Hey everyone. As you can see, I’m recording this episode “How to Guarantee Your Success in Merchant Cash Advance” in my car today. I came to a client meeting. I don’t really go to clients that often but on the agency side of our business we do have a couple of large clients that been meeting in person every quarter to go through their numbers and things like that and this is one of those cases.Whenever this happens it gives me a good amount of time to kind of self reflect and think about things on my way to the meeting, I had a 45 minute drive and I was thinking about some of the questions that I receive either on this YouTube channel or from my students and I want to talk about a couple of things that will guarantee your success in merchant cash advance or if you found this channel because you’re looking for some type of business to start and work from home and build a real business, not just a hyped up multilevel marketing or anything that claims you’re going to get rich tomorrow.
But if you are looking for a real business and you somehow found my channel, I want to talk about certain things that guarantees your success in merchant cash advance industry. So if you follow me, you know that I am a big supporter of starting this business from home with as little expense as possible and immediately start generating revenue, which you can certainly do, but there are still things that you need to know about succeeding.
What leads companies in general to fail?
Just like any business some people do succeed, some people don’t succeed and there’s a certain pattern as to why those who do not succeed do so. And before we talk about how to succeed, I want to talk about what leads companies in general to fail at what they do. And one of the reasons is that number one they want instant gratification, right?
They don’t really think things through or they just want to pull the trigger based on their gut feeling and give it a hard try for a couple of days and if they don’t see results, just quit on it. Well that’s definitely a certain path that’s going to guarantee your failure. The second part is they don’t really consider how they’re going to differentiate themselves in the marketplace and whether you have any competition or not that is still the same.
One of the misunderstood industries
Merchant cash advance industry is one of the misunderstood industries. People who do generate their leads and people who run their merchant cash advance company through telemarketing and cold calling have the false belief that this industry is competitive but if you look at the numbers, we’re nowhere near supplying the demand that’s needed from business owners. Like there’s a demand for alternative lending for loans in a landscape that most of the loan applications are declined by the banks.
The need for money
That decline does not change the need for money for the business owner. They still need to figure out a way to get funded. But these companies who rely on buying data and cold calling all day long, and that’s their only way of generating business they don’t see that because their only way of pulling data from is some old beat up data. And I’m not saying telemarketing, cold calling doesn’t work because before I started my company, I used to do that.
So I have experience, I’ve come from streets, I did a lot of cold calling and telemarketing and things like that. But that doesn’t give you the good perception of the reality of what’s going on in this industry. So let’s go back to the topic of why the business, let’s take the example of the merchant cash advance would fail.
Well the first reason is they don’t understand how to differentiate themselves in the marketplace, right? And most of them only know and they know not a lot, they know a little bit about one product, which is merchant cash advance. If you’re not familiar with what that is, definitely check my channel, I have a lot of content regarding that. So if all you know is one product, you’re going to try to fit every client into that which is going to bring your demise pretty much because you can’t have a sustainable longterm business unless you learn how to be a consultant.
Learning hardcore closing strategies and trying to close people on the spot and not caring about what happens after that and kind of using all kinds of weird scripts to pretty much fool them into buying your offer without them understanding what they’re getting into will make money for you today but tomorrow you’re going to suffer the consequences, right?
Long Term Benefits
And that’s true with any kind of product and I’m a big supporter of that, that’s why I created a program for that specifically. Those who take the route of becoming a consultant will reap the benefits not only in short term but long term. They will be forced to work a lot less because they have a client base who adore and love and trust them. And why does that happen because it comes from a place of authority.
Your clients start seeing you as an authority in your field. They trust your expertise, they trust that you will be doing the right thing for them and for that reason they will come back to you for whatever they need in regards to what you’re offering. So I can explain this further with a quick analogy.
If you are sick, you go to a doctor
When we do feel like we have a health problem, we go to an expert, which is a doctor, right? Whether it’s a generalist or a specialist, doesn’t matter. You go see a doctor because doctor is an authority person, right? He has specialized knowledge on certain things that you and I do not have. We can’t figure out what’s wrong with our body, why we’re having this headache constantly or why we’re throwing up and things like that, we go have the doctor check us out.
So when you go you already having your mind this establish authority that 99% of the time you’re going to take the advice that comes from your doctor. So when you go in, can you imagine that your doctor could only prescribe one type of medication that he decided or she decided that he would only promote one type of drug and you go in and you have a headache but another patient would have a stomach problem but he only can prescribe one type of medication.
Believe in their authority
Would that make him a good doctor because he’s trying to fit people into that diagnosis just so he can promote that specific drug. And if that’s the case, you wouldn’t be using that doctor you’d probably file a lawsuit against him. You go to your doctor and believe in their authority because they have access to multiple solutions for you, multiple drugs, medications, treatments, therapies, massage and things like that that would help you resolve, alleviate your pain, resolve the problem hopefully for good.
And when doctor gives you a prescription for your problem, you don’t usually go, well doctor, this sounds all great, but let me think about it. Let me sleep over this and I’ll get back to you. Most of us don’t do that. We take the prescription run to the pharmacy, get that medication, start using it the same way that it’s prescribed by the doctor.
A consultative strategy
Why? Because doctor is a consultant is using a consultative strategy for you to follow that works and don’t forget, those doctors are running a business through their business owners, right? They’re helping you with your health, but they’re running your business for profit. We are the same way. The more consultative you become, the same way your customers will treat you the way they will be treating a heart surgeon or a medical professional because they trust you.
They trust that you know better about finances or helping them get their finances in order through different loans and advances and things like that. That’s why my students know that I’m a big supporter of teaching consultative behavior and for that to happen, you have to know about multiple products. If your goal is to keep pushing merchant cash advance because that has been working for the past 10 years, I have bad news for you, you’re going to have less and less traction over time because you’re just simply not caring enough about your customer’s wellbeing.
If all you have is a hammer…
If all you have is a hammer, you’re going to try to make everything look like a nail so you can do the job and that’s not going to work. So when you’re getting into business, you have to think of this not like a one trick pony, you have to have access to mentorship and knowledge so when you talk to a client, they can go, oh, I finally found someone who understands me.
If you don’t do that, that’s when clients get reluctant to talk to you or take your opinion or then you have problems such as, oh, I can’t close businesses and things like that. That’s why I tell everyone like you don’t need to come from sales to be a good consultant, but you need to be a good listener.
An active listener
As long as you’re an active listener, you understand the symptoms of the business’s problems so you can diagnose it properly. Then you can give options to your customer to let them know, hey, Mr. Customer based on what you’re telling me, these are the two options that you have, these are the pros and cons of each option, which one would you like me to set you up with?
So that way you’re not just trying to push them on one offer. You’re giving them different options and human beings psychologically when given multiple options, they are very likely to choose one of the options you give them. Versus if you just give them one option then the answer, the response comes back to whether I want to do this or not. It becomes a yes or no response. If it is a yes response well you got to deal, if it is in no response, you lost the deal.
Whereas if you have multiple offers, it is one of the offers, which is fine for you either way because the client has made the informed decision you help them so they won’t regret it but when they need more funds or when they think of other businesses because in our industry money is a topic that’s been talked about all the time by businesses, right? It’s not this just random product, it’s the sexiest product on earth. Businesses talk about their revenue, their money all the time.
So if you’re not getting referrals from your customers that you funded, something is definitely wrong. You got to figure that out, right? If your customers that you funded are not coming back for renewals something is horribly wrong. So you missed the point on something, so that’s very, very important.
Anyone who is considering joining this industry
So for anyone who is considering joining this industry, I highly suggest that you follow a proven system, don’t try to wing it. Don’t start out by buying data. Buying data is like, I know I keep making reference to the medical industry, but buying data is like buying a bunch of medications and trying to figure out which one is going to help your problem, which is bad. It’s just going to get you addicted to certain things that it might lead to death, right? Same thing with this.
People think that if they only had access to data or leads, their business will be much better and what they don’t know is having access to that will make it seem like you’re doing something, you’re doing something productive, you’re dialing, you’re calling, you’re talking to people, but in a short amount of time, you’re going to get miserable first of all, and second of all, you’re not going to see the results that I talk of in my trainings, like making very high points and being able to bundle structure deals and things like that, so I don’t want to get too technical.
Merchant cash advance industry and how this business works
If you just found out about merchant cash advance industry and how this business works, then I certainly suggest that you subscribe to my channel with videos and things like that and I do have a free training below this video there’s a link that you can check out chick and understand the details and how it works on what I do and things like that. But I just wanted to talk about that so people can kind of change their perception and how great businesses are built.
Have plan A, plan B, plan C, plan D
Like when you look at multi-billion dollar companies, they always have plan A, plan B, plan C, plan D, and they have consultants and mentors and a lot of people when they see that, they look at this and say, well of course they do because they have a lot of money to spend.
Well in the age of internet you can do a lot of those things yourself. Like you can do your due diligence, you can have plans don’t just go with your gut feeling, right? And the concept of when I started the video I said, the cliche statement that most businesses do fail. My response to that is that is true, most businesses do fail but you got to define a failure. So if you do not start a business, are you really succeeding ?
If you do have a job that you have to show up and clock in and out and make a paycheck, if you look back at the past five years, do you consider yourself successful or is it like a slower kill? Like in business, if you’re not doing well, you see the results almost immediately because you have no revenue and you have expenses, you’re going to go out of business.
Failure rates in businesses
In life if you’re not running your business, I mean, I’m totally okay with people having jobs I’m not an anti-job person, but I think what people do not measure, people constantly talk about the failure rates in businesses, but they don’t really look at the failure rates in jobs and what you do.
Like I talk to hundreds of people every single month and a ton of people join my program and they join my email list and they join the YouTube channel and when I do have conversations with them, most of the time they’re not happy with where they are, so would you consider that a success? And if I were to measure that in a percentage, right? I would say more than 90% of the people are not happy with where they are.
And a lot of that is caused by the dissatisfaction from their job and what they do because when you think about it, if you’re spending 40, 50, 60 hours at your job, well a good portion of your life is being spent on something that either you don’t enjoy or that’s not giving you the satisfaction or that’s not giving you the income and outcome you need, right?
So you’re not happy with the outcome of spending that time knowing that and continuing that pattern, does that make you successful? That’s what I want to leave you with. If you do have any questions regarding how to have success in merchant cash advance or any comments, comment below and talk to you soon. Buh-bye now.