Should You Go into Debt for Leads?

[thomasm]

For the independents, how many of you launched your FE marketing on a credit card?

Was it worth it?

I'm sure there's a learning curve with getting the mailing returns right. Dropping $800 a week to generate 20 leads is hard to fathom, when the most I've ever made in a good week is $1,000. (Cold-Knocking)

It makes me wonder, Is the lead cost, the reason why 99% of agents fail in this business? My guess is it's probably not?

But it also makes me wonder, of those who've failed in this business, how many are left with tons of credit card debt from buying leads?

 

[HoosierLife]

There are plenty of set priced lead programs out there where you can get 20 leads at $560 or less. Some will let you order 20 DM leads every other week, then you're down to $230 and you can supplement those with TM leads for an average of $15 max. You could get 30 leads a week for $530

So you don't have to be spending $800 to get 20 leads.

But I would personally never go into debt to buy leads. That's why most folks recommend you have $3000-$6000 saved up to get started with.

Or you could cold call for your own leads or cold DK until you save the cash. A Dialer is cheap nowadays and you could spend a couple days on the phone developing leads and the other days DKing those leads.

Many ways to skin a cat, but going into debt is definitely not the wise way to do it.

 

[Bcrane0305]

For the independents, how many of you launched your FE marketing on a credit card?

Was it worth it?

I'm sure there's a learning curve with getting the mailing returns right. Dropping $800 a week to generate 20 leads is hard to fathom, when the most I've ever made in a good week is $1,000. (Cold-Knocking)

It makes me wonder, Is the lead cost, the reason why 99% of agents fail in this business? My guess is it's probably not?

But it also makes me wonder, of those who've failed in this business, how many are left with tons of credit card debt from buying leads?

Work ethic and dealing with agent killers are the biggest hurdles. IMHO. Lead cost can be high but every good deal should make you 400-800 bucks. IMHO anyone can sell 10 to 15 percent of leads if you work them up and down. Which will be enough to eventually make a living after expenses. Also, lead costs are not always going to be 40 bucks a pop. That is really high end. But I'd also tell new agents this is investing in your work ethic not some lincoln heritage craigslist ad where u make 100k for helping people bull crap. So IMHO if you are willing to work your butt off at all costs,yes. If you saw an ad about big money for helping people, no.people need final expense insurance but they will not be calling you. #its a numbers game. How many people do u know who get that and play it? Not many. People hate rejection. Eat up the rejection and you will be fine.# tasty. You get paid for taking rejection. Easy sales should be illegal.

 

[SPUR CITY]

For the independents, how many of you launched your FE marketing on a credit card?

Was it worth it?

I'm sure there's a learning curve with getting the mailing returns right. Dropping $800 a week to generate 20 leads is hard to fathom, when the most I've ever made in a good week is $1,000. (Cold-Knocking)

It makes me wonder, Is the lead cost, the reason why 99% of agents fail in this business? My guess is it's probably not?

But it also makes me wonder, of those who've failed in this business, how many are left with tons of credit card debt from buying leads?

It's hard to tell someone that it won't be worth it or that you're a knucklehead to go into debt to try and get into this business. Businessmen go for broke EVERY DAY around the world because they believe in themselves. The smarter ones research profusely and make a calculated decision before jumping in. This still does not ensure their success of course. Tech start-ups are the boom recently and more of those people will go belly-up than make it. BUT for those who make it, they WILL probably tell you it was all worth it.


Throughout my career I have seen MANY agents put it all on the line and go for broke. Some ended up broke and some are lifers in this business. I believe there are a few key ingredients to giving yourself the best shot if FE is the way you want to go. I had an agent from Florida fly out to train with me this week here in Texas, and we had this very conversation while sipping on a few imports along the Riverwalk.


1) Money (Whether you already have it, whether you need to sell things to get some or however you get it, you have a MUCH better shot of surviving the initial onslaught of the first 9 months with some. If it means maxing out a cc, then so be it). Agentguy5 has his own interesting story of how he got started. I'll let him share if he wants to.


2) Strong work ethic (got to have that hard-working drive and a competitive spirit is a plus to be one of the very best in my opinion. BUT this is an essential ingredient, especially during the first 9 months).


3) Good people skills (Being able to connect with people is an ingredient that rarely gets discussed, that I feel is important. I believe you will find good results when you have the type of personality that when you are with the client they feel they have known you for years).


4) Being coachable (I've seen TONS of agents with potential come and go. They already knew it all, so much so they failed out).


5) Good area to work (I didn't think there was an area in ALL OF AMERICA that could challenge me until I met Chicago. As good as Doug (Agentguy5) is, he too, met a challenge that humbled him called Miami). There are areas around the nation that are not conducive to certain agents for various reasons. The good news is MOST of America is filled with GREAT FE areas.


6) The IMO (picking the wrong IMO out of the gate can be a death sentence before you ever get started. Without even knowing you can be done before you ever begin).


7) Able to handle rejection (I've been rejected more than MOST people on this forum BUT I have proven to take a lickin and keep on tickin). Can't take it too personnel, it's just business.


