Is it worth it?

[Guest]

If he's bouncing around, he's probably the common denominator and also the main reason he is unsuccessful, likely why you give him a poor chance of survival.

It's too bad and all too common.

I remember reading some stats when I first go into the business. The drop out rate is 89% in the first 3 years. That was pertaining to being a insurance agent.


I have a good friend of mine that is getting ready to go in to this business. I tried to explain the work that is involved but I don't think he fully realizes. He is going to work for a medium size brokerage house that does some numbers.
He has a background of bouncing around from different industries. I give him a 25% chance of lasting the 2 years.

 

[ABC]

If he's bouncing around, he's probably the common denominator and also the main reason he is unsuccessful, likely why you give him a poor chance of survival.

It's too bad and all too common.

I think in the insurance industry it takes atleast 3 years to make any money. Now there are always the exception to that.
This friend of mine knows a lot of people so he will be able to get a lot of meetings. Now I really don't know if he will be able to sell. He was a mortgage broker, marketing associate, director of a start up tech firm, and most recently was in school to be a dentist. I just don't know if he will have staying power.

 

[Guest]

Well there are a lot of transients and more thank enough people to discourage or dissuade you.

Hopefully this will work, it really is a good opportunity. Just try to be encouraging, all good.

I think in the insurance industry it takes at least 3 years to make any money. Now there are always the exception to that.
This friend of mine knows a lot of people so he will be able to get a lot of meetings. Now I really don't know if he will be able to sell. He was a mortgage broker, marketing associate, director of a start up tech firm, and most recently was in school to be a dentist. I just don't know if he will have staying power.

 

[Mark]

I’ve had several agents ask me this question.

Is this business worth it?

I’ve always answered with an emphatic yes! As long as you don’t fall victim to the mistakes made in this scenario.

You get licensed, buy leads, invest in tools, basically spend a chunk of money haphazardly, speak to client after client without writing a sale, and see zero dollars in return for it.

That must be frustrating.

But what if you decided to plan before you jumped in the water?

What if you put your money where your mouth is?

Or, where your mouth was when you said, “I’m going to get licensed, buy leads, sell and be successful!”

The problem I see is that people get licensed, buy leads and don’t sell. I know that many agents don’t know how to sell, which totally surprises me. That’s like cutting tin with a plastic knife, not impossible, but man is it sloppy and difficult.

So is it worth it? Obviously, not the hard way (if you ultimately fail and give up), and maybe that’s why the failure rate is so high in this business, we’re just repeating the same mistakes.

What if there was a way to avoid discouragement and frustration?

Wouldn’t that be great! Well there is, invest in you and your career, but invest where it counts the most.

1. Time: Take the time to plan your attack, each step and what it will take to succeed. Write a business plan. And you’ll need to know your products (competitors too) and some underwriting. The insurance companies have webinars, training and on demand videos to teach you their products and procedures, or at the very least, read a brochure, it only takes time. Invest time wisely and it will return more than you can imagine in both confidence and accomplishment.

2. Education: The more you learn, the more you will earn. If you can take away just one or two insights from a book, DVD, CD or seminar and it equates to you making more sales (and money) for the rest of your career, isn’t it worth it? Example: I’m a national sales trainer, been selling over 20 years and I still buy (and read) the books, listen to audio CD’s in my car, watch success/sales DVD’s, go to seminars and keep learning so I can keep earning.

3. Tools: Choose your tools wisely. Spend on only what you need, keep an eye on what’s going out of your wallet right away. You want incoming funds, not outgoing. And realistically, what do you really need to write sales? A computer, an internet connection, a phone and a pen and paper. Hey, don’t we have this stuff already in our homes or businesses? It’s like our own acres of diamonds. While I agree that fancy tools may make your sales life a bit easier, it’s not essential for success. Brokers wrote sales ten years ago when none of this technology was available, so why can’t you!

So do you think it’s worth it? Hopefully, but more so if you do it right.

Invest in your career.

