Replay - Why Electricians Need to Offer 2 Financing Options (And How to Do It)

Transcript

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Welcome to Entrepreneur Secrets.

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This is the electric podcast.

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If you're in the group watching this live, congratulations.

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You've got the VIP Q&A role here.

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You can engage, Let us know your thoughts and get special mentions in our podcast by providing us with topics and engagement to help you and really take action and see results in your electrical biz.

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We cannot wait to help you more with that and, of course, we're dealing with our favorite subjects helping you master sales, simplify pricing and deliver premium level service.

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I'm your host, Clay Neumeier.

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This is my esteemed co-host, Joseph, the sales bot, Lakani.

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How are you doing today, Joseph?

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I am pumped.

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We had an absolutely fire RSS session to where we were just going at it with our clients and literally I just wanted to carry that same energy into here because it really, really wowed me seeing people engage at that level.

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Yeah, and if you're listening to this, then you've already seen the headline.

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I'm sure why you need, why you must have really two financing options, and how important that is.

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I love this topic because it does a couple of things for us.

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It implies that you already have financing.

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It's 2023.

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The news is in, guys, if you don't have this yet, you're missing out.

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Right, and we could break that down a dozen ways, but in this one, we just wanted to skip right to it and say, hey, this is why you should have two options, so let's dive in why you should have two options.

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So let's dive in.

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Why should we have two options?

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What's the advantage we're looking for here?

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All right.

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There was a concept that I was taught I'm not entirely sure where I remember it, but I always heard that if there is no money, there is no sale.

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You could be the best electrician in the world.

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You can have the absolute most fire designs that the world could possibly ever see.

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You could be the right kind of person.

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You could do the work.

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Right now, their building could literally be on fire.

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But if they can't pay for it, what do you do?

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You can't help them, right?

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Tough place to be.

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And the thing is, is that a lot of electricians they're similar to you and I Clay.

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Where the thing is is that we are in this industry because we want to help people.

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No one ever started off thinking you know what?

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I'm going to turn wire nuts for a living and I'm going to make $600,000 a year.

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It's not a get-rich-quick scheme.

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We did this because we either took pride in seeing something that was physically done or you did it because you wanted to help someone, and this allows you to do so at a better level.

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I agree.

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Yeah, absolutely.

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And if I can just hit the 30,000 foot view for a second and really address that, you know all of this stuff.

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Your conversions up, your average tickets up.

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If you can convert more of these clients through having better options.

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I mean, that's kind of the name of the game, it's.

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It's effectively lowering your cost per acquisition as well, because it's making your marketing, then, more effective, making your sales more effective.

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What's worse than training and investing and having this process and all the hours you invest in making this thing so sweet and so smooth to help people, and then it just ends up a dud because we don't have the option that matters for this person, which is a little bit of help with the money.

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Use someone else's money to pay for it.

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Exactly.

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So we're going to kind of skip a little bit here.

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And the reason is is, let's say I'm just going to assume I'm going to paint a perfect scenario.

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Let's assume that you've already designed your choices, you've already put together your presentation, you've met with your customer, you showed them your six options and they're like I love this one and they're like I want to move forward with this, this is the one I want.

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And you say great.

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Well, I have a financing company.

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We could do 18 months at 0%, whether it's Synchrony or Green Sky or all these other great companies that are just coming out, like Hearth, like all these great companies.

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And then the worst possible scenario happens.

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Where you did the application, you walked through it, you're pretty much skipping hand in hand to down the yellow brick road.

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And then what do they do?

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They say unfortunately, your client cannot be accepted at this time.

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We will send you a letter within seven to 10 business days notifying the client one.

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Pretty much right, and it's almost like letting the air out of a balloon.

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Yeah.

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What's the underlying reason here?

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Pretty simple, right.

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Yeah, the underlying reason is that almost every major financing company goes off the FICO score, which means that most companies require you to be somewhere around 600 to 650 at a minimum, and that's not a very high score in all things considered, but at the same time that's nowhere near the floor.

