Another Newbie Needing Some Help

[Jay22]

Exactly, this is a business. Your product happens to be insurance and recruiters try to make it look like a job because most people, despite what they say, want a job, not a business. If you walk into this like a business, with a business plan, startup money, research, etc, the whole thing runs a great deal more smoothly.
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Based on the above, I don't think this is the right move for you. The overwhelming majority of agents fail and it's an awfully big risk. Even the ones that are "successful", usually have to wait three years to make any real money, and they're definitely the exception.

To put this another way, would you leave your current job if someone said there was a 5% chance at a new job you would make more money, 5% chance you'd be about the same, and a 90% chance you'd end up wasting your time and money to end up behind where you would have been if you stayed where you were at? That's the offer here. Unless you have a phenomenal business plan and a great marketing budget along with great support, odds are you'll be the 90%. If you want to have extra money for your family, you might be better off just finding a second job.

Thanks Josh, I want honest answers good or bad. If I had odds like that, then probably not. So let me put another scenario out there: I may have an opporunity (just happened...literally) to join up with a friend who's father is retiring next year and he will need another agent. I don't have specifics BUT my understanding is 50K for the first 3 years no commission from my clients until after the 3 years then no salary but will receive commission. Sounds better to me however it is with a captive agency whereas the other job was indy, multiple carriers. Thoughts?

 

[Kenek]

Selling is the easiest part of this business. Learning how to prospect and utilizing those skills is paramount to your success. I cannot stress how important this is - I've seen many a good salesperson/professional "try" this career and then fail due to one problem and one problem only - they refuse to prospect each and every day, waiting for clients to mysteriously appear.

Let me use this example - let's say you just graduated from college with an accounting degree and because you're the entrepreneurial sort you've decided to start your own business. You borrow some money, find a small office space, equip the office with phone lines, computer, etc. Now, would you just sit back and wait for your future clients to come and find you? Hell no - you would go out of business in no time. What you would do is market yourself, join a networking group, buy leads, tell everyone you know about your new business, maybe partner up with other accountants for seminars. In essence you would do everything possible to get your practice off the ground. And you wouldn't make much money your first year or so.

This career isn't any different. Agents who are proactive prospectors succeed. Those who can't or won't, don't.

 

[Josh]

Thanks Josh, I want honest answers good or bad. If I had odds like that, then probably not. So let me put another scenario out there: I may have an opporunity (just happened...literally) to join up with a friend who's father is retiring next year and he will need another agent. I don't have specifics BUT my understanding is 50K for the first 3 years no commission from my clients until after the 3 years then no salary but will receive commission. Sounds better to me however it is with a captive agency whereas the other job was indy, multiple carriers. Thoughts?

Without getting into details about where you are and what you're making, tough to say.

That deal isn't bad, but I doubt it's what they're really offering. Usually it's a transition and that might not be a bad deal, anything where you can start with a base is a step in the right direction (usually), but you're also giving up some of the upside potential. It sounds like a P&C shop which is a lot of work for not a ton of money, but it does add up.

 

[tins]

Most of the Guru's on here didnt start off being successful. They just didnt give up. They kept going and made up their minds they would do whatever it took to make it. They were not afraid of trial and error. You must find a way to get in front of people.

Yep, I like this one best.
Just keep going and writing apps...success will come.

 

[GaInsProf]

These guys are giving you good information- the failure rate is so high because golf interferes with prospecting, what worked yesterday doesn't work today, innovation is paramount. Then there's the bogus lead companies, ignorance and poverty prospects that some agents keep chasing...perserverance is a good trait, but chasing a dead horse seems to be a trademark of soon to be ex-agents...

Selling family and friends is what most of the recruiter/revolving door operations seeks in a new agent- they get you to buy a policy, then sell all your contacts and then wait for you to leave so they get the residuals...

And the $50K if true can be a good foundation to at least stay out of bankruptcy and build a book of business, just make sure he's someone that is honest and trustworthy.

All that said, if you are willing to work, be honest, disciplined and willing to stick with it, this is a great business to be a part of- helping others make life-altering decisions, providing the best products and services will result in referrals, repeat clients, much satisfaction...we are like lawyers- 99% of the industry gives the rest of us a bad name, but at the end of the day, if you do the right thing and place the client first, amazing things begin to happen....suddenly you find a marketing edge that works, clients begin seeing the honesty and begin signing on the line and money starts rolling in...the few, the proud...oh yeah, different vocation, oops!

Good luck, but definitely go in eyes wide open- if you have enough money to live off of for a couple of years, you just might stay out of the poor house.

 

[Guest]

Selling is simple, you must have a personality, You must be able to interact with ANY type of business and not be intimidated or let rejection get you down.

 

[Jay22]

Wow, thank you all very much for taking the time to answer my questions and give your own opinions. It has helped a TON and I know time is precious.

Honesty is a value I hold in the highest regard and it's just not in my natue to blow smoke. Hoping it will carry me far in gaining clients trust should I decide to enter the world of insurance. I love working with people and if I can help folks out whether it be saving them money, earning their confidence in my products or simply giving them peace of mind knowing they have an agent who is looking out for them, it will be worth it. Gotta love what you do and I plan on it! Thanks again to all of you! I'm sure I'll be back with more requests for advice and hopefully give some advice in the future!

 

[Josh]

Another thing to keep in mind is if you decided to not get into insurance now, you can always get into it later.

 

[Cory]

Selling is simple, you must have a personality, You must be able to interact with ANY type of business and not be intimidated or let rejection get you down.

Nailed it! A former mentor of mine told me you can teach knowledge to anyone, but I'd rather have someone with great people skills... you can't teach those (or it's very hard to do so).

 

[toehill]

Nailed it! A former mentor of mine told me you can teach knowledge to anyone, but I'd rather have someone with great people skills... you can't teach those (or it's very hard to do so).

That's why I'm winning!