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Building Leads with the Telephone
For those looking to jump start their brokering business in as short a time as possible, nothing matches the power of the telephone.  In fact, you can build your entire business cost effectively using the telephone and through cold calling. Unfortunately, cold calling is not for the faint of heart and requires months of technique-building practice before becoming comfortable with its use.

Warming Up Cold Calls
One of the keys to successful cold calling is to find a method or ways of "warming them up".  The first involves research.

With the continuing growth of the internet, researching a prospect has become relatively easy.  Most businesses of any size now have a company website for you to view and where you can gather background information. This often includes the owner's name, years in business, specialty areas of service, and sometimes, even names of their "satisfied customers. After you have built a list of 100 or so "basic names, research those names on the internet.  Enter what you learn in your Contact Manager.

Making Your Initial Call
Making your initial call is actually relatively easy after you invent an "excuse" to make the call.  Consider the following opening:

Hello, is Mr. Jones there?
This is Bill Jones.

Bill, my name is Joe Broker with Business Capital Associates.  How are you today?
Fine.

Bill, the reason for my call today is our Research Staff has identified your business as one that could periodically use our services.

The opening above is one which is very easy to use and actually projects a lot of information. 

A.  Your company is large enough to have a Research Staff (although your research staff is actually YOU).

B.  Bill's company is important and of the size that a Research Department recognizes it.

C.  You are basically only calling because you were told to by Research.  It gives you the EXCUSE to call.

How Many Calls to Make Each Day
One of the most asked questions by brokers is, "How many calls should I make each day?"  There is no correct answer to this question other than, "the more calls you make, the better you will become at cold calling and the faster you will build your book."  And, there is no faster method of building your business than cold calling.

Providing an Offer
When making your calls, make certain you have an appropriate "offer" for those you contact.  For example, if calling service companies such as commercial janitorial services, have a report, white paper, or booklet that addresses the benefits of factoring or "How to Grow Your Service Company with Factoring".  Having a FREE give-a-way will make the cold call much easier to make.

 

Cold Calls and Voice Mail
Leaving a voice mail message is one of the easiest types of cold calls to make and in fact, many brokers specifically target this type of marketing, choosing to leave a message rather than speak directly with a business owner.  When cold calling, always make certain you have a "voice mail script" handy for when the owner is not available or if you cannot get through the gatekeeper. An example is below.

Hi Mr. Jones,
Sorry I couldn't speak with you today.  The reason for my call was that our research staff has identified (company name) as one that could possible use our service and I was simply calling to introduce myself.  I sent you an email at (Jim's email address from website) regarding our capabilities and what we can provide for your company and will try to reach you at a later date.

Thanks,  (your name)

When leaving the above message, follow up with an email and an attached report or white paper.  Attempt to get the business owner to go to your website for a FREE booklet such as the "Small Business Guide to Factoring" etc. Follow up with a second call within 10 business days.

Using "After Hours" cold call campaigns can be a great way to get your feet wet with cold calling without actually having to speak with anyone.  It is also useful for part-timers unable to call during normal business hours. Use a script but do not read directly from it.  If you make an after hours call and the owner is available...GREAT.  This will give you more practice and experience as you make the transition to true cold calling.