Fear of losing money how to overcome? Never expand

[Rick Lucias]

Hey Guys,

Ok I have some experience wholesaling and have actually quit my job, but my issue is I really want to crank up my wholesaling business instead of just bandit signs and do other things to bring me more leads like direct mail, probate etc.. I just am nervous to blow through 1k every month in generating leads.. What is a way to overcome this and also which lists would you recommend I hit that I can get the most bang for my buck without blowing through a bunch of money in direct mail? I really don't want to sit and fold envelopes so I think I will just stick to postcards when doing Direct mail… Also does anyone else have the fear of losing money and how is it stopped you from growing in this business?

[Duncan Taylor]

Let's discuss the pipeline you need to build here.

From your current experience, how many leads do you need to generate to guarantee a deal? Is it 10? 100? That is the first metric you need.

Second, what does it cost you to generate that number of leads? I know you are early in this process and probably don't have reliable numbers for that yet, but you need to track it.

Third, how long does it take from initial contact with a new lead to a closed deal? Again, you may not have enough data on this yet.

Fourth, every marketing touch should use a split test. You have to continually refine your marketing message and methods focusing on using and expanding on what works and abandoning what doesn't. That can be more challenging than you might think because sometimes we just know an idea will work but the data says otherwise.

Are you starting to see the picture? If you are afraid of spending the marketing dollars it is because you don't know how to effectively spend them. Your $1k budget might be fine, high or low for your area. Only testing will tell.

So, start small, test, test and test some more and then extend your marketing net.