Now, you can have MOST of these ingredients and still fail. You can have a few of these ingredients and still make it. BUT I believe the more ingredients you have from the list above will help you THRIVE instead of SURVIVE!

 

[Bcrane0305]

It's hard to tell someone that it won't be worth it or that you're a knucklehead to go into debt to try and get into this business. Businessmen go for broke EVERY DAY around the world because they believe in themselves. The smarter ones research profusely and make a calculated decision before jumping in. This still does not ensure their success of course. Tech start-ups are the boom recently and more of those people will go belly-up than make it. BUT for those who make it, they WILL probably tell you it was all worth it.


Throughout my career I have seen MANY agents put it all on the line and go for broke. Some ended up broke and some are lifers in this business. I believe there are a few key ingredients to giving yourself the best shot if FE is the way you want to go. I had an agent from Florida fly out to train with me this week here in Texas, and we had this very conversation while sipping on a few imports along the Riverwalk.


1) Money (Whether you already have it, whether you need to sell things to get some or however you get it, you have a MUCH better shot of surviving the initial onslaught of the first 9 months with some. If it means maxing out a cc, then so be it). Agentguy5 has his own interesting story of how he got started. I'll let him share if he wants to.


2) Strong work ethic (got to have that hard-working drive and a competitive spirit is a plus to be one of the very best in my opinion. BUT this is an essential ingredient, especially during the first 9 months).


3) Good people skills (Being able to connect with people is an ingredient that rarely gets discussed, that I feel is important. I believe you will find good results when you have the type of personality that when you are with the client they feel they have known you for years).


4) Being coachable (I've seen TONS of agents with potential come and go. They already knew it all, so much so they failed out).


5) Good area to work (I didn't think there was an area in ALL OF AMERICA that could challenge me until I met Chicago. As good as Doug (Agentguy5) is, he too, met a challenge that humbled him called Miami). There are areas around the nation that are not conducive to certain agents for various reasons. The good news is MOST of America is filled with GREAT FE areas.


6) The IMO (picking the wrong IMO out of the gate can be a death sentence before you ever get started. Without even knowing you can be done before you ever begin).


7) Able to handle rejection (I've been rejected more than MOST people on this forum BUT I have proven to take a lickin and keep on tickin). Can't take it too personnel, it's just business.


Now, you can have MOST of these ingredients and still fail. You can have a few of these ingredients and still make it. BUT I believe the more ingredients you have from the list above will help you THRIVE instead of SURVIVE!

Good post. Remember the titians-I want some more video. Gotta want some more rejection, no shows, deadbeats who will NSF first month. Gotta love it. It's like pain and criticism in the nfl for people like Tom Brady. He just eats it up and brings his plate back for 2nds. It is very easy to fold like a chair when someone cancels after you make a sale, rejects you at the door or just peep through their window and yells: put it in the mAilbox!. Work enough leads and put your plate out for 2nds and you will run into nice buyers who appreciate your help. #Keep moving. Where is the next door I am knocking on?

 

[peteybear]

Yes good post by spur city and i'll expand on a few things. I think one of the most important qualities to being a superstar fe salesman is being able to connect with the people. Were dealing with mostly poorly educated very suspicious street smart people. This is my greatest asset. A few examples in the past week. I was in a home delivering a policy( some times on door knock days I like to hand deliver as it solidifies the deal) and there was music playing. The client was eating fried chicken with his 3 teeth and I started dancing( I used to be a great dancer). I was hitting the floor and spinning. The whole room was going wild. I brought my level to there level and it created even more trust and good karma. I then wrote his wife a policy. Another example last week was a woman I wrote who couldn't get insurance anywere and I got here a policy. Her husband isn't in good health and I got him an Aetna graded. In the house I was like a preacher giving a sermen and they loved it. When I got home he called me and said"I believe god brought you to me" He then said he's known a lot of agents and he's never seen one like me.It made me feel good and enforced what i'm doing. Its called taking a genuine interest in peoples lives. Saying I CARE I CARE. The money will come if you believe what you are doing. Sometimes I sing with people and sometimes I do knuckles with people. By no means am I telling others to do this but it fits my personality. As another poster said how one handles rejection is what seperates a so-so agent from a genuine superstar agent.And of course work ethic. Its almost dark and time to quit for the day. A superstar agent says I got 3 more doors to knock. He might even use a flashlight.In the end if people believe you're trying to help them and trust you they will buy from you.We're all just mortal men who put put are pants on the same way daily. What defines greatness "is how bad do you want it"

 

[Bcrane0305]

