Great ways to make money, when you're broke

[ca-ltc-agent]

Re: Ways to make money, when you're broke

You seem like a nice guy Rick. I hope they were gentle with you...

Steve

There was a time I was completely broke but by thinking outside the box (so to speak), I earned $100,000.

I sold my virginity on ebay.

Rick

 

[Guest]

Re: Ways to make money, when you're broke

Getting started in this business is difficult, but it is a breeze when compared to other businesses. If we can develop some sales ability, learn our products and learn how to prospect we are 90% there. There is very little investment that has to be made in stuff that doesn't fit between our ears.

Of course having money makes things easier. I don't have to make 100 cold calls a day now because I have a good prospecting system. However, if I did need to start over again with very little cash, I could do it. I think this is true for most insurance veterans.

Knowledge, skill and work ethic are much more important than money although a little money is necessary for any business. I have a laptop, my son has a laptop and we have each have a $150 Brother printer/fax/copier machine in our homes. We also have filing cabinets, office furniture and a hundred dollars or so of office supplies. We work out of our homes.

How many other business could you make six figures in with so little capital investment?

Great input Alston, that's the whole idea, you can do it, if you dig in and apply the tools, struggling sucks but who's creating the struggle?

 

[OHInsAGNT]

Re: Ways to make money, when you're broke

I'm not sure if I ever posted this here but it's worth a look for many. Thanks!

Selling health insurance is a very lucrative opportunity.

But what if you really don't have enough capital to rely on to pay for leads and continue paying the bills while you wait for the commissions to roll in?

Here's a great solution:

Statistics (through many forum discussions) have shown that if you cold call, every two hours of dialing will earn you two leads. *based on 25 to 40 dials per hour

Step One: Do this for 8 hours Monday and 8 hours on Tuesday. That should be about 16 leads, and we're talking solid leads here because you solicited them, they're not shared, they're all yours.

Step Two: Make all of your appointments (either phone or in person) for Wednesday afternoon, Thursday and Friday, even Saturday if necessary and work those 16 leads.

Now, let's be conservative.

Out of about 16 extremely solid leads, can you write between 3 to 8 sales? I'd say yes. So we're talking 12 to 32 applications submitted in one month.

Lather rinse and repeat and this is 144 to 384 apps submitted in one year. Those are some awesome numbers for whatever level you're at in your sales career.

Cost: Time, effort, a phone bill and maybe some gas.

Return: We can all figure out that this is worth it.

Remember this: Before the internet and buying leads, agents had the ability to and made six figures, so how did they do it? Well maybe this helps:

1. Work ethic
2. A system of selling
3. Product knowledge
4. Diligence
5. Customer service

Where are you lacking in these categories? Overcome it and you too can have a lucrative, rewarding career.

Sell well!

As a health insurance guy, are you calling small businesses or individuals under this strategy? I'm assuming small businesses, since it's so hard to prospect on HI needs for employed individuals given all the corp plans out there. Correct me if I'm wrong.

 

[Guest]

Re: Ways to make money, when you're broke

This is small business, that's correct sir, I should have made that clear.

Thanks!

As a health insurance guy, are you calling small businesses or individuals under this strategy? I'm assuming small businesses, since it's so hard to prospect on HI needs for employed individuals given all the corp plans out there. Correct me if I'm wrong.

 

[Mac1958]

Re: Ways to make money, when you're broke

Rather boring though. Towards the end of the appointment, I would often take my calculator and figure my commission to seven decimal places..

I almost spit out my coffee!!

If I were to counsel someone thinking about getting into this business, I'd say this:

"There are many ways to do this. But what I'd recommend is to start as a captive agent with a reputable company that offers complete training. Learn the ropes. Learn the products inside and out. Learn how to utilize technology and illustrations properly. Learn the laws and regulations like the back of your hand. Learn how to sell against the competition. Learn the basics of marketing. Learn the fundamentals of a complete and thorough sales presentation. Understand the importance and structure of good customer service. This is people's HEALTH we're talking about here. Their LIVES. Not just your paycheck. This is not a profession for making many 'honest mistakes'.

"This industry is unfortunately polluted by people in it for a quick buck, who are interested in neither helping people nor in long term sacrifice and success. Their screwups make it harder on the rest of us. Please, please don't be one of them. We have plenty already, believe me.

"Once you're comfortable with all of the processes of this profession, it'll be time to strike out on your own. Your knowledge, skills and experience will place you above at least 50% of your competition, and you'll have an established book of business from which you can grow.

"Plus, you'll be able to recognize and avoid the 'new concepts', quick-buck schemes and weak new products when they cross your path. That alone will save you time, money and great frustration, not to mention potential legal issues.