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So the kind of people that need financing the most are often the ones that are least likely to get it.

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Because imagine you walked into someone's home and you recognize they called you for a ceiling fan.

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But then you opened up the ceiling fan and you realize there's aluminum wiring behind it.

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This is no longer a $300 job.

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You're talking about whether it's running a new circuit or, if they have aluminum, it's probably something more significant.

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So they're not prepared for a $17,000 or $20,000 job right now.

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That's not something they had in their mind.

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They just bought a fan from Home Depot and they want to put it up.

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And just to throw something in there like sorry to interject, but I can't remember the stat.

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But I'm going to go ahead and assume it's Pareto principle again.

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80% of people really don't have next month's finances figured out, retirement figured out, right, so we just have to accept that that's the situation.

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Most of your customers don't have a good financial framework or plan.

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And the problem is, what do they do then?

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Right, you've already tried financing.

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They're screwed.

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They either live with an unsafe situation, they get someone who's less qualified to rig it, or they have to take a home equity, or they have to max out a credit card with 29.9% interest monthly.

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They would cut down on anything.

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They're just living for the next 36 months just literally on the bare minimum existence of life.

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And is that what we want for our clients?

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Of course not.

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So the second company you need is what's known as a second look financing company.

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Now, I'm not promoting anyone in particular, but I can only say the companies that I've worked with.

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So there was a company we had and it was called Turns Financing.

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I remember really liking them because they did what's known as a second look.

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They would apply people who had much, much lower than 600.

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I think the lowest I ever saw approved was something like 415.

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It was like, really, you had to be really bad to ever get a score that low, that low.

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But the reason why it works is because they don't look at your credit score.

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They instead look at assets owned Do you own a house?

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Do you own a car?

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Do you have a significant amount of monthly income.

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There are a lot of people who have low credit scores because of previous bad decisions, but have we all pulled ourselves out of those decisions before?

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We've all been there yeah, 100%.

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My first company was a concrete company.

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I sank it, lost my shirt, had bad credit for seven years, had to claw my way out of that.

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Thankfully, I was young.

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I was a teenager when I went into business for the first time.

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It takes some time, but I've done it personally, I know exactly how it works.

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I know exactly how to climb back up from that and I'm worthy.

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At this point I've got hundreds of thousands of dollars of honestly unleveraged credit available to me.

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And that's amazing.

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It's amazing that you were able to pull yourself out of that and, if nothing else, you have my respect for being able to pull it off.

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Not that it's about me, but that's the situation.

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People learn.

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This is about timing We've talked about this in positioning and marketing and everything else.

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People aren't just this one decision, this one moment in time.

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They're the collective of all decisions, of all moments.

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Everyone's on a journey and it's our job to represent them the best we can in the current position that they're in Correct.

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So this is how we can utilize this technology to make it work for us.

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So I'm going to walk you through this scenario and I'm going to explain how it would function.

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So you've gone through the project.

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The customers picked a choice.

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You tried financing them initially.

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They got declined.

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You can picture your customer's face at least I can where you can picture the customer now suddenly looking at a deflated balloon and they're like what are we going to do?

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This is the time when you can actually save the call by being the source of encouragement that they need and you can say that's not a problem, because here at Service Sublectrical, already prepared for those kinds of scenarios, what we'd have is we have what's known as a second look financing company to where, instead of looking at your credit score, they understand there are other reasons that people can get loans.

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So what we're going to do is we're going to do a soft check on your credit and then, if this company can approve you, then they'll give you a separate term and you can determine how you want to get it taken care of Now.

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It may not always be the best.

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I understand that the best companies are giving 18%, 24%, 36%, 0% interest, but sometimes the customer can say you know what, give me 12 months at 9% interest, because what they can do is now they've got the ability of funding your job and now you can do that emergency repair.

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But if this customer takes out a credit card, all they need to do is say why don't we do this?

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Get any credit card with 0% intro APR, pay the loan with the credit card and then they now have a 0% loan.

