Starting Out as an IACFB Referrer
To simply classify industry consultants as “Factoring Brokers” is a bit of a misnomer as there are many types of factoring brokers and the difference between them is often simply whether they are:
- Full Time or Part Time?: Are your intentions to become a full time consultant or are you adding the ability to assist small business owners source capital as part of your current career or vocation. (such as a tax preparer, Quickbooks ProAdvisor, or Cash Flow / Note Broker?
- Professionally Oriented or Simply Referrers?: Is this a career path for you or simply an occasional opportunity for supplemental income?
Starting as an IACFB Factoring Broker / Referrer and Then Expanding
While some that discover how lucrative brokering factoring referrals can be decide to jump in with both feet on a full time, career-oriented basis, many take a more conservative part-time path and simply enter the industry with the intent of building the business slowly over time and on a part-time basis as an industry “referrer”. Electing this path could not be easier due to the significant support available through IACFB. And, if you question the amount of money to be made as a referrer, just take a quick glance at the story of Martha.
What You Will Need to Launch a Factoring Business as a Referrer
Actually, once you have completed this short 7-part course, you will have the basic knowledge required to begin earning the residual, life-of-account commission income that has made the factoring industry famous. You physically need nothing else to refer a prospect through IACFB Wholesale and become the broker-of-record. A supply of client applications (Company Profiles) and your IACFB Broker’s Agreement can be downloaded in PDF format from the IACFB public website at www.iacfb.org/wholesale.htm
IACFB’s Broker Training Guide: Factoring 101
Although the wealth of information found on Commercial Finance Consultant Magazine as well as the public website of IACFB will give you all of the basic knowledge you need, we do highly recommend the purchase of the IACFB’s five-star rated Training Guide Factoring 101 from Amazon.com due it’s in depth training as well as the access to IACFB’s Broker Learning Lab and Factoring Broker Forums which are included with guide purchase. If you have an interest in actually starting a home-based business as a factoring broker, we assure you the IACFB Broker Training Guide will be the smartest $39.95 you will ever spend.
Professional Website (Optional)
For referrers, a business website will be optional although it is highly recommended if you are actually going to engage in some form or marketing. Marketing will require that you have lead-generating “free offers” such as a free booklet or case study and the most productive and affordable method of doing that will be through a business website.
Business Cards (Optional)
Business cards are powerful marketing tools but are only necessary if you are going to operate a business website along with a business email. Business cards without the ability to direct prospects to a website where they can obtain additional information such as a booklet or case study have little or no value.
Special Websites for Cash Flow / Note Brokers (Optional)
Cash Flow / Note Brokers that operate with a website can easily upgrade to a “hybrid” website through DataMax Marketing Systems and DMS WebHost. Hybrid Cash Flow Broker websites have a wealth of important marketing features built right in such as WordPress blogs but most important, these special websites feature factoring and alternative commercial finance products along with all the standard consumer finance products such as mortgage note and structured settlement cashouts that are cornerstones of the Cash Flow Industry.