I Almost Quit Early On In My Business, Fortunately, I Hung In There

One of the biggest problems I see with aspiring entrepreneurs is that they give up too early on their dreams of building a great company. It almost happened to me when I started my equipment finance company back in 2000. I left a good paying job and decided to go after my dream of owning my own commercial finance business, and to be brutally honest, I was probably about a month or two away from throwing in the towel on my new venture when my first deals started to close and the business started to pay-off. Much of the groundwork that I laid early on started to pay-off, and the business became better because I began to earn more than I was earning in the corporate world and it also allowed me to live a lifestyle that I wanted to live. Mostly being able to call my own shots. I no longer needed to deal with all the BS meetings, terrible bosses, and other heartburn that the corporate world created for me. And, more important than anything else, I knew I was creating my own destiny. In hindsight, I’m surprised that I did not close the business down and move back into the corporate world but I’m glad I hung in there!

I did a lot of things wrong when I first got started, including:

  1. Hiring and trying to train people on the business before I had enough business in my pipeline to justify building a sales team. These new hires pulled me away from the time I could have been using to build my own pipeline of business and also cost me additional out-of-pocket start-up funding for computers, office furniture, phone systems, etc.. that drained my start up capital.
  2. I experimented with shortcuts including placing advertisements in trade magazines and going after end-user business when I knew the key to my success was in building referral relationships. (This still holds true today)
  3. I built out expensive office space with cubicles, a phone system, computers and other items needed to build a team before the business was ready for new hires.

I made a ton of other mistakes when I first got started because I did not have any formal education in this business. I needed to learn mostly by trial and error.  Some of this trial and error could have cost me my business. Fortunately, I was able to lay a foundation for what later would be a process that ensured my future success. In short, through a lot of trial and error, I was able to create a process for the three fundamental parts of owning a commercial finance business:

  1. Finding Deals
  2. Packaging Deals
  3. Finding The Best Funding Sources For Deals

In it’s purist essence, the processes for success in the three functions above is what will make or break you in this business and these processes are not that hard to learn. I hope that some of my teachings are helping you in this area.

If you are interested in getting started in a low cost, high return commercial finance business. Please leave your comment below or reach out to me on my contact page at:

http://bizloanconsultants.com/contact-buzz/

Buzz

PS. You can ask me anything, no question is a bad question.

PLEASE, PLEASE, PLEASE Leave a Comment!