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It's just smart thinking where you're able to say how can I leverage the systems in place to make sure that my client doesn't have to eat cat food?

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That's really what it comes down to.

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So the benefit is is then when you can sell it to your client in a way that benefits them on every personal level.

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You become someone they like, trust and respect.

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Because what are the odds if you didn't do this, that they would have once again a licensed, reputable electrician in their home?

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I mean, they could just go unserved.

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honestly, and unfortunately, that's how a lot of these homes I mean, I'm sure, everyone if you're listening right now, I want you to close your eyes and picture the worst house you've ever seen, and you know what A lot of times those houses are the way they are because not because people want to live with tarps on the roof, but it's because no one will give them money and they're living paycheck to paycheck.

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But that doesn't mean that their electrical needs need to be neglected, and you're doing a major disservice to your clients if you're not able to serve everyone at that level, because, in addition to this, it's not just those kinds of people who are in the lower income brackets, while Warren Buffett actually used an example I've heard called golden handcuffs, where what ends up happening is even people at higher income brackets, they continually raise their lifestyle to meet their income.

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I'm so glad you're touching on this.

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Yeah.

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So you can make $200,000, $300,000 a year.

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But if you've got a Lambo in the driveway and you've got a $2 million house, suddenly you're living paycheck to paycheck again and, as a result, your credit score could go down.

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But a second look financing company would say wait a second, you've got all these assets.

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You're clearly making a good amount of money.

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There's no reason why we shouldn't lend it to you.

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In fact, we'll lend it to you at interest, but now they can get their needs taken care of.

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So the thing is is that I never want any of you to simply look at someone in a lower income bracket and say they need financing.

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I want you to look at all of your clients and say I refuse to judge you by what you look like, what car you drive, what house you live in.

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I will equally offer financing to every single one of my clients, non-negotiable, every single time.

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I love that.

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Love that, love that, and my mind is blowing up with things that I want to engage with there.

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But I'll start with the last, which was really not making assumptions about our clients, no matter where they live or what they do.

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Yes, there are some telltale signs that you would say, okay, that person's a little too low income.

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Maybe not right now, but also keep in mind we talked about this with one of our clients, jason's with us now.

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Right?

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Doesn't that also mean that everyone else is ignoring that person?

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Wouldn't it be an advantage for you to hyper focus on the people that are being ignored, where people aren't being creative to actually meet their needs?

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Wow, Like what a dismal life to be part of a situation, a timing right now, where no one will serve you.

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That's insane.

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That's insane.

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So I think this really comes down to just a couple of things.

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There's a couple of types of service providers electricians in this group and it's either they don't have financing yet and they're still just kind of waiting.

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They're on standby.

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They're trying to justify it and decide if it's even ethical to push people in the direction of getting financing to do a project.

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Let me first stop and say what do you think of that, the ethics boundary and the question around that.

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So the thing that it comes down to is who are you to spend someone else's money for them Realistically, if you think about it from an ethical standpoint, if I don't serve them and I trust myself to be a damn good electrician I know I'm not going to cut corners.

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I know I'm going to respect their family, I'm going to respect their home and I'm going to treat them with the dignity that I know they are entitled to.

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Can you say for a fact that someone who is going to offer a lower price, who then they could likely afford, would treat them with that same service?

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No, no, no, no, no.

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That's how we know that you are the only right option.

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Yeah.

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So, as a result, if you know that you are the right fit, why are you not taking every opportunity to assist your clients?

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That's not really you're not selling them on something Because, realistically, if they're choosing to finance, they've already said I want that choice.

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Joe, please help me find a way to make this happen.

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That's what they're trying to say.

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Sometimes they'll ask you and they'll say do you have any payment options?

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Or they'll come to you and be like I really want this, but I just don't think we could swing it right now.

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We'll have to wait for our tax return, and the best way of answering that is well, have I given you an impression that you had to pay for this today?

