This morning as I opened my inbox, I started answering emails and returning calls almost without thinking. When someone starts talking to me about a...
What To Do When Your Processor Fires You
Frequently there are reshuffling, merges, and acquisitions in our industry. This may result in sales people and employees losing jobs. Perhaps an entire call center gets shut down. So, I’ve gotten several calls asking, “What do I do now? What is my next step?” My advice is to ask yourself some questions. Take a […]
Frequently there are reshuffling, merges, and acquisitions in our industry. This may result in sales people and employees losing jobs. Perhaps an entire call center gets shut down. So, I’ve gotten several calls asking, “What do I do now? What is my next step?” My advice is to ask yourself some questions. Take a step back before going forward. This episode will give you important guidelines to make the next step a good decision.
One important question to ask yourself is, “Do I want to be an employee or a business owner?” I want to be absolutely clear about the fact that I think both of those options are honorable and acceptable as career paths. Being a good employee is a very important position. You can make a ton of money. The stress level is way lower. The money is more stable. It’s great! There is nothing wrong with being an employee.
Or do you want to be an entrepreneur, business owner? This is my best description of it. You look up at the face of a sheer cliff in the morning, knowing that by the end of the day you must climb to the top. You must climb without any ropes or clips. If you fall, you’re going to your death. That IS an accurate description! The first year is crazy; the second only a little less crazy. By the time you get to year five, you might have a little bit of stability. Many people are not cut out for that.
Some reps have the opinion that being fired must be a sign indicating their time to become independent. However, that could be a sign of just the opposite! Your processor just eliminated you; is there something you should rethink? Of course, you may have been the victim of reshuffling or a merger. But I still advise you not to take that as a sign to start your own business. Take a step back and think through some pros and cons before making that decision. Explore the trade-offs between the W-2 employee and the 1099 contractor.
One less desirable aspect of being the owner is company drama. That’s your stress.
- “My manager doesn’t like me.”
- “I’m not being paid as well as this person.”
- “I found out this person is getting better comp than I am.”
- “I’m upset.”
- …..blah, blah, blah!
The corporate drama is all about relationships. As I mentioned in my last episode, get a relationship with someone one level up from you. Then show what you can do – produce results. The price you pay for playing the game of owner is company politics, drama. You must learn to play that game very well. In return you get stability and structure.
Being an employee is all about stability and structure. Don’t be shy about playing that game. If that is your skill set and what you like, play the game! Don’t fall prey to the “victim” mentality or get down on yourself. Choose to be an amazing employee. Tons of employees in the United States make heavy six-figure incomes. The vast majority of people making six figures are employees, not business owners. But you must work hard and be committed. Build the relationships and produce the results. Perhaps you have a relationship with someone higher up who also lost a position. Where did that person go; could you work for him/her?
On the entrepreneur side you have different options. The upside, of course, is having more freedom. But the first test of your success is whether you can eliminate your freedom as quickly as possible. The temptation will be to think, “I’m going to go independent. So, maybe I should watch Netflix the first half of the day. Then prospect for an hour or so. Then I could visit my cousin who I haven’t seen in a while.” If you follow that kind of thought pattern, you should go get a job. You’re not a less valuable person. There’s nothing against you. But you are going to fail and fall flat on your face if you try to go into business. To be successful, you must find a way to eliminate your freedom. Hire an assistant, even if you can only afford $10.00 an hour for a couple hours daily. Ask the assistant to set your schedule and check in with you. Ask yourself if you can eliminate freedom. Can you live without stability? Do you have money in the bank? Are you going to have a panic attack if your electric bill is paid ten days late? You’ll be in the psych ward quickly if you have no money in the bank and panic over late bill payments. You must have cash on hand or learn to compartmentalize crazy situations. Keep focused and moving forward.
In summary, I encourage you NOT to think of being fired as a sign you should become an entrepreneur. There may be those who say, “Wow! My processor keeps giving me promotions. I keep making more and more money every year. Everybody wants to shower me with bonuses. Maybe I should be an entrepreneur.” Because they are super successful as employees, imagine what they could do if they were unleashed. Maybe they should be entrepreneurs.
Please DON’T go into business if you’re struggling to make your calls and hit your quotas as an employee. No one would even be there to support you, but you still have to hit your numbers!
Go to ccsalespro.com and click on “partner with James” if you need further help. Maybe I can assist you during this transition time. Following these guidelines will help your next step be a good decision.
Read the previous post here: http://www.ccsalespro.com/relationships-revenue-results-3-keys-business/ Relationships, Revenue and Results – 3 Keys to Business
Read the next article here: http://www.ccsalespro.com/invest-business-get-job/ Invest in Your Business or Get a Job