Last day! Congratulations on completing your first 20 days in the merchant services industry! Today I want to make sure you understand the types of businesses to whom you want to market in your first 90 days. We have covered this topic briefly, but I want to make sure you have a clear understanding. In order to get your portfolio off to a quick start, there are certain types of businesses to which you should be prospecting.
When they first get into this industry many agents like to focus on family or friends who own a business. Let me tel you that is a big mistake. Since you probably do not fully understand this business yet, that can lead to a very dangerous situation when dealing with friends and family. If you set them up and something goes wrong or does not get set up properly, your friends and family will obviously not be happy with you. Then you jeopardize your relationship with those individuals. There are PLENTY of businesses on which you can hone your skills as your knowledge of this industry develops without jeopardizing the relationships you have with your loved ones.
The next mistake I often see from new agents is the fact that they primarily want to focus on large accounts to jump start their residual portfolio. Two reasons this is a mistake: (1.) The sales cycle with large merchant accounts is significantly longer than that of your average small business owner. You usually have multiple parties involved in the decision making process which can consume an enormous amount of your time. (2.) To convert these accounts with the little experience you have is almost an impossible task. With that said, going after these large accounts starting out will prevent you from obtaining your original goal of making money quickly and building your residual portfolio. I have personally closed many large merchant accounts. There are some which have taken me over a year to finally convert. That is obviously not the way you want to start out your career in merchant services.
So what kinds of businesses should you be prospecting? Please click on the link below to download a “Target Market Guide.” This will give you examples of business types that you do and do not want to prospect.
Last but not least, I have added a video from a webinar that I did. This will help you with your decision making on where in your area you should prospect, as well as what types of businesses you want to go see. I hope you’ve enjoyed our 20 day jump start program. If you are not on our team, WHAT IN THE WORLD ARE YOU WAITING FOR? Come join me and my staff here at CCSalesPro and get even more great training and coaching on how to be successful in this life changing industry. Simply go to www.ccsalespro.com and click “join our team!”
James Shepherd
james@ccsalespro.com
“Sign our agreement and begin your achievement.” -Marvin Shirey