How a Solo Broker Turned a $200k Revenue in 2023
Starcade Capital: Redefining Entrepreneurial Success in Business Funding
Name: Joe Nicolosi
Company: Starcade Capital
Employees: 1
Technology Tools: Textedly, Lionsdesk, Gmass, WeConnect (LinkedIn)
Year Founded: 2019
Website: www.starcadecapital.com
Introduction
Before establishing Starcade in 2019, my life was a patchwork of odd jobs, marked by a track record of transient employment. The struggle to make ends meet propelled me through various occupations, each motivated by the need to cover rent and put food on the table. Amidst this turbulence, a determination to discover a greater purpose for my life took root.
In 2018, I embarked on my journey as a business loan broker after a short-lived pursuit of an acting career in Los Angeles. Following my departure, I found myself in the midst of the unknown once again, this time without a plan and with nothing "pulling" me. It was on the networking app Shapr that I connected with an individual entrenched in the business funding space. After attending a presentation at his house, I was hooked, and about seven months later, I started as my own entity.
Despite having no prior education in finance, a subject I had despised most of my life, something clicked in me with this opportunity after meeting my initial mentor. I believe that we can learn and adapt to anything we decide to commit to. Interestingly, I've never felt fully equipped; I just took the leap, and things started working out after going through some painful experiences in the business and discerning who I can trust.
The Inspiration Starcade Capital
Starcade, born out of these challenges, is dedicated to assisting businesses that often fall short of traditional bank funding qualifications. Approximately three out of every four businesses face this predicament, and our focus lies in supporting industries such as Trucking, Construction, Manufacturing, and Auto Repair shops, among others.
From Idea to Reality
Guided by a mentor's wisdom, I chose to further enrich my knowledge through an investment in a coaching program. This decision not only bolstered my understanding but also instilled in me the confidence to embark on my entrepreneurial journey. The turning point arrived when I realized I'd had enough of my current situation. Fueled by determination, I took the leap, formalizing my commitment by filing for an LLC. Subsequently, I began strategically crafting my social media presence to align with my newfound venture.
Attracting Customers
Initiating my client acquisition strategy, I kicked off with LinkedIn cold messaging as my primary approach. Simultaneously, I forged valuable referral partnerships by leveraging existing connections with individuals actively engaged with the business owners I aimed to reach. Recognizing the potential of these alliances, I revamped my offer to referral partners, proposing a mutually beneficial 50/50 commission split. A standout success emerged with one of my top referral partners, an individual affiliated with a factoring company in the trucking industry, culminating in a highly successful collaborative venture throughout 2022.
Overcoming Challenges in Starting the Business
I navigated through challenging stretches, enduring weeks without financial inflow. Despite facing sleepless nights and moments of anxiety, I remained steadfast, showing up daily to put in the work. It was during this period that I experienced my first anxiety attack, a profound moment that served as a catalyst for regaining perspective.
Early in my journey, I grappled with the comparison trap, realizing that appearances can be deceiving, and one never truly understands another's struggles. To counter this, I learned to prioritize focusing on what I could control—my attitude and effort—acknowledging that these constants played a pivotal role in overcoming hurdles and driving sustained progress.
Biggest Costs
As a solo broker, it might surprise you that the most significant cost isn't financial but temporal. Handling all aspects—from marketing and sales to administration and underwriting submissions—requires a substantial investment of time. While I desired a venture with low overhead that I could manage from home, the trade-off is dedicating considerable time to tasks that may not align with my preferences but are essential to drive meaningful progress.
Resilience Rewarded
Last year (2022) I did $258,332 in revenue solo. This year (2023) I’m on pace for $200,000.
A Day in the Life
My work routine varies; on some days, I dedicate my mornings to several hours of focused work, taking breaks for a workout or rearranging my schedule in the afternoon. A significant portion of my day is spent on prospecting, and as part of my morning ritual, I kickstart the day by sending out email campaigns and meticulously reviewing my deal flow.
The Vision for Starcade Capital
I perceive this venture as a lifestyle business, offering me the flexibility to choose my location and providing the earning capacity to invest in the pursuits that align with my desires.
Guiding Principles for Entrepreneurial Success
Don't lose yourself at the cost of pursuing money. Many young entrepreneurs on social media are posting about money, lambos, etc., but they haven't gained the wisdom yet to figure out what's truly meaningful. Also, don't sound like every other salesperson out there. I invested in Jeremy Miners' NEPQ sales training to get a leg up on the competition. I highly recommend it for anybody starting in this space.
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