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Whether you
need a major career change or just a little side money,
being a factoring broker could be just what you’re looking
for. Ed Vigil has been working as one since 1991 and makes
well over $40,000 a month in residual income doing it. It
basically involves selling cash flow to businesses, and
here’s how it works.
A factoring
firm buys small businesses’ accounts receivables, giving
them cash today on invoices they’d otherwise have to wait
on. For example, let’s say a janitorial firm has an account
with IBM that pays every 90 days. They could wait for their
cash, or they could go to a factoring firm and get most of
it right away. Getting it right away allows them to put
money back into their business more times a year – and maybe
actually grow in this economy.
The factoring
firm takes a percentage off every receivable it buys and, as
a broker, you make a percentage off of that. This is money
you get for the life of every deal, so it’s residual income
that adds up quickly. And in this audio, you’ll hear
everything you need to know to get started, along with all
of Ed’s shortcuts and tips for making money right away.
You'll Also Hear...
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The
“Coward’s Cold Calling Method” Ed uses on every deal,
and a step-by-step look at how he finds clients and
lands deals
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Common
misconceptions about factoring debunked – why credit
scores don’t matter, why the IRS works with
tax-delinquent businesses when it comes to factoring,
how factoring is different from debt collection or a
depository institution, and more
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A cold,
hard look at how banks have begun to treat small
businesses – and why so many of them are turning to
factoring nowadays
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All the
terms you need to know to look like an expert such as
“advanced rate, reserve, fee, nonrecourse vs. recourse
firms” and more
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How much
you can expect to make as a broker, and the one
realistic goal you’ll want to shoot for right away
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How to get banks to refer you to the customers that get
denied a line of credit – why most will want to do this
and exactly what type of bank to go after
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The
advantages of only working with 2-3 factoring firms
(even though you could sign onto many) – and a couple
broker-friendly factoring firms you may want to contact
first
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Examples
of some of the creative ways people use factoring
(believe it or not… you can sometimes use it as a cash
down payment when buying a business)
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California does require a license. The only state that
does. But, it is not the same or anything like getting a
real-estate license.
In
this economy, many good businesses are in trouble simply
because they’ve been denied loans and lines of credit, and
are forced to sit stagnant. Factoring gives them the cash
flow they need to increase profitability so they can
survive... and even grow. Ed says it’s easy to get started
as a broker because factoring firms are not only friendly to
newbies – they pretty much walk you through the process. And
in this audio, you’ll hear everything you need to get
started.
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