For today’s business opportunity seekers, whether you are seeking out a completely new career path or simply looking to supplement your income from a current profession, in “opportunity world” you literally have hundreds of quality choices to explore when seeking out a new enterprise. Some may be in the form of an expensive franchise, complete with comprehensive training, and support while others may be comprised of a simple online business selling products that require absolutely no training whatsoever. The point here is simply that today’s entrepreneurial self-starters and mobile creatives have a plethora of quality business opportunities they can examine and consider with nearly half being started for less than $5,000. To be certain, some stand out from the others based on ease of startup, cost of entry, and earnings potential. And, one such “stand out” opportunity, although little known and well “under-the-radar”, is that of Commercial Finance Broker or Factoring Consultant.
A Very Unique Consulting Niche
As a general career path, consulting is a very popular category of home business opportunity with thousands opting to begin some form of consulting business each and every year. Some align themselves with consulting firms which has certain advantages especially when you are starting out. Others will go the “freelance” route from day one, hanging out their own shingle and opting for the complete creative control afforded by truly being your own boss. Either way, if a consultant’s life seems right for you, you will need to choose your “niche”. To be sure, freelancing is rapidly growing in today’s economy with over 53 million Americans currently engaged in some form of freelancing. And, the general rule is, the more specialized your niche, the more income potential you will have.
The commercial factoring industry offers those seeking a career in consulting an exceptionally lucrative niche and it’s exceptional for a variety of reasons including…
- EXPERIENCE: To be successful, most consultants will need to have years of experience in their chosen niche. That is not true of factoring. While you will certainly need to “know your stuff”, you can basically become an industry expert in just a few short weeks. This is because factoring is one of the simplest forms of alternative commercial finance. Factors solve business cash flow problems by purchasing invoices. Nothing more or less. While you will need to expand your knowledge as you add more financing products to your service areas, launching your business as a pure “factoring consultant” is relatively simple.
- PRICING FOR SERVICES: For many new consultants, how services are priced is a major concern. Price too high and you’ll lose business. Price too low and you leave money on the table. Factoring consultants simply do not have to deal with pricing issues. Since a factoring consultant is paid directly by the factor and not by the client (business in need of cash), the costs associated with the consultant’s services never come into play. From the client’s viewpoint, your valuable consulting services are absolutely free.
- FLEXIBILITY: Most that enter the freelance consulting community will have a certain amount of flexibility regarding when and where they work. If you take a temporary position consulting for a large company, you will lose a certain amount of the flexibility. Factoring consultants, however, completely retain the flexibility to work how much they want and from where. There is simply no limit to their options. Work from a home based office in your own town a few days a week or semi-retire and work from a motor home as you tour the country. The choice is completely yours as you take define of your own work-life balance.
- COMMISSION PAYMENTS: Most freelance consultants will need to invoice a client for their services monthly. That is not the case in the factoring industry. As a freelance broker, you will automatically receive your commissions wired directly into your business checking account each and every month so long as your referred client continues to utilize the services of your factor.
Low Startup Costs
As with most freelance consulting businesses, launching a business as a factoring consultant has very low startup costs. In fact, for those interested in simply learning what factoring is and how to begin earning monthly residual commissions for referrals, you can learn all the basics by viewing the brief lessons in the Campus Learning Lab and IACFB’s Factoring Broker Online Magazine, Commercial Finance Consultants.
Those seeking a more career-oriented entry into the industry with more than just occasional work aspirations and seeking a career with true six-figure income potential, however, will require some additional startup and support items such as…
- a well designed website with online applications and form fields (see samples)
- a blog (this can be standalone or integrated into your broker website)
- a CRM (Contact Relationship Manager) such as Pipedrive
- an email management program such as Mail Chimp
- sales aids such as postcards, mailers, brochures, flyers, telephone scripts, etc. (find out more)
- memberships for networking opportunities such as Chambers of Commerce
Explore This Unique Niche Consulting Field
Is consulting in the factoring and small business finance industry the right career path for you? The best way to explore this vocation and a good “first step” is to find out more by registering as a “guest” at the Campus and then spend some time at the Campus Learning Lab as well as viewing the Front Page of Commercial Finance Consultant Magazine. Although archived magazine articles are only accessible by IACFB members, there are always dozens of informative up-to-date articles on the front page available to all on the web.
Want to comment on this article or learn more? Visit the Campus IACFB Factoring Group at LinkedIn. Or, if you haven’t joined our online community, join up and meet others in the industry.