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What if I told you that we had the ability of doing 0% for 18 months so that you can take the tax return that you know you're entitled to and you don't have to make any payments until then, and then take the tax return and apply it towards it.

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Then you're playing with free money Zero percent.

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Why not take it Now?

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You're looking at that client and they're looking at you as the solution rather than the problem they have to overcome.

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It's the same concept of standing side-by-side with the client.

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If you're truly side-by-side, you're thinking how can I serve you at the highest level, and sometimes that means being creative with the financing.

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Absolutely.

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I love that answer and I love that introduction to financing.

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I'm sorry, did I give you the impression?

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I love that and it's very non-threatening and stealthy.

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And back to, as you said, side by side.

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Something else I wanted to touch on was you mentioned the golden handcuffs, and I love that principle too, because we've even learned this at a master of business level in university, even learned about it and really in economics 101.

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Everyone is working to earn this currency for which they live by, and the reason they're earning that currency is to increase the quality of their life.

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There's really nothing else.

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It's the only reason for why we're doing this, for why the rat race exists in the first place.

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You're doing it, I'm doing it, your clients are doing it.

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We're all trying to find a balance in that quality of life, and the concept is I need to earn enough to maintain that quality of life and everything I desire within it, so that I'm not just affording it now but also saving and affording it in the future.

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And that's where credit comes in when there's things we know that impact our quality of life and we don't have money set aside for it.

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How could they?

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By the way, they're not electricians, they don't understand, right.

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But if you come in as the doctor of electron flow and show them a new way, a life that they could have, safe, secure, otherwise better, then again, who are we to decide?

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Really important distinguishment, because that ties into that golden cuff scenario.

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The more we make, the higher our expenses seem to grow.

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I'll tie in one last little quote there.

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Einstein said that compound interest was the eighth wonder of the world.

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Those who earn it understand it.

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Those who don't pay it, I agree completely.

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Now, if that's true, though, one last thing.

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Sorry, then the ninth wonder of the world must be expense creep, because everyone who's earning it, earning it, is also buying a bunch of additional shit and increasing the quality of that life that they're striving for.

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Sorry, thank you for letting me finish.

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Go ahead oh, by all means.

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I was going to say I thought of something that I learned when it comes to studies of ethics and I wanted to bring it back to you because I have learned that only a rich man can do a job wrong, because they have to be able to afford to do it twice.

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If you were looking at your client and you know that they don't really have the money, you're actually dooming them by doing the job cheaper.

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Because what will happen when you do it cheaper?

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Let's say you go to the panel and you find out you know what there is corrosion.

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But they don't have money to do more than just a breaker change.

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But you recognize that there's humidity in this basement.

00:17:57.227 --> 00:18:00.192
You recognize that over time it's going to be exposed.

00:18:00.192 --> 00:18:02.174
You recognize there is aluminum wiring.

00:18:02.174 --> 00:18:08.114
You know that every dollar you put into this it's not being applied to the balance.

00:18:08.114 --> 00:18:10.268
You're going to eventually have to rip it out and do it all over again.

00:18:10.268 --> 00:18:18.672
But if you can look at this client and say you know what, I'm going to give you a permanent solution so that not only will we do it now, but this is the last year, the next 40 years.

00:18:18.672 --> 00:18:21.997
Now they've paid money and it's done.

00:18:21.997 --> 00:18:24.560
They don't have to continue worrying about it.

00:18:24.560 --> 00:18:29.074
Eventually, the loan's paid off, but the problem will have been gone.

00:18:29.074 --> 00:18:32.769
So that's why it's more ethical to offer these options.

00:18:32.769 --> 00:18:37.669
No matter what they look like, no matter what they drive, no matter what kind of house they're living in.

00:18:37.669 --> 00:18:41.378
You have an ethical obligation to do the job the right way.

00:18:41.378 --> 00:18:47.576
Otherwise you are necessarily dooming your clients, and do any of us want to do that?

00:18:49.205 --> 00:18:51.069
No, no, no, no, and well said.

00:18:51.069 --> 00:18:52.795
So what are the action items?

