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What You Will Need To Be a Broker

What You Will need From Day One as a Factoring Broker

Your Consulting Business: What You Will Need on Day One

Fortunately, launching your home-based business as a freelance industry broker is relatively easy and affordable for most.  Additionally, the hardware and software items you will need you likely will already have if you have any type of existing home office.  But, actual needs will also vary depending on what type of broker you intend to enter as (blogger, part time, or full time)

In the lesson below, you will learn about our recommendations for startup and these are hardware, software, and other essential items you should have based upon how you intend to operate your new consultancy.

A Professional Home Business

The business of being a factoring broker is an exceptionally unique enterprise and one of it’s most unique features is that…

  • Virtually anyone can succeed at this business at some level
  • On a very basic level, you can be active as a broker with…
    • A basic home office
    • Some business cards
    • Some quality training
    • A webpage of some kind

But make no mistake, this is also a prestigious business for those seeking a true professional career and a six-figure income.  It’s simply that even those with the most modest means can get involved in the industry on a productive level.

Direct Marketing or Networking

Industry polls taken among factors each year continue to reflect the fact that this is a business for both network marketers as well as direct marketing sales people.  Each year, it’s roughly a 50 /50 split between the two as to where new clients are derived.

Helping Business Owners

One of the great things about being a factoring broker and operating in the alternative commercial finance industry is that you are definitely needed.  You are helping small business entrepreneurs grow their businesses and reach their dreams.  That is especially true (and appreciated) in today’s pandemic economy.

A Recession Resistant Industry

Being a factoring consultant is not only a prestigious business but it is also rock solid and very recession resistant.  When the economy gets tough and banks refuse to lend, America’s factors fill the void in many cases.

Referral Agent

One of the most popular types of industry broker and certainly the most common is the “Referral Agent” or simply Factors Agent.  Factors Agents are individuals that align themselves with a single factor or factor’s BDO and generate leads.  They are heavy into networking whether face-to-face or on social media and do absolutely no direct marketing.  They are nothing more or nothing less than quality lead generators for their chosen factor and are paid very handsomely with residual commissions for doing so.

Essentials for All New Brokers

Specifically what you will need to start operations as a freelance factoring consultant will depend greatly upon how you intend to enter the industry.  All brokers, whether launching their business as a blog, part-time broker, or full time consultant will require these items from day one…

  • COMPUTER:  You will need a computer (desktop, laptop, or both) from day one
  • PRINTER:  Preferably a 4-1 printer with scan and email capabilities
  • BUSINESS CARDS:  500-1,000 professionally designed
  • BUSINESS LETTERHEAD & ENVELOPES:  500-1000 pieces
  • TRAINING:  You do need to “Know Your Stuff”
  • WEBSITE / LANDING PAGE:  While you may be able to “skate” on this a week or so, having an online presence is critical for lead generation.

But, once you have a basic home office, the methods you can use to develop clients in the industry and begin earning your share of factoring’s residual, life-of-account monthly income are limitless.  Full time consultants, part time consultants, bloggers, affiliate marketers, social media professionals…the list is endless. 

For Business Bloggers (Content Marketers)Blogger

For many new to the industry and especially those that will be operating on a part time basis, operating your factoring consulting business as a Business Blog is one of the most popular and certainly least expensive methods of entering the industry.  Blogging provides a platform that represents the ultimate in flexibility for this specialized type of consulting and in addition to being great for part-timers, it is the perfect solution for active seniors and retirees that enjoy traveling and seeing the world and making some spending money while they do so.  Factoring is an international method of finance which means this is a business than can be taken with you anywhere and any place.  You will also be astounded at the professional nature of the business.  Being associated with the factoring industry is a great “ice breaker” as you meet others that ask what you do. 

Those factoring brokers that utilize a blogger format for their operations are “content marketers” and other than their blog, need very little when it comes to getting started.  In fact, all that is really essential is…

  • PRODUCT TRAINING:  Campus IACFB
  • LAPTOP COMPUTER
  • WORDPRESS BLOG SOFTWARE: Free
  • INTERNET ACCESS
  • ANALYTICS PROGRAM:  Google Analytics
  • SOCIAL MEDIA SUBSCRIPTIONS:  LinkedIn, Facebook, Twitter, Instagram, Pinterest, etc.
  • EMAIL MARKETING PROGRAM:  MailChimp
  • CAMERA:  Quality cell phone camera will do but if you are a traveler, you will want a good DSLR

Blogs are becoming more and more popular everyday for all types of consultants.  As a freelance factoring broker, your blog should work hand-in-hand with social media to build lead-generating relationships.   And, the sooner you begin blogging and adding content, the sooner those relationships can lead to results.

For Part Time Home-Based Entrepreneurs

For those working a traditional 9-5 weekday job but with a goal of building a career in factoring in their off hours, you will need….

  • PRODUCT TRAINING:  Campus IACFB
  • MARKETING SUPPORT:  Marketing aids (flyers, brochures, telephone scrips, etc.) included with Campus training and support
  • WEBSITE / LANDING PAGE:   Essential and with many templates available though IACFB 
  • HIGH SPEED INTERNET ACCESS
  • COMPUTER:  Desktop recommended
  • PRINTER:  4-1 recommended
  • CELL PHONE:  With answering system
  • WEBSITE ANALYTICS:  Google Analytics (free)Factoring Broker at Campus IACFB
  • EMAIL MARKETING PROGRAM:  Mail Chimp
  • CRM:  Pipedrive Contact Relationship Manager (Optional) 

Part-time freelancers in the factoring industry tend to feature a broad variety of operating structures.  Some strictly operate as after hours networkers, attending functions promoted by clubs, local Chambers of Commerce, SCORE, SBDC’s, etc.  Others tend to operate a website related blog and focus primarily on contacts made using social media.  Still others, use direct marketing techniques featuring postcards and mailers found in Factoring 202’s Annex along with telephone follow up.  

The use of a CRM (Pipedrive recommended) is also optional for those entering the business part time, although the absolute need for a CRM will be evident once successful marketing campaigns are implemented.  

For Full Time Commercial Finance Consultants

Those entering the industry on a full time basis will require virtually all of the following items at the time of launching their business or soon thereafter.

  • PRODUCT TRAINING:  Campus IACFB with Business-in-a-Box Marketing Aids
  • WEBSITE:  Factoring 101 Static html or WordPress
  • WORDPRESS BLOG:  Essential
  • HIGH SPEED INTERNET ACCESS
  • COMPUTERS:  Desktop with additional laptop optional
  • PRINTER:  4-1 recommended
  • CELL PHONE:  Cell phone with additional office landline optional
  • ANSWERING SYSTEM
  • WEBSITE ANALYTICS:  Google Analytics
  • EMAIL MARKETING PROGRAM:  Mail Chimp recommended
  • CRM:  Essential and Pipedrive recommended

Individuals that enter the industry with a full time career focus from day one, marketing support items as found in Campus IACFB’s Business-in-a-Box will be essential as most will not only generate leads through networking and social media but will also take advantage of face-to-face networking and direct marketing as well.  Additionally, prospect list building will be an important task and to build quality lists efficiently and effectively, a CRM will be required.  Pipedrive, supported heavily by IACFB, is our CRM of choice due to it’s ease of operation and exceptionally low cost for subscription.