Thank you guys, you all have been very informative in guiding me in the right direction with deciding on imo's and what's out there. Now for my next question, I'm wondering when is a good time to quit your 9-5 job. I would really like to go full time with this. But stepping out is a little bit risky but I want to do. Is it best for me to keep my full time job and work the life insurance Part time. I do have money saved but only enough to buy leads and pay bills for a few months. If I work the leads mentioned, I'm wondering would that be enough to sustain me.
Full-time to independent
- Thread starter Lvm82
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- 29,503
At 5pm.
- 5,506
I got licensed on July 7, 2016. I sold part time, buying aged direct mail leads and cold door knocking door to door.
Once I figured out that there was no way I was really going to get this right on my own, I joined an IMO in December 2017. I placed a standing order of 25 direct mail leads per week with them, got contracted with their carriers, learned a final expense presentation, went on a few ride-a-longs with an experienced agent, and then waited for those leads to come in.
Tuesday February 6th I got my first 25 leads. I quit my job on Wednesday February 7th, 2018, and Thursday February 8th, 2018 was my first day in the field. I door knocked my leads and made my first sales as a full time agent that day.
So, to review: I joined a decent organization with good support for a new field agent, I was trained well and I was comfortable with my presentation, even though I did change it up a good bit over the coming months to make it more my own, and I had a guaranteed steady flow of fresh direct mail leads.
That's when its time to ditch the 9-5 and get after it.
If you're not part of a decent organization, and/or you haven't been trained, and/or you have no access to direct mail or some other type of lead with intent, then stay where you are.
- Thread starter
- #4
Great story. How much did you have saved up before deciding to quit?
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- #5
Haha...very funny.- Thread starter
- #6
- 5,506
I had $6000 I set aside to pay for my first lead order. I was mistaken above: I ordered 30 leads/week and at that time the leads cost $25/lead. So, I had to pay $750/week for the first 8 weeks before I saw my first lead.
By the next time the IMO dinged my debit card for $750 that money came from commissions.
I paid my bills, personal and business, from week one.
That is what being prepared will do for you.
Now, if you decide to wing it, you'll be broke very soon.
Get with a good organization that will support you, train you, and get you access to a steady flow of fresh leads. Don't re-invent the wheel. Learn the presentation that they teach you. Yes, over time you can tweak it. But first make the money, then tweak your pitch. I never sold over 10K my first month and that was my lowest month as a full time FE agent. And it was a short month and I stared after the first whole week was gone.
I was prepared and supported. I don't take all the credit though I do take my share. But credit to the training and the lead program. The IMO I was with insisted that you start with at least 20 direct mail leads per week.
I did the right thing by going big and getting that additional 10 leads.
If you do it right, you shouldn't have to touch your savings. So long as you pick a main carrier who pays on issue and gives a 75% advance, you should make a living from the end of the first week, no later than the second week.
If you aren't paying your bills out of your commissions by the end of week four, something is wrong. Figure it out and fix it or go back to the 9-5 before you go bankrupt.
- 5,506
I'm still selling but not much FE. I did some FE phone sales last year. I didn't really enjoy it.
I am starting run FE again now though. I love door knocking FE in the summertime.
- 5,506
You'll know when I'm really starting to run the FE leads again because I'll be renewing my subscription to toolkits.
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