Ge Canada Equipment Financing Video

Similar Videos

Currently No Video Available

Ge Canada Equipment Financing

Jupita Fanklin

Starting a commercial equipment financing business can be a

doubly successful endeavour for mortgage brokers because it

can generate a new income stream as well as open up more doors

for building their existing mortgage business. Also, financing

equipment can be a good stepping stone for a mortgage broker

into the more complicated world of project & commercial property

finance. With good commissions available, this area should be

of interest to the expanding mortgage broker's business.

While the thought of commencing a new business venture can be

a daunting one success will come from having sound procedures

and practices. A small amount of work initially will quickly

help you to determine if there is a business opportunity, and

if there is - how to go about taking advantage of it.

1. Establish your footings.

Initially using a broad brush you need to determine if there

is an immediate opportunity for you in financing equipment.

Call some people in your client or personal network and ask

them if their employer or business uses finance for their

equipment. Get some names and contact the people responsible

for the financing and ask them what they finance, and when

they finance. Also what product they use and why. You might

also ask who they use and how they decide who to use.

By doing this you are educating yourself on some of the terms

and jargon that is used plus your are testing your comfort

level in discussing this sort of financing with exactly the

people you will be talking to when you kick your business off.

2. Place your foundations.

If you get some positive feedback you are well on the way to

making your decision to venture into this new area of financing.

Now you need to line up your finance sources. Most banks and

financiers will have a minimum value business introduction

hurdle for accreditation. You may need a number of sources

so call around and find out the criteria. Also ask about

relationship issues. You may want to manage the client

relationship yourself or alternatively simply refer clients

to the financier who will manage the relationship. Find out

about fees & commissions at the front, during and at the end

of a transaction. Investigate marketing and other support the

financier can provide you in your local area. Also what products

are on offer and how do they differ. Importantly, ask them who

their target clients are and their credit criteria, it will

be best if you are working in the same or similar direction.

3. Build your business framework.

A good database tool is essential. You may be able to use your

existing database to manage your new business transactions and

pipeline or adapt it to the new process and information you will

need to store. Remember, you are now dealing with companies and

businesses in addition to the individuals that operate them. How

much income do you want to generate, how much time are you going

to allocate & when will you allocate the time. What marketing

will you use and when. With the end of the financial year

approaching what angle would work now.

If your thoughts are positive and your comfort levels OK you are

ready to now grow your service offering and to add a new stream of

income to your business.

Article written by By Mark Dyer.

Next Paragraph..

Guide to the Stock Market

Video on Ge Canada Equipment Financing