You don’t have to take a lot of money out of your pocket in order to succeed. Ever heard the expression, work smarter, not harder? Smart is not struggling, smart is being prepared and applying a system that works. Does a company "wing it" or have they done their homework (a business plan) to stack the odds in their favor? You should mirror what works, not what fails.

Remember you want to be a broker, not be broker than everyone else!

I think that everyone that is thinking about becoming an agent, or all new agents should have to read this.

Man, you are good and dead on the mark.

 

[Gunny]

Pretty much what I need today, thanks to all on the board!

 

[Crabcake Johnny]

The cost of gaining new business is expensive as opposed to maintaining your current book and generating referrals.

You need to be in "client happiness" mode. If not, you will find yourself replacing a lapsed client with a new one - then your book doesn't grow.

This business is only worth it for a book of; renewals, re-writes and referrals. This business is not worth is to have to write new business five years later.

Most agents don't maintain their book and get burnt.

 

[fostever]

The cost of gaining new business is expensive as opposed to maintaining your current book and generating referrals.

You need to be in "client happiness" mode. If not, you will find yourself replacing a lapsed client with a new one - then your book doesn't grow.

This business is only worth it for a book of; renewals, re-writes and referrals. This business is not worth is to have to write new business five years later.

Most agents don't maintain their book and get burnt.

Thanks John, for your insight into customer retention and how that begins during the qualifying process. I've learned the hard way with charge backs and such. Quality clients lead to quality referrals and long term customers. How much time has been wasted chasing down clients that eventually run away again. Bad doggie! If you treat your pets good they stay home. Neutering also helps. Don't try that with clients though.

 

[TLE]

You talked about Education, what are some good books or cd, dvd to look at. Thanks

 

[Guest]

You talked about Education, what are some good books or cd, dvd to look at. Thanks

WOW! There really are sooooo many.

For overall success, get Lead the Field by Earl Nightingale, it sounds archaic but it may be the best, most relevant and simple philosophies on success ever recorded. Here's an abridged version: Lead The Field

And . . .

David Sandler
You Can't Teach a Kid to Ride a Bike at a Seminar : The Sandler Sales Institute's 7-Step System for Successful Selling


Frank Bettger
How I Raised Myself from Failure to Success in Selling


Jack Canfield
The Success Principles(TM): How to Get from Where You Are to Where You Want to Be


Jeffrey Gitomer
Little Red Book of Selling: 12.5 Principles of Sales Greatness


Jeff Olsen
The Slight Edge: Secret to a Successful Life


John C Maxwell
Failing Forward: Turning Mistakes into Stepping Stones for Success


Also, you could subscribe to Success Magazine, you get a CD/DVD combo with every issue. It's $30 for the year.

https://sfsdata.com/SUCCESS/subscribe12i2999.aspx?key=9SMH

 

[Mark]

WOW! There really are sooooo many.

For overall success, get Lead the Field by Earl Nightingale, it sounds archaic but it may be the best, most relevant and simple philosophies on success ever recorded. Here's an abridged version: Lead The Field

And . . .

David Sandler
You Can't Teach a Kid to Ride a Bike at a Seminar : The Sandler Sales Institute's 7-Step System for Successful Selling


Frank Bettger
How I Raised Myself from Failure to Success in Selling


Jack Canfield
The Success Principles(TM): How to Get from Where You Are to Where You Want to Be


Jeffrey Gitomer
Little Red Book of Selling: 12.5 Principles of Sales Greatness


Jeff Olsen
The Slight Edge: Secret to a Successful Life


John C Maxwell
Failing Forward: Turning Mistakes into Stepping Stones for Success


Also, you could subscribe to Success Magazine, you get a CD/DVD combo with every issue. It's $30 for the year.

https://sfsdata.com/SUCCESS/subscribe12i2999.aspx?key=9SMH

If you don't like to read, you won't make it long in this business. I'm not just talking about books like this. You have to read and study your products.

I had an agent tell me the other day, that they hate to read, and I told him that he won't last long if he don't read everything. He didn't want to read the agent guide or learn the products he was trying to sell.