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Chapter 22 - Evaluate, Analyze And Identify


Transitioning to the card payments industry is often a two-edged sword: potentially a financially rewarding endeavor, yet often difficult for the sales professional new to an unfamiliar industry. This program is designed to assist both new and seasoned veterans attain true financial success by employing a simple and effective sales process.

AN OVERVIEW OFTHE 6 STEP SUCCESS PLAN

Now that you have a thorough foundation of the payment processing industry, it’s now time to plan HOW you are going to find success. And that takes planning - more precisely a business plan. An overview of one such plan is outlined in this section.

STEPS 1 THROUGH 3 - EVALUATE, ANALYZE, IDENTITY

We will split the discussion into two equal sections. Our iProcess business plan is laid out into six steps. In this chapter we discuss steps 1 through 3, self-evaluation, industry analysis, and establish our business identity and personal brand.

STEPS 4 THROUGH6 - DOCUMENT, BROKER, IMPLEMENT

We will conclude our discussion of the iProcess 6 Step Success Plan by creating our written Business Plan Overview (Document), discuss how we can identify aagood processor to broker our services, and reveal our first action plan as a component of an implementation strategy.

 

“By failing to prepare, you are preparing to fail.”
-Benjamin Franklin

Step 1 Evaluation Phase

Before becoming a sales agent, and perhaps becoming self employed for the first time in your life, you should spend some time conducting what is known as a ‘personal inventory’. Do you have the proper motivation, or are you merely seeking a change from your current career. Perhaps you dislike your boss, or hate your job.Limo Driver

These are motivational indeed, but are they enough to see you become successful in payment processing?

Begin by taking stock of yourself and your situation:

  • Ask yourself why do you want to start a business?
  • What do you see yourself doing?
  • Which industries do you have a history or proficiencies?
  • Would you want to provide - products, services or both?
  • What skills do you possess?
  • How much money do you have to see you through the start-up phase?
  • Will it be a full-time or a part-time venture?

Your honest answers to these questions will help identify the reasons behind your career change and will in essence help identify your motivations ad resources at an early stage BEFORE you have gone down a road you should not have traveled.

Conversely, these questions should reinforce and invigorate your commitment to making the change IF it is a good move.

Many people attempt to make a go of payment processing sales. Some succeed, yet many do not. In order to begin a successful business, passion and a desire to earn a large income just isn’t enough.

The wise move is to establish a business plan, set realistic and achievable goals and be self aware of your motivations and commitment. Here is a rhetorical question…what are your weaknesses and strengths?

As a person working who in essence owns a business, will you be able to manage your activities without someone else calling the shots? Just how will the baggage that comes with being an owner affect day-to-day operations?

Many people who come into the world of payment processing have strong sales backgrounds, while some do not. Selling can be taught, but what cannot be taught are the individual mannerisms, experiences, and attitudes that make us unique. Yet it is true that making a career change is at least less daunting if you like the industry and it is one you know well.

iProcess employs a unique system which we will discuss at length later in this chapter and again in subsequent sections of Pathfinder that uses your past work history to help direct you into specific markets of interest where you DO have valuable experience.

As you get started, your business will likely dominate your life so make sure that what you’re doing is at least stimulating and not dull. Hopefully, you’re going to be in it for the long-haul.

Some good questions to ask yourself include:

  • What would you do if money wasn’t a major motivator?
  • Is money really important? Or rather, is making a lot of it really important? If it is, you’re probably going to be cutting out a number of options.
  • What things really matter to you?
  • When changing careers it is important to have the support of those closest to you, especially your immediate family. Who will be your advocate? They may have to make sacrifices at the beginning, so it’s important to have them behind you.
  • Who do you admire in business? Perhaps in the industry you’d like to go into? Why do you admire them? What are their likable traits? What can you learn from them?

Such questions, when answered honestly and with due deliberation (while asking many more about yourself and your abilities) isn’t necessarily going to ensure you’re successful.

They will serve a vital role and get you thinking about your goals. They will help identify what motivates and inspires you.

Although there are many tools available on the Internet, getting started is as easy as folding a sheet of paper in half and writing down a few questions as we have outlined. Keep the answers somewhere  close, so you can be reminded on them over the next several days and even weeks.

The following is an example of a simple document you can pen to help you get started:

 

Question Answer
Why am I making a career change to payment processing? Have researched it and am excited about an offer I received.
What skills make me a good candidate to succeed? Have worked straight commission and like it. Experienced salesperson.
Do I have the necessary money reserves to grow without fear of financial hardships? Yes. Wife makes good income, little debt and money in the bank.
What work history do I have that can help? Sold cars 6 years, sales manager for 5 years. Commercial banker 4 years.
Do I have contacts I can reach out to offer services?  Yes. Many business customers.
Is my family willing to support this decision? Yes. Wife, son and daughter.
What excites me about payment processing? Residuals, business to business sales.
Is there someone I trust to discuss being a a self employed business owner? My old boss made the switch to selling payment processing and loves it!

Prior to making a decision to change careers....

iPros have access to all of the Pathfinder modules.  Join today!

iProcess - Sell Payment Processing Like a Pro!