Yes good post by spur city and i'll expand on a few things. I think one of the most important qualities to being a superstar fe salesman is being able to connect with the people. Were dealing with mostly poorly educated very suspicious street smart people. This is my greatest asset. A few examples in the past week. I was in a home delivering a policy( some times on door knock days I like to hand deliver as it solidifies the deal) and there was music playing. The client was eating fried chicken with his 3 teeth and I started dancing( I used to be a great dancer). I was hitting the floor and spinning. The whole room was going wild. I brought my level to there level and it created even more trust and good karma. I then wrote his wife a policy. Another example last week was a woman I wrote who couldn't get insurance anywere and I got here a policy. Her husband isn't in good health and I got him an Aetna graded. In the house I was like a preacher giving a sermen and they loved it. When I got home he called me and said"I believe god brought you to me" He then said he's known a lot of agents and he's never seen one like me.It made me feel good and enforced what i'm doing. Its called taking a genuine interest in peoples lives. Saying I CARE I CARE. The money will come if you believe what you are doing. Sometimes I sing with people and sometimes I do knuckles with people. By no means am I telling others to do this but it fits my personality. As another poster said how one handles rejection is what seperates a so-so agent from a genuine superstar agent.And of course work ethic. Its almost dark and time to quit for the day. A superstar agent says I got 3 more doors to knock. He might even use a flashlight.In the end if people believe you're trying to help them and trust you they will buy from you.We're all just mortal men who put put are pants on the same way daily. What defines greatness "is how bad do you want it"

Great run down of final expense. Haha. If u are not willing to door knock every lead IMHO you might be in trouble and get into large debts. Make sure to have fresh batteries in that flashlight. Ha

----------

For the independents, how many of you launched your FE marketing on a credit card?

Was it worth it?

I'm sure there's a learning curve with getting the mailing returns right. Dropping $800 a week to generate 20 leads is hard to fathom, when the most I've ever made in a good week is $1,000. (Cold-Knocking)

It makes me wonder, Is the lead cost, the reason why 99% of agents fail in this business? My guess is it's probably not?

But it also makes me wonder, of those who've failed in this business, how many are left with tons of credit card debt from buying leads?

Gotta be hungry or get out now. Only the strong survive.

 

[pcbinsurance]

Petey: The client was eating fried chicken with his 3 teeth and I started dancing( I used to be a great dancer). I was hitting the floor and spinning. The whole room was going wild. I brought my level to there level and it created even more trust and good karma.
********
LMAO...you're a character. Has anyone (in the Forum) ever witnessed you doing these show-stopping feats of dexterity? Half of me thinks you're FOS and the other half would love to see your antics in person.

 

[goillini52]

Yes good post by spur city and i'll expand on a few things. I think one of the most important qualities to being a superstar fe salesman is being able to connect with the people. Were dealing with mostly poorly educated very suspicious street smart people. This is my greatest asset. A few examples in the past week. I was in a home delivering a policy( some times on door knock days I like to hand deliver as it solidifies the deal) and there was music playing. The client was eating fried chicken with his 3 teeth and I started dancing( I used to be a great dancer). I was hitting the floor and spinning. The whole room was going wild. I brought my level to there level and it created even more trust and good karma. I then wrote his wife a policy. Another example last week was a woman I wrote who couldn't get insurance anywere and I got here a policy. Her husband isn't in good health and I got him an Aetna graded. In the house I was like a preacher giving a sermen and they loved it. When I got home he called me and said"I believe god brought you to me" He then said he's known a lot of agents and he's never seen one like me.It made me feel good and enforced what i'm doing. Its called taking a genuine interest in peoples lives. Saying I CARE I CARE. The money will come if you believe what you are doing. Sometimes I sing with people and sometimes I do knuckles with people. By no means am I telling others to do this but it fits my personality. As another poster said how one handles rejection is what seperates a so-so agent from a genuine superstar agent.And of course work ethic. Its almost dark and time to quit for the day. A superstar agent says I got 3 more doors to knock. He might even use a flashlight.In the end if people believe you're trying to help them and trust you they will buy from you.We're all just mortal men who put put are pants on the same way daily. What defines greatness "is how bad do you want it"

Hopefully you weren't spinning in dog crap when you were break dancing on the floor.

 

[Newby]

For the independents, how many of you launched your FE marketing on a credit card? Was it worth it? I'm sure there's a learning curve with getting the mailing returns right. Dropping $800 a week to generate 20 leads is hard to fathom, when the most I've ever made in a good week is $1,000. (Cold-Knocking) It makes me wonder, Is the lead cost, the reason why 99% of agents fail in this business? My guess is it's probably not? But it also makes me wonder, of those who've failed in this business, how many are left with tons of credit card debt from buying leads?

In my opinion no. You should not go into business for yourself if you are broke. There are exceptions but the majority that try that end up broker than they started.

If you are broke and you are wanting to get in the insurance business you should try to find a captive situation where you give up most of your commission for the security of no lead cost and some training. You have to be careful because there will be more rip offs than legit offers with this kind of set up.

Selling funeral pre-need at a funeral home is how I started and it's a great way to get in the senior market with no lead cost and a lot of guidance. I was on the worst commission deal in the world my first year but I didn't know it and it didn't matter. I learned what to do. I made $70,000 with absolutely no expenses at all. Even had health insurance and 401K. Won my first insurance trip (San Francisco) and had no pressures of being a broke guy that has to spend every penny he makes on leads.

Every funeral home in the country has at least one insurance agent sitting in there selling funeral pre-need insurance. Find a sweet spot in one of those and get started without all the extra pressures of added debt.