"This make take a year, or two or three or five, but I promise you it will have been worth it. This can be a wonderful profession if you're sincere, skilled and passionate."

...

 

[bluemarlin08]

Re: Ways to make money, when you're broke

Chumps,
I started in a career shop structured almost identical to the scenario you spoke of. You weren't with Fidelity Mutual by any chance? We had about 30 agents and 20 were earning well over 100k in 1980, great place to learn.

 

[Corporate Death]

Re: Ways to make money, when you're broke

Beats going in debt.

Or selling your virginity on eBay . . .

Depends on who is buying!

 

[SportsNut]

Re: Ways to make money, when you're broke.

The simple fact is this: if you're broke you don't belong in this business in the first place...let's call a spade a spade.

The prospect can hear the desperation in your voice. You've got no working capital. Worry must be pervasive. There's a tendency to cut corners because of pressure...

Enough!

Find some way to get a bankroll that will allow you to do some real marketing, not cold calling. Beg, borrow or steal, but if you don't have some working capital, you've got almost no shot.

But there is yet another way, thinking outside the envelope...

If the theoretical person with NO funds, has a telephone and the discipline to telemarket and generate 8 quality leads per day, 16 in two days, then they could generate 40 in 5 days, and 48 in 6 days...

If they are truly quality leads, and exlusive, wouldn't there be an agent here that would pay 15 bucks a piece for them... >? If the closing ratio that was assumed was accurate should be selling 5 or more maj meds per week off these leads; (conservative estimate). Assuming that the theoretical agent doesn't have a huge life style, and if he/she is broke, they shouldn't, then they are earning 700+ bucks per wk from week one... within 4 to 6 weeks they should be able to transition from the lead biz to the ins sales biz... and be dang good on the phone by then too...

The only problem, who that is dead broke, is disciplined enough to make those calls religiously day in and day out, to generate those leads. The exception rather than the rule, certainly. Hunger does tend to motivate...

 

[lookin4abetterwayinpa]

Re: Ways to make money, when you're broke.

But there is yet another way, thinking outside the envelope...

If the theoretical person with NO funds, has a telephone and the discipline to telemarket and generate 8 quality leads per day, 16 in two days, then they could generate 40 in 5 days, and 48 in 6 days...

If they are truly quality leads, and exlusive, wouldn't there be an agent here that would pay 15 bucks a piece for them... >? If the closing ratio that was assumed was accurate should be selling 5 or more maj meds per week off these leads; (conservative estimate). Assuming that the theoretical agent doesn't have a huge life style, and if he/she is broke, they shouldn't, then they are earning 700+ bucks per wk from week one... within 4 to 6 weeks they should be able to transition from the lead biz to the ins sales biz... and be dang good on the phone by then too...

The only problem, who that is dead broke, is disciplined enough to make those calls religiously day in and day out, to generate those leads. The exception rather than the rule, certainly. Hunger does tend to motivate...

Can someone please on this forum, describe broke. It is thrown around so much that it is confusing. I am not in the insurance industry, yet( next month I should be) I have customers who are surgeons, who are really broke. What I mean by that, is they make a huge income, but most of it is going out. You can make 480k a year, and have 478k in bills and other expensenses, you are broke.

I did not make a huge income last year, for my standards, but I supported 3 people and myself. I live above the median range, I guess.

P.S. My wife went back to work after 2 years last week. She makes, after taxes, 2k a month, now I think we are rich, lol.

One mans floor is another mans ceiling, save and have a plan, it is YOUR business, treat it as such.

 

[Paradigm]

Re: Ways to make money, when you're broke.

Can someone please on this forum, describe broke. It is thrown around so much that it is confusing. I am not in the insurance industry, yet( next month I should be) I have customers who are surgeons, who are really broke. What I mean by that, is they make a huge income, but most of it is going out. You can make 480k a year, and have 478k in bills and other expensenses, you are broke.

I did not make a huge income last year, for my standards, but I supported 3 people and myself. I live above the median range, I guess.

P.S. My wife went back to work after 2 years last week. She makes, after taxes, 2k a month, now I think we are rich, lol.

One mans floor is another mans ceiling, save and have a plan, it is YOUR business, treat it as such.

Broke is relative in this industry. The average according to salary.com is like 35K in income. However if one markets properly and does a minimum 500%-1000% return on their invested marketing dollars you can become wealthy quickly

So in layman's terms weekly

spend 100 make 500-1000
spend 500 make 2500-5000
spend 1000 make 5000-10000

The key is marketing and not falling in the malaise of easilly earned money that tends to dampen the ambition