Start Up Capital

[jmsec]

Hello all,

I have been interested in selling insurance for about 6 months and have been reading these forums for approximately a month (almost got in with FFL so thank you all for steering me clear of that). I don't have prior sales experience, but as a veteran I do know hard work and long hours. I have also been watching as many YouTube videos as I can (mainly by @Rearden) and I think that I want to start with selling FE part time.
I am currently working overnight security for my month to month bills and have just started DoorDashing on the weekends to earn the starting capital needed for leads. My question to you all is what do you believe is the number I should reach before jumping in?

Thank you all again for the content here.

 

[Rearden]

$400-$500 weekly on a part-time basis is what I'm looking for.

Once studied up, you should know within a week or two if the business is right for you.

 

[jmsec]

Thank you sir

 

[somarco]

you should know within a week or two if the business is right for you.

Not that I would expect anything less from Dave, but this is one of the most honest answers I have seen in a long time.

 

[Rearden]

Not that I would expect anything less from Dave, but this is one of the most honest answers I have seen in a long time.

Thanks.

I look at the long-term successful folks in my agency, and all of them make sales within the first few days of selling. Again, this is after a few weeks of going through my training protocol on selling and carrier training.

Understandably, it's hard to motivate a new agent to invest in leads after a week or two of not getting results.

I tell all my new recruits if it hasn't clicked by then, either my agency isn't a good fit, or maybe the particular product (final expense, usually) isn't a good match.

No use in throwing good money after bad results.

 

[somarco]

There are any number of reasons why new agents flame out in short order. The "biggies" would include a lack of commitment (looking at this as a 40 hour per week job) and lack of capital to invest.

When I switched from a salary to straight commission I did not take a penny in commissions and spent very little of paid commissions until my business was a year old.

Not everyone can do that, or even wants to go that long without an income. But sometimes you have to make sacrifices.

One of our forum members stated he ran up something like $40k in credit card debt to fund his business. I believe he said it took a few years to pay it off.

I did something similar . . . but closer to $30k plus savings and I believe it took around 4 years to pay it off.