Once you are organized in a work area and with the basics for operating your business, the next move will be to get the word out that you’re ready to offer your services to people needing money, and for people who are willing to invest. This means advertising, visiting, making contact in some way with both the people needing money, and those wanting to realize a profit in the process of lending their money. And don’t forget – often those who do not go with you for one reason or another may supply you with fine referrals.
The more you advertise and talk to people about your services, the more successful your business is going to be. So first of all, we suggest you run an ad in the classified section of your local newspapers. It might read like this:
Money available! Business start-ups, expansion needs,
construction loans, cash-flow problems. Call 123-4567.
You should run such an advertisement in as many of your area papers as you can afford, every day, for at least a month. This means that you’ll have to have an advertising budget; with the money either coming in (or available) to meet these costs before you even contract to run your first ad. (This is part of the necessary planning that has to be done before you actually open for business.)
At the same time you’re running the ad inviting people to come to you for their money needs, you should also be running a daily ad such as this one:
$ 350,000 Needed! Will pay maximum interest. Growing business,
excellent profits and tax benefits. Call 123-4567.
Now the purpose of the first ad is to build your list of people wanting money – needing loans that you can process. The purpose of the second ad is to build your list of investors in your area with money to put into some of these business proposals you get from the first ad. Obviously, you’ll get more people wanting to borrow money than people with money to invest; but once you begin running these two advertisements, you’ll be on your way.
When you place your first ads, start checking and following up on similar ads you see running in your area newspapers. Usually, they will be listed under “Financial Loans Wanted,” or “Money to Loan.” However, don’t neglect to check the “Business Opportunities Wanted” classification as well.
When someone calls in response to your “Money Available” advertisement, who ever is acting as your secretary should get the name of the caller, the name of the business, the telephone number, amount of money needed, kind of business, and most appropriate time for a consultation. This can be handled most efficiently with pre-printed telephone message pads. So you simply collect information from all these incoming calls, look it all over and start making your call-backs.
Basically, your call-back conversation should sound something like this: “Hello, John Jones? This is Mr. Money Broker returning your call about money for business financing. I understand that you’re looking for about $ 100,000 in order to set up an auto tune-up shop. You stated that you are already pretty well organized with a business plan and location, and that you feel you have pretty good collateral. That’s very good. Before we talk any further, however, I’d like to tell you a little about our company.
“We represent a number of large lending organizations for business financing, as well as a number of private investors who are looking for new ideas and businesses to invest in. Their primary requirement, of course, is that they be assured of getting their money back, but further that they will make money from such an investment”.
“What I do is work with you in preparing your loan or investment package so that it will be attractive when it is presented to prospective lenders. It is very important that your proposal be complete and in the proper order. It is also of the greatest importance that it “looks good,” and “sell” the people it is taken to. The prospective lender must feel confident in granting you a loan or investing in your business. Once we’ve got your presentation together, I then take it to some of my lending or investment sources and work toward obtaining you the money you need”.
“As I’m sure you’re already aware, it’s most important that your proposal be prepared properly, and presented to the people who are in a position to give you the money you’re asking for. I work with you to see that your proposal is the best my people have ever seen, and then I take it to the people who have the money and are looking for a good investment. For this, I require a $ 100 broker’s retainer fee. I then go to work on your specific money needs. What we need to do now is set up a time and date for me to meet with you so that I may review your proposal. Would tomorrow morning at 10:00 be all right with you, or would 11:00 be better?”
The important thing is to be in control of this telephone conversation; to tell the prospect only what you want him to think about; and to sell him on the idea of getting on with it by paying the broker’s retainer fee of $ 100. Only after you have collected that, of course, will you start to work on evaluating his plan and getting him the money he needs.
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