This is a short conversation between our CEO Leo and our President of Sales, Mitch.
Leo: Isn’t it crazy to see how far we’ve come? It was only a few months ago when we were sitting at my kitchen table trying to build this business and when the kids came home we’d have to make sure they weren’t too loud because we were on the phone with clients. It’s amazing to see how fast we’ve grown and how we’ve doubled our sales every single month. Mitch, why do you think we’ve grown so fast? What makes us different?
Mitch: We provide all the information clients need so that there’s nothing vague about the process; we’re very transparent from the beginning. When they get money and walk out and put it towards their business, they feel good about it.
We can provide something that nobody else in the country does because our pre-approval process literally lays out every ounce of funding the client will receive based on his or her credit profile and income, and it tells them what their monthly payments will be.
We also tell them how and when they can pay it back, and we help them break it down into how it will benefit their business. We talk about their ROI, which I think is very important for a lot entrepreneurs and even existing businesses because they’ve hit a wall.
We help them understand that this is the best funding that they can possibly get anywhere in the country because of our Strategic Lender Matching Platform that Leo’s created. It’s the best option besides going to their friends and family or getting an investor, which no one wants to do, because why give up a part of your company if you don’t need to?
Leo: Talk about the ROI. That really is key because if you’re a new entrepreneur and you’re wondering if it makes sense to take out this money, how do you calculate it? How do you know if it makes sense to use Fundwise Capital?
Mitch: I think it depends on the product. We have clients in real estate or who are selling physical products or ecommerce; we talk to a wide range of people doing a lot of different things. But the biggest thing that we focus on is talking about the next 30 days, six months, next year, five-year plan, etc.
Most people don’t think five years down the road, but we help them understand that they can make these monthly payments. That’s the most important thing to consider: Are you going to be able to generate enough income per month to pay back that one or two percent that you get? Because in the end, you’re not going to pay back $50,000 in five months—it’s not going to happen because we’re not a global company like Google or Under Armour. And you want to keep the money.
If you get $50,000 and your monthly payment is two percent of that, then it’s going to be very affordable. We try to help them understand it’s not going to cost an arm and a leg to put this money to work. Let’s figure out how we can get that $50-$100 or maybe $500 a month payment make sense for your business.
Leo: The cool thing about what we’ve done is we’ve lived this. We were a product of the product. We got funding ourselves, and we didn’t feel like, “Oh, we’ve got to pay it all back now.” We knew we could take our time and build our business the right way. But at the same time, we didn’t take all the money and just spend it. We tested it out.
Mitch: Companies need that ROI. They need to work on a campaign and work on sales. So many people forget it’s about the sales. If you’re not generating income, I don’t care how great your business model or product or service is, you’ve got to make sales. And I think sales is a dirty word for people.
What we’ve really tried to do is what Grant Cardone teaches: information-based selling. You give your customer everything you’re going to be able to give them and let them make an educated decision on why it make sense for them and their business. And if it doesn’t make sense, then it doesn’t make sense, and I’m not going to try to strong-arm them or pressure them to go through with it. My job is just going to help it make sense for them.
I say to them, let’s talk about that ROI. You’ve got to ask: Where do you see yourself? Why do you need the money? Why are you calling me? What happened to get you to the point where you don’t have the money you need? Is your business not growing? Is it a start-up? There are a lot of different key variables that information-based selling considers. What’s really made us grow is that people just get it. It makes sense and they can apply it to their business.
Leo: People today with that old sales mindset where they slide customers into the sale instead of just giving them the information—it doesn’t work. Do it in such a way that you’re solving a problem, because no one really cares about your product; they care about what it can do for them and how it can solve their problem.
Mitch: Yeah, and I think people really appreciate that they can either call me, text me, or email me. The fact that they can easily communicate with us breaks down a ton of barriers for people. They’re not just applying on a website.
Leo: Texting is huge. If you’re not texting in your business, you are missing out on half of your business potential. When we started to facilitate texting in a more effective way, I feel like we about doubled our business.
Mitch: I think it’s easier for people too, even more so than email. They can just let me know to call them in ten minutes or say give us the heads-up when they’re ready to move forward.
Leo: Exactly, I might have dozens of emails in my inbox. I’ll get to them when i get to them, but when i get a text message I feel obligated to answer it right away.