Today I am going to talk about how to become a business loan broker and make more money, significantly more money right out of the gate.
So, first of all, I have made several mistakes as a business loan broker. So I am going to share with you what works and what doesn’t work.
This will save you a lot of time and it will allow you to hit the ground running and make faster money and more money.
How to Become a Business Loan Broker and Make More Money Right Away
So, business loan brokering is all about relationships. Now most people that do sign up to become a business loan broker do not have enough relationships or they don’t have any relationships with business owners.
I made this mistake myself when I signed up with my business loan opportunity two years ago. I did not know one business owner, okay. I am an internet marketer.
What I like to do is sign up to affiliate programs or network marketing opportunities and create content around that ISO opportunity, whether it be a YouTube video or a blog post.
Then I wait six months for it to rank in Google, and then people find me. It is called attraction marketing. It can work very well. In fact, I made multiple six figures in my last network marketing companies.
Just by creating some articles and videos that ranked number one in Google people found me and they bought through me with my MLM opportunities without even talking to me.
How to Promote your Business Loan Broker Business the Right Way
Business Loan brokering is completely different. Whether you have, you know, the first page on Google or you’re not doing any content, the bottom line is you have to create relationships.
So if you want to make money right out of the gate, the first thing you should do is sign up. I will leave a link under this article but you’re going to want to network with business owners and the best place to do that is the Chamber of Commerce.
The second place that you want to go to after is the Chamber of Commerce in your local town. So find businesses that are independent small business owners, it is obviously not a corporation.
And you’re going to start establishing connections, you are going to start networking, for example, you could go to a coffee shop, and you know, maybe you know a coffee shop owner and then maybe you know a movie theater owner and you can pair them together.
Say hey, you know, ask the movie theater owner about offering coffee to your customers. I have this great coffee shop owner. He is a great guy and we could get your coffee in here.
You could start networking with businesses to help them out. All right, and then eventually, you will build trust with them. One day they might ask you about knowing what you do.
You can say I am a business capital agent. I help businesses get working capital, when they’re unable to get a traditional bank loan. So you want to network and that right there is going to reduce your time significantly.
Becoming a Business Loan Broker Requires Tenacity
I would say 90% of the agents that join, they don’t have enough business owners to talk to, if any. So what they do is they start running ads on Craigslist, which can get expensive even if you are only paying $5 an ad.
You know, there were times that I have spent $100 to $200. I ran maybe 20 to 30 ads in 20 to 30 cities, and I maybe got three applications that were declined anyways.
When you are doing advertising, you’re gonna get business owners that say they are doing a certain amount of revenue, but they’re actually not. They are not going to know what their final approval is until they connect their bank account.
Then we are going to analyze their bank account. They might say they are doing $5,000 on the application, and you will get an email that says that the application started.
But then when they actually connect their bank account, when all is said and done and the smoke clears, they are only doing $4000 a month revenue. It is not going to work in this scenario.
There are a lot of business owners that say “I am doing 10,000 a month,” but when they connect their bank accounts, they’re only doing eight. So it’s not the problem of our company, okay?
So you have to have thick skin. When you’re getting a lot of leads for funding, and you get these declines, the first thing you want to do is blame the company. Well, it doesn’t work. The lending doesn’t work. The sales funnel doesn’t work. You know, this company sucks, might be a thought that crosses your mind.
I went through those emotions daily and weekly for many months. You know, it was a roller coaster, the first year and a half, until I realized that it’s about relationship building. And it is about getting enough business owners to fill out the application once they know the requirements.
How to Become a Business Loan Broker and Pre-Qualify Properly
So if you are just going around talking about the general requirements, you know, you have to be doing $3000 a month or more the last three months and you need a FICO 450 or higher, and you need to be in business for six months or longer. . .
If you are just saying that, but you are not talking about the other things like the factor rates and the daily pay back and we are not available in certain states, you are going to get a lot of angry business owners.
They are going to say, well, you said that I could get up to $50,000 with this company and you only offered me 15.
So you have to take into consideration that we do look at businesses that have other outstanding loans. They are not going to get the amount they’re wanting, you know, it could get greatly reduced if they have other outstanding loans.
So my recommendation is definitely go through all the training when you sign up. I’ll leave a link under this article. It’s absolutely free and we have all the training you need.
Making Money Faster as a Business Loan Broker
But if you want to make more money faster, it’s definitely good to start networking with business owners, not just relying on Google ads or bing ads or Craigslist or just slapping up a post on your Facebook.
Now if you have 5000 friends on Facebook and 2500 of them are business owners, go right ahead, put something up on your Facebook and let people private message you and then you can go through the requirements a little bit more.
And if you think they’re a good fit, have them fill out the application. But just running blind ads, you’re going to drain the bank. All right. I know people that spent 1000s of dollars and they barely broke even.
Luckily they did get some fundings. They didn’t throw all of their advertising money out the window. Okay, but they still burnt out because they’re like, that cost me $3,000 . Yes, I probably made my money back, but I’m burnt out.
Promoting Business Loans Online without Burning Out
Same thing with creating content. You know, you have to create videos every day or blog articles every day. And as an internet marketer, it can be very taxing.
This industry can tax you quickly, because you’re just doing content. All right, you’re posting something up and hoping for the best, but it’s a very competitive industry, and 80% of businesses that apply actually do not meet the revenue requirements, even though they say they do.
So it can be an emotional roller coaster. Now, if you’ve done business lending in the past, you’re already a loan broker. You already know it’s a numbers game. That’s great. We want you, we pay three to 9% on business funding so you can get paid the next day or the following day after you get a statement.
We have all the training and we have underwriters that can close your leads. You can literally just share your website and get applications started but it’s that personal touch and networking with business owners and really listening to their story about their business and what they really need.
And if they can get a bank loan, then you might suggest going through a bank if they have great credit and they have collateral that they can put up and they don’t mind waiting two months for a bank loan. Then tell them – be honest and say you know you might be better off getting a bank loan.
But most people cannot get a bank loan. They don’t have collateral. They have a credit score that is under 700. Tell them that our money is probably the best option for them. It is expensive, the interest rates are high. But if the business owner is creative with the money and they expand their business and they increase their revenue using this money, this working capital then it’s a great fit.
How to Become a Business Loan Broker and Make More Money
So I hope this helps you make more money. It’s definitely not something to throw money at, or just run a bunch of ads and cross your fingers. Because it’s a marathon. It might take one to two years for it to take off and you have to generate leads every single day. It’s a lot easier if you can network, go to the Chamber of Commerce, and then start talking to your local businesses.
Then after that, you want to go after businesses that you have an affinity and affinity towards meaning you like that industry. For example, I target the trucking industry because I got my CDL. I love trucks. I love big rigs. I want to help the trucking industry.
I live in Texas. It seems like one out of eight people work for the trucking industry. So I want to help truckers but you might be a salon owner yourself and you want to help salon owners get the money.
You know, salons make consistent revenue so they would work perfectly with our business cash advances. Restaurants, you know I mean they don’t usually go after this type of funding. I have never gotten the restaurant funding so my thing is transport or logistics.
So if you are a contractor go after construction companies or roofing companies. You really want to go after the people that you really care about because you’ll burn out.
Don’t go after nail salons when you don’t care about nail salons. You want to go after what is really in your heart because you definitely need passion in this industry.
It can get rough and rocky being a loan broker. There are going to be dry months, and there’s gonna be great months. It is all worth it in the end. You are helping small businesses stay open, and the commission’s potentially life changing.
I don’t know any other company where you can start for free and potentially make over $100,000 commissions. All right. I had been doing internet marketing for over 10 years. I have never seen anything out there like this MLM opportunity.