9/10/2023 0 Comments Factoring business![]() ![]() Whenever possible start by offering services to a specific industry that aligns with your base of knowledge. When deciding where to start take the time to inventory your existing experience. Most factors are very cooperative knowing your success can equal more business for them. ![]() When starting as a factoring agent, ask the funding companies what they need to make advances on invoices. I didn’t fund many deals but the experience of working with different factoring companies allowed me to gain valuable information. Fortunately you can earn commissions while you learn.īefore factoring my first invoice directly, I worked as a broker. ![]() Experience has revealed it’s better to start slow and learn the ropes as you go along. Should I begin as a factoring agent or broker rather than starting a direct funding company?įirst, understand what invoice factoring is and how it can benefit your client. Since the interest level on this topic has remained so high I felt that it would be a good idea to do a “Best of How To Start A Factoring Business” compiled from previous articles and questions we have received over the last few years. Today alone I’ve received calls from Europe, Asia and the U.S. To this day I am still amazed over the response we have received on this topic. Much of the information referred to resources, capital, due diligence and general topics related to the asset based lending industry. Over the past few years I’ve written several articles about starting your own factoring business. ![]()
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