Referral Partners I Could Focus On
This list is mostly for me, but I found this exercise helpful.
How do you identify which areas to focus on first and last? Any tips would be appreciated!
1. Inexpensive Marketing Services
This is a streamlined solution at a low cost. I can quickly refer people to them to get the marketing done for them. The money isn't huge, but it seems like a good solution for startups.
2. Tax Strategies
A hard push at the end of the year seems like it might be too late for a specific strategy. There are still R&D Credits and next year to focus on these strategies, which have proven to be highly lucrative in past years.
3. App Development Companies
My experience with a specific company could be a testament for others and generate residual revenue. But their price point isn't huge. That said, they create tremendous value for businesses looking to develop a game-changing referral program.
4. Exit Strategy Consultants
Not every company is ready for this and it might not be worth my time. Definitely not the right time to focus on them.
5. ERC Partners
This solution is highly valuable when businesses qualify and get the funding. But it takes about 8 months, the credit goes away mid-2023, and the market is highly saturated at this point. I might want to just let my strategic partners keep focusing on this and turn my attention elsewhere.
6. Private Equity Funding Partners
This is probably the most lucrative option long-term, but it requires getting a securities license. That said, it should only take a couple of months to do that. Probably the right area to focus on starting in 2023 or as things get quieter for the next couple of weeks. I could find myself licensed by the end of February if I start now... hmmmm...
7. Operating/Equipment Capital Partners
If I was better versed in this and knew of more companies growing, looking for inexpensive capital options to fund that growth and finance equipment, and had a better process, this could be very lucrative. It might be a great place to start focusing while working on my securities license.
8. Real Estate Partners
I think I need a license to earn commission on funding for real estate projects too. If that's the case, and I think it is, this is probably lower on my list. I'm likely to partner with someone else who can focus on this, if anything and leverage their license.
9. Fractional CFO Services
This is an area we can earn a commission, and the right CFO can make a huge difference. It would probably be advantageous to align with one or a company with agents who can refer business to us when companies need funding for equipment/operating capital and send them business when we come across businesses that need a CFO but can't afford one full-time.
That said, CFO services are likely to be automated in the near future. A strategic, detailed CFO would be best in that case, but maybe I just partner with a tech company for automated CFO services and another with people who can support that operation. That sounds like a good approach...
10. High End Marketing Companies
Beneficial, but the right focus? Probably not, at this time. I think as I get the process nailed down between debt equity and scaling/sales and CFO support, it might then make sense to send business to these guys. They're a solid company, but most of the businesses I'm working with aren't at that level. However, companies generating $5mm+ and want to work with the best marketing companies with game-changing strategies there could greatly benefit from their services.