Why is being a business loan broker so hard? I’m going to address this issue in this video/article and tell you how you can tweak your thinking a little bit to make it so you’re invincible as a business loan broker.
Why Being a Business Loan Broker is SO HARD (And How to Make it EASY)
So I’ve been a business loan broker for two years and I can only talk about myself but this is the biggest hurdle I’ve had being a business loan broker and that is the sense of rejection.
Before being a business loan broker, I was in network marketing. I never got an email that said, Sorry, your customer canceled or sorry, you were declined or sorry.
I mean, I either sold a product or I didn’t. I didn’t get an email that had a negative connotation. All right. I’ve done internet marketing since 2011.
So I’ve never experienced that and getting what I thought was rejection, because being a business loan broker, you are constantly talking to business owners, and you’re working so hard to get them over the finish line to get funding.
You work so hard, and then all of a sudden, you get an email that says sorry, you know, they didn’t meet the requirements, or they didn’t want the money, or they walked away, or they got funding somewhere else.
Now, I’ve never gotten an email like that before in my life. So when I first started getting those, you know, one after another, because I can generate a lot of leads from content, from YouTube videos, I got my tiktoks I got my blog, I got social media posts, and I can generate leads every day.
But after a while, you get these emails that say sorry, declined or sorry, this sorry that, and after a while, you’re just like, man, it’s like getting slapped after hugging someone.
I mean, it can be brutal. It depends on your emotional state and who you are walking into being a business loan broker.
The Right Mindset to Build Your Loan Broker Business
Eric Worre once said that, MLM will either reward you or punish you depending on your past. Now I know that’s network marketing.
The company I am in is a network marketing loan broker business. So I do get the benefits of the residual income from building a team, the overrides are absolutely mind blowing. I wouldn’t do anything else.
But I had to learn how to embrace those rejection emails, because like I said in the past, I might have generated a lead and then received an email that says Congratulations, they just upgraded.
Alright, that’s usually the type of email I used to get as an internet marketer, promoting various network marketing and affiliate programs.
So I had to completely tweak my perception about how I’m, you know how I’m going to work and save my sanity as a business loan broker.
Go Through the Business Loan Leads without Emotion
So this is what you should think when you’re growing your loan broker business. Just know that it’s always a numbers game. You have to go through the numbers.
If you can’t talk to enough businesses, then it’s going to feel like crickets. It’s going to feel like you’re putting in all this work, and you’re not seeing anything and that’s pretty much normal these days as an internet marketer.
I mean, I do promote several different programs, and it feels sometimes like I’m working so hard, and only getting one email a day, you know, and I’m just like, this is brutal.
But you have to realize that for one it depends on the season. That you’re doing this I mean, every business online has a season, there’s going to be slow times and there’s going to be great times.
Keep Going as a Broker and Life-Changing Income Can Happen
At the end of the day, it’s always worth staying in because the reward is getting that commission email, which as a business loan broker, I haven’t seen anything higher than this.
You know, I’ve made multiple six figures in network marketing. I’m not saying I haven’t made money before, but seeing the business loan broker commissions, it far exceeds the network marketing or affiliate programs I’ve promoted in the past.
The potential is there to make over $10,000 commissions as a business loan broker. You’re not going to get that in any other network marketing program.
The most I ever made was like $400 on an order, and they bought the $1,200 pack. This is way bigger, you can make over $50,000 with this, and it’s absolutely free to join. So it’s worth staying in.
Plus I’ve made content about it for a couple of years. If I walk away, that content is going to be meaningless, or I have to go back in and slap a new opportunity link under every single thing that I’ve done.
So for me, the takeaway is I created a huge brand, around being a business loan broker. I have a great blog because of it. I have a great YouTube playlist for business loan brokers.
So I’ve created equity. What you create online is equity. It will pay you for years and years dividends and you only have to create it one time. Now I’m not talking about Tiktok’s or reels, you know, those can get buried and people won’t ever see them again.
But if you create long form content, like videos like this, or blog articles, if you like writing, then it will stay up for two to five years and generate new leads over and over.
I just feel the pain because I had to start a new brand for this business loan broker program. Plus all the emails that say they weren’t approved at this time. You have to treat these emails as just leads.
You know, I used to generate 20 leads a day in my network marketing businesses. I recruited over 2000 people in my last network marketing company.
90% of them quit and this is a free opportunity. So I have to remember that. You know, even though I’ve recruited 500 people in this program, only 1% are going to do anything with it because most people cannot speak to enough business owners.
The people that do make it in this business as a business loan broker, they can talk to a dozen businesses a day or more.
If they’re doing it online, I have a lady that gets 200,000 views on you know, tiktoks and reels, Facebook reels and you know, she still only gets a couple of fundings a week, if that.
So it’s all about building relationships with your clients. I do it 100% online with content like this, so the conversion rate is going to be very minimal, because I’m not out there pounding the pavement, walking into stores and talking to business owners.
You could go hit the pavement, make some business cards or postcards, drop them off, talk to business owners. You know, that’s That’s great. That’s old school.
But the new school is going viral on Instagram and Facebook and YouTube videos. You know there’s a girl in our business who has 60,000 followers on YouTube.
Of course, she’s gonna get fundings every week. I mean 60,000 subscribers, that’s like more than 10 times bigger than this channel.
And I do pretty well with this channel. Think about, you know, the people that make it in this business online. have, you know, 20,000 followers on Instagram, they got 5000 following them on Facebook. They have over 10,000 subscribers on YouTube.
So if you want to do this online, you’re gonna have to build your brand. You got to do this every single day. And it sucks. When you get those declined emails.
But if you stay at it, you’re going to get that email that says congratulations funding, and it could be life changing income. It’s always just around that corner, my sponsor got a $12,000 commission you know, not too long ago, that would change most people’s lives.
I could pay off my entire credit card debt. My credit card debts are only like 8000. So if I got a $12,000 commission, guess what? I meet in prime rib. I’m going out to a fancy hotel and I’m paying off my entire credit card debt.
Wouldn’t that be life changing? I think so.
So I’m staying in and I hope you stay in to hit that subscribe button and share this around for all the people that you know are struggling right now.
Erik C. Johnson