Podcast Summary
Growing a Business with Multiple Partners: Persistence, Networking, and Strategic Planning: Growing a business with multiple partners requires persistence, networking, and strategic planning to overcome challenges such as lead generation, cash flow, and building a recognizable brand. Early success may not guarantee desired profit, so focus on advising customers, networking, and creating marketing materials.
Starting a business with multiple partners can present unique challenges, such as lead generation, cash flow, and building a recognizable brand. Adam Davitt, from Partners Financial Services, discussed these challenges during an interview on the Business Broadcast podcast. Despite having three owners and three employees, they aim to grow their mortgage brokerage to £10 million in turnover with the help of 100 plus estate agency partners and brokers. However, they are currently generating about £22,000 a month and are still in the process of building their business. Davitt emphasized his ambition to grow the business but acknowledged that it's still early to determine if they're making the desired profit. He spends his day-to-day time advising customers, networking, and creating marketing materials. This conversation underscores the importance of persistence, networking, and strategic planning in growing a business, even when faced with challenges.
Affordable Business Coaching with Entrepreneurs University: Join Entrepreneurs University for weekly coaching, proven strategies, and resources to grow your business for under £50 a month.
The speaker, with his extensive experience in running a successful business and generating significant revenue, offers valuable insights and coaching through his Entrepreneurs University program. This program provides entrepreneurs with affordable access to the speaker's expertise, including weekly coaching, proven strategies, and resources, all for under £50 a month. The speaker encourages potential members to try it for free and guarantees growth for their business. The YouTube channel served as a platform for one of the podcast guests, Adam, to discover the program and ultimately join the show.
Starting a mortgage brokerage business: Personal touch, attention to detail, and a strong network: Starting a mortgage brokerage business can be profitable, but it involves reviewing financial documents, building relationships, and growing the team to handle increasing workload. Aim for £1,100 per £200,000 worth of finance, but expect significant costs. In 3 months, achieve £22,000 per month through existing customers, referrals, and partnerships.
Starting a mortgage brokerage business can be profitable, but it requires a personal touch, attention to detail, and a strong network. The speaker mentioned making around £1,100 per £200,000 worth of finance, but there are significant costs, including network fees and marketing expenses. The process involves more than just setting a mortgage rate; it involves reviewing financial documents, bank statements, and other personal information. The speaker, who has been in the industry for around 8 years, emphasized the importance of building and growing the business. In just 3 months, they had achieved £22,000 per month in revenue through a combination of existing customers, referrals, and partnerships with an estate agency and an accountant. Having a team of 3 members helped in handling the increasing workload.
Business owners face challenges of lead generation and overcoming obscurity: Running multiple companies in unison, including a media and marketing company for lead generation and a property investment company for future growth, can help businesses address lead generation and obscurity challenges.
According to the business owners, their primary challenges are lead generation and overcoming obscurity. They believe these two issues are interconnected, as generating leads is crucial for business growth. To address these challenges, they advocate for running multiple companies in unison, as outlined in their "four company philosophy." This philosophy includes a survival mode company, a thriving mode company, a media and marketing company, and a property investment company. The media and marketing company is intended to generate leads for the operating companies, while profits from the operating companies are invested in the property investment company for future financial security and growth opportunities. The failure of companies that neglect this philosophy, such as Thomas Cook, serves as a cautionary tale.
Think like a media company to grow faster in mortgage industry: Invest in creating and sharing valuable mortgage and finance content through platforms like YouTube, podcasts, and writing books to attract fans, generate leads, and save on recruitment costs. YouTube is particularly effective due to longer viewer attention spans.
To grow your business in the mortgage industry faster, think beyond just operating companies and start acting like a media company. This means investing time in creating and sharing valuable content related to mortgages and finance through platforms like YouTube, podcasts, and writing books. By doing so, you can attract a large fan base, generate leads, and save on recruitment costs. YouTube, in particular, is a powerful tool as it allows you to create content once and have it work for you over time, with viewers committing more time to your content compared to social media platforms. While social media can also be effective, the attention span of consumers on these platforms is generally much shorter. Overall, by combining various content creation strategies and focusing on YouTube, you can build a stronger online presence, attract more customers, and ultimately grow your business more effectively.
Facebook vs YouTube: Different Purposes, Different Approaches: Facebook and YouTube serve distinct purposes for businesses: Facebook for immediate engagement and lead generation, YouTube for long-form content and organic search benefits. Invest in both, but tailor approach and content accordingly.
While both Facebook and YouTube are essential platforms for businesses, particularly for lead generation and marketing, they serve different purposes. Facebook is likened to a newspaper, with shorter attention spans and immediate engagement, while YouTube is compared to watching TV, with longer viewing times and organic search engine optimization benefits. Businesses should invest in both platforms, but the approach and content may differ. For instance, YouTube videos can be made with a camera on a tripod or on location, while Facebook marketing can involve significant financial investment. Cash flow management is crucial for businesses, especially startups, as there can be a delay in receiving payments, making it important to keep an eye on expenses and not overspend.
Diversify for Stable Cash Flow: Daily Businesses and Evergreen Content: To ensure consistent cash flow, businesses should diversify their portfolio with daily income sources and create evergreen content. Reduce reliance on external lead providers, invest in content, and consider PPC advertising for lead acquisition.
For stable cash flow in a business, it's essential to have a diversified portfolio with some instant cash flow sources. This can be achieved by having businesses that provide daily or regular income, like admissions to a farm or teddy bear sales. While building pipelines and reducing reliance on external lead providers, it's crucial to invest in content creation and eventually wean off the paid services. Diversification and evergreen content creation are key strategies for long-term success. Additionally, considering pay-per-click (PPC) advertising is an option for acquiring leads, but it's important to evaluate the potential return on investment before investing. For advice on PPC, contact James Sinclair at info@jamesSinclair.net, and they will introduce you to a trusted agency.
Maximizing ROI with Local Marketing for Mortgage Brokers: Start with small PPC ad investments, target specific locations. Build relationships with estate agents through personable interactions and offering value. Create a strong online presence with content marketing.
Starting a mortgage broker business on a tight budget requires strategic marketing efforts, particularly focusing on local areas and building relationships with estate agents. The speaker suggests starting with a small investment in Pay-Per-Click (PPC) advertising, targeting specific locations to maximize return on investment. He also emphasizes the importance of creating a strong online presence through content marketing, such as podcasts and YouTube videos, to become the go-to expert for potential clients. When it comes to building relationships with estate agents, the speaker advises being personable and offering value, such as free resources and referral incentives. By combining human connection with technology, new mortgage brokers can establish themselves in their local market and expand their reach over time.
Leveraging YouTube, Podcasts, and Government Schemes for Business Growth: Utilize platforms like YouTube and podcasts to build relationships and explore potential collaborations. Focus on growing one social media profile and consider government schemes for hiring staff to boost content creation and business expansion.
Building relationships through platforms like YouTube and podcasts can lead to potential business collaborations. Additionally, focusing on growing one social media profile and utilizing government schemes like Rishi Sunak's Kickstarter scheme to hire staff can help in content creation and business growth. If you're in need of mortgage advice, you can contact Partners FF at www.partnersff.co.uk or 02300439023. To join James Inclair's business podcast and have a conversation about growing your business, apply for free at jamesinclair.net. Remember, there is such a thing as a free lunch, and we're here to help you grow your business. Don't forget to rate, review, and subscribe to the podcast to help us reach more people.
