How to go from solo broker to a small business
If you have big goals then you’re in the right career. As a mortgage broker you can create a rewarding business at all levels - from solo operator to your own branch model. It’s all about having the right people in the right positions for your business to grow, and the right structure in place to hit your milestones.
There are four phases of business growth related to mortgage broking - stage one marks the start of your journey as a solo operator, then if all goes well, stage two is hiring a Personal Assistant and expanding your team, then to stage three growing to include specialists and loan writers too, then expanding fully into a branch model in stage four. At each stage, your business structure changes to reflect the workflow. Within our organisation we have key brokers who are fine examples of the different structure options out there.
As a solo operator, before you prepare for growth and move into the next stage you should be able to confidently process a loan in it’s entirety, have built solid cash flow, have a consistent sales pipeline and understand the key principles of prospecting and referral partners. At this stage, the Loan Market Broker Support Unit and Connect will be a strong and consistent source of support.
When you feel ready to take on more and set yourself on a path of growth, you should:
- Identify which growth stage you are at.
- Make a time with your Profit BDE to firm up your numbers - like what your business costs are, what capital you need and how much the extra staff will really contribute to your bottom line.
- Identify the roles needed for your business to grow.
- Speak to your Loan Market BDE, they might have a great candidate ready to join your team.
- Be flexible with your plans and people because roles will change as you go through the different stages of growth.
There are many resources available to you as part of the Loan Market Way, from onboarding advice, job descriptions and interview guides, right through to performance management and business planning documents.
Information taken from the presentation, Who Is On Your Bus? Growing Your Team, by Kristy Bartlett.