. You know, there’s probably ways that you can help them with coaching them and charge an hourly rate but you can’t say that you’re a spokesperson for our business. There has to be something you do on the side.
But there are ways to make other passive income streams as a business loan broker. You can definitely look into it, you can write an ebook, you can do webinars, YouTube, Tiktok, whatever, you know, but the bottom line is networking with people and building relationships.
And as an introvert guy, you know, I’m going to stick with my internet marketing. I am not going to change my tune. I’m not going to go out there and hit the pavement. You know, that’s not my style. I’m gonna do internet marketing till the day I die.
And I like working only one to two hours a day. I create a blog post and a video every day, and I’m pretty much done after that. And yes, I do pay my bills with internet money. So that is me, okay. I am a glutton for punishment. I like working super hard, but I like to be efficient with my time.
I don’t want to be on the phone 14 hours a day. If that is something you want, then you’ll make way more money than that’s just being real. So anyways, guys, that is it for me. If you want to check out my opportunity, click the link under this article. Thank you for reading.
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