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Factoring Broker Startup Basics

How Factoring Brokers Generate Leads

Essential Productivity Tools for New Brokers

Whether you enter the industry on strictly a part time basis or are striving to create an entire new career, productivity is the key to your success as an industry factoring broker / consultant. 

It’s All About Lead Generation

Success as a factoring consultant is easy to understand.  You simply have to generate quality leads that will result in you receiving your share of the industry’s lucrative residual commissions and fees and there are many productivity tools that will assist you in doing so.  Here are just a few.  And if you are seeking a professional full time career in the industry, you should try to have or set up most prior to opening your doors.

Startup Tools and Essentials

Website Domain

You will need to construct or secure a business website as quickly as possible but to do so, you will need a domain which will typically be related to the business name you intend to operate under.  Even if you cannot setup a website immediately, you absolutely need to purchase your domain.  You can easily set up a “Coming Soon” page letting visitors know they can expect your website soon.   

Business Email Addresses

DOMAIN RELATED:   A domain-related business email will provide you with a more professional appearance when marketing.  By domain-related, we mean an email that contains your domain name in the email address.  For example, if your domain was “”, and domain-related email might be something like  When you join IACFB and purchase your domain through IACFB’s DMS WebHost, you are provided with FREE unlimited business email boxes.  We recommend that you setup the following…

  • info@:  This is a general email address for your website’s forms
  • subscriptions@:  this is an email you will use for subscriptions as you visit the websites of factors and lenders
  • yourname@:  This is a marketing email that will include your name such as bill@  or bill.smith@.  This is a more personal email used for general contact.   

GMAIL ADDRESS:  You will also want to secure a domain-related gmail account.  This will come in very handy if you intend to use a CRM such as our highly recommended Pipedrive System.  A domain-related gmail account will simply be structured as “yourdomain”  For example, if your domain was, you would want to secure the gmail address of 

Business Phone

In deciding on a phone system as a broker, it is really a matter of what you do not need.  You do NOT need a toll free number and you do NOT need a fax machine.  Also, forget silly vanity phone numbers.

When setting up a system, use a VOIP line for your home office and a separate number for your business cell if possible.  If out of the office, simply call forward your VOIP line to your cell.  

All VOIP services have features like office answering and routing systems.  Look at low cost plans from Vonage or Ooma for your home or plans offered by your internet provider.  Select the cell carrier of your choice.  You should also get used to answering your cell phone with your business name rather than just “hello”.

Designing the Perfect Business Card

With your business name, web address, phone number, and email address in hand, you can now have your business cards printed.  Do not take business card design lightly.  Business cards are a very powerful, yet inexpensive prospecting tool if designed correctly. 

Your business cards should be printed on a quality white or cream colored stock.  No wild colors and nothing flashy.  Your card should scream out “I’m a professional”.  But now the good part. 

In marketing, there is an old adage that states:

Prospecting is all in the questions.  
Sales is all in the solutions.

You want a business card that makes the receiver ask questions about you and your business.  Questions you can provide answers to.  Questions that lead to excellent relationship building opportunities.   And your business of factoring broker is perfect for this powerful marketing tool, if your business card is properly designed.

And nothing could be more true.  Make certain your card includes a list of product areas.  When someone receives your card, you want them to ask: “What’s factoring?”  This provides you with the perfect opportunity to make a mini sales presentation.

Email Marketing Service

Although you will have little use for it during your first few weeks of business, you will ultimately need to subscribe to an Email Marketing Service.  Here, we highly recommend MailChimp since in both highly rated but also low cost.  In fact, MailChimp offers FREE service with adequate features for those with 2,000 prospects (recipients) or less.  IACFB additionally fully supports MailChimp setup features in Factoring 202 training classes.

Productivity Tools 

Once you have an identity and an office, its time to start creating or setting up the productivity tools you will need when you open your doors and begin your business development efforts.  Some can be considered optional if you are going to farm out certain work, such as the production of your brochures, for example, but one way or another, most will need to acquire all of the list below.  These productivity tools include:

  • COMPUTER AND PRINTER:  You cannot operate a business in today’s world without a computer and certain software programs.
  • COMPANY WEBSITE: As quickly as possible, you will need to publish a well designed company website.
  • BLOG:  For factoring brokers, the marketing power and lead generation benefits associated with blogging, along with social media such as LinkedIn cannot be overstated.  If your website does not include a blog, consider setting up a blog in a separate domain.  Anyone can setup and operate a successful blog with management products such as WordPress.
  • WEBSITE ANALYTICS: This is free and useful tool to track marketing responses to your business website’s various pages.  Subscribe to Google Analytics and enter the tracking code in each and every page of your website.  
  • EMAIL MARKETING SERVICE: Building email lists is essential and this tool is used to manage your e-lists for newsletter and bulletin distribution.  For IACFB factoring brokers we recommend (and support) MailChimp due to it’s price (FREE for the first 2000 prospects) and expansive array of special marketing tools.  In her book, “The Essential Habits of 6-Figure Bloggers”, Sally Miller interviews and documents the success secrets of bloggers earning 6 figure incomes with one of the questions being related to what they would do if they had it to do all over again.  Virtually all interviewed said they would begin setting up a good email marketing program much earlier than they did.
  • A CONTACT RELATIONSHIP MANAGER (CRM):  While those part-timers operating strictly using a business blog may be able to function without this tool, all others cannot.  A CRM is a completely indispensable tool used to manage your lists, marketing campaigns, and relationship building processes.  At IACFB, we deem a CRM so critical to the success of full time, career oriented new industry entrants, we provide a thirty (30) day free trial to our CRM of choice, Pipedrive CRM, as part of any Factoring 101 subscription.
  • BROCHURE:  You will need at least one quality brochure when you begin networking.  Once designed, flyers and brochures can be printed in small numbers “on the fly” using HP special paper with any color printer.  You can purchase HP Brochure and Flyer paper at any office supply in small quantities.
  • ENVELOPES, REPLY ENVELOPES, AND LETTERHEAD: Envelopes (#10), and reply envelopes (#9) are a must for general correspondence.  Any mid-grade stationary will due, since you will be printing this as letterhead using your own computer when required.
  • WORD PROCESSOR OR PUBLISHER SOFTWARE: You will naturally require some version of word processing software such as Microsoft Word or Microsoft Publisher to create cover letters for direct mail marketing.  Virtually anyone will do but you will need a method of creating cover letters for marketing.
  • PDF READER & CREATOR:  Being able to convert documents to PDF format has become essential for all businesses.  Although the high quality Adobe requires subscription, there are dozens of free PDF products you can download.