How do you build a business off of one Account Receivable? It is not easy with a little hard work it can be done. I should know, I did it. After spending 12 years of my life creating start up business loans, I was going out on my own. I had received several job offers, but it was my step-dad, a successful entrepreneur, that gave me the advice that turned the tables for me. He said: “There is a good reason you are receiving these offers, however I have been telling you that you will do a lot better for yourself once you work for yourself.” But taking the risk can be scary and I was not sure if that was the road I wanted to take.
Like everyone else, my first priority was to take care of my family but I also wanted something that was morally satisfying and to be able to help people every day. I don’t know if it was divine intervention or just pure luck but the next day I got a call from a business that had just been turned down by my former employer because they were not a good fit. They were a very viable, and now successful, company that just needed a little help.
I connected them to an invoice factor that financed their invoices. This kept them in business and created my first client that gave me the confidence to go out, create National Factoring Group and decide to provide the options need for working capital. I am not going to say it was an instant success. We had to work very hard and make personal sacrifices, but success is achievable with hard work and a good Account Receivable.