Absolute Minimum $$$ to Start?

Hello everyone.

I’m a 50 something lady with a barely used insurance license wanting to change that. I have been educating myself and I’m already sure that I want to go with FE. Looking at a couple IMOs with a good reputation here.

Problem is I’m pretty broke right now, hence my question: How much money do I need to set aside specifically for leads to start? I’m not talking about money to survive, that’s taken care of, but is it okay to start with money only for the first 20 leads or so, and then use the money I make with those leads to buy more leads until I get the ball rolling? Or is this a situation where I HAVE to select a territory and make a commitment to buy the leads weekly so that my IMO can get them?

I’m in Central Florida, if that makes any difference.
Thanks in advance.

You don't need to buy leads through an imo.

As far as the 20/week plan. The biggest hurdle will be if you get a bad batch of leads early on. Takes a few weeks to get leads (the next batch). If you get to the door on every lead it'll up your chances. That can mean getting to the door via appointment setting as long as you're committed to knocking the remaining. If your appointment setting ratio is 60-70~%+ then you don't need to, but if you're new it'll be much lower and there's still meat on bone, you just didn't know where to bite. I think Rouse mentioned it too, but you can always buy a targeted list and knock on top of the 20~ leads if need be and as a last resort. And chat with that massi dude he knows the Fla market, which can be different