Setting Goals for Success (w/ Rich Norton)

Watch this interview with Rich Norton:

Why Goal Setting is Crucial

As many aspiring professionals have discovered, the payment processing industry offers immense potential for success. However, this potential can only be unlocked with proper guidance and a clear set of goals. Rich Norton highlights the importance of setting realistic and personalized benchmarks to pave the way for a thriving career.

Establishing Your Initial Goals

When new representatives join Rich's team, the first step is a comprehensive orientation with an executive team leader. This session focuses on understanding the individual's financial needs and lifestyle requirements. Rich emphasizes that setting an initial income goal is essential to reduce pressure and provide a clear target.

For instance, new representatives should determine their monthly financial needs—whether it’s $3,000, $5,000, or even $20,000. This figure becomes their initial goal, forming the foundation for their action plan.

Creating a Detailed Action Plan

Setting a goal is only the beginning. The next crucial step is to develop a detailed plan to achieve it. This involves calculating the number of merchant accounts that need to be signed up each month to meet the financial target. Rich draws an analogy to New Year’s resolutions—vague intentions often fail, but specific, actionable plans lead to success.

Realistic Timeframes and Consistency

Rich advises that reaching financial goals can vary significantly among representatives. While some may achieve their targets within the first month, others might take up to a year. The key is to maintain consistency and realistic expectations. For example, a representative in North Carolina started modestly but reached $12,000 per month by the end of his first year and is now nearing $20,000 per month in his second year.

The Role of Mentorship

One of the most valuable resources for new representatives is mentorship. Rich stresses the importance of having a mentor to guide you through the process, provide feedback, and adjust the plan as needed. This support can make a significant difference in achieving your goals.

Nationwide Success Stories

Rich's team comprises hundreds of representatives across the country, each with unique success stories. From those just starting to industry veterans with over two decades of experience, the common thread is the implementation of well-defined goals and strategic plans.

Takeaways for Aspiring Payment Processing Professionals

1. Set Clear Initial Goals: Determine your monthly financial needs and use that as your starting benchmark.
2. Develop a Detailed Plan: Break down your goal into actionable steps, such as the number of merchant accounts needed per month.
3. Be Realistic and Consistent: Understand that achieving your goals may take time and consistent effort.
4. Seek Mentorship: Find a mentor to guide you, provide insights, and help you stay on track.
5. Learn from Success Stories: Draw inspiration from the experiences of other successful representatives.

In conclusion, goal setting is a fundamental step in achieving success in the payment processing industry. By establishing clear objectives, creating detailed plans, maintaining realistic expectations, and seeking mentorship, new representatives can unlock their potential and build a prosperous career. Stay tuned for more insights and expert advice in our Payment Processing Basics series.