00:18:52.795 --> 00:19:00.217
I mean, these ones are pretty cut and dry, but, as always, we're presenting you guys with an action, an all-star action, where you can start winning more today.

00:19:01.338 --> 00:19:03.028
All right, can I crack off on the first one?

00:19:03.250 --> 00:19:03.691
Let's do it.

00:19:04.192 --> 00:19:05.386
All right, the action item.

00:19:05.386 --> 00:19:11.598
I'm going to challenge every single person to simply just take the phone they have that's sitting in their pocket next to them.

00:19:11.598 --> 00:19:21.288
I want you, by Monday, or whenever you read this or whenever you listen to this, I want you to call a financing company if you don't have one already.

00:19:21.288 --> 00:19:29.736
Simply go to any financing company online, whether it's Synchrony, whether it's Turns, whether it's Hearth, whether it's Green, it doesn't matter who you call.

00:19:29.736 --> 00:19:32.711
Almost every single one of them has a contact me.

00:19:32.711 --> 00:19:40.936
Even if you just type and say I'm interested, someone will be calling you within 48 hours, because it's a business too.

00:19:40.936 --> 00:19:47.347
They want to set you up with financing, and if you're set up with financing, you can serve your clients at a higher level.

00:19:47.347 --> 00:19:51.037
So the bare minimum action is just pick up the phone and make a call.

00:19:51.037 --> 00:19:52.690
They'll do the rest of the work.

00:19:52.690 --> 00:19:53.915
They'll sell you on it.

00:19:53.915 --> 00:19:55.765
Just call them and say you're interested.

00:19:55.765 --> 00:19:57.729
Is that enough of a bare minimum action?

00:19:58.391 --> 00:19:58.951
Absolutely.

00:19:58.951 --> 00:20:00.214
Yeah, that'll get you started.

00:20:00.214 --> 00:20:01.959
Momentum right, that's what matters here.

00:20:03.205 --> 00:20:04.950
The all-star action is a little bit further.

00:20:04.950 --> 00:20:13.526
The all-star action is I'm just going to double it and I'm going to say not only do I want you to call one company, I want you to call four companies.

00:20:13.526 --> 00:20:17.451
The reason why is I want you to think of every financing company.

00:20:17.451 --> 00:20:24.989
You can Simply just type in how to offer financing in my small business, type in Google, and I guarantee you'll have a whole plethora of ads to go through.

00:20:24.989 --> 00:20:33.105
But if you can call multiple companies, now you have the ability of comparing their rates and the ways that they can serve your clients better.

00:20:34.067 --> 00:20:37.534
Wouldn't it be better to be simply able to say I've shopped the market?

00:20:37.534 --> 00:20:47.732
Like, imagine you're talking to your client and being able to say we have shopped the market and I can guarantee this is the absolute best option available and I made sure, even though we have to pay more for it.

00:20:47.732 --> 00:20:51.353
I want to provide that level of service to you because we believe you deserve it.

00:20:51.353 --> 00:20:54.094
We believe you and your family deserve this level of comfort.

00:20:54.094 --> 00:20:55.608
And was I wrong to offer that to you?

00:20:55.608 --> 00:21:00.430
No, so that's the all-star action.

00:21:00.430 --> 00:21:01.273
First one, call one company.

00:21:01.273 --> 00:21:03.952
After that, call four companies.

00:21:05.767 --> 00:21:06.430
You got to have it.

00:21:06.430 --> 00:21:08.613
You got to have that backup financing guys.

00:21:08.613 --> 00:21:12.953
So thanks for watching, Thanks for listening, If you're just catching this on the podcast.

00:21:12.953 --> 00:21:21.688
As always, it's been an absolute pleasure to help you guys in your journey to master sales, simplify pricing and deliver premium level service.

00:21:21.688 --> 00:21:24.391
Thanks, Joe, Really a pleasure.

Replay - Why Electricians Need to Offer 2 Financing Options (And How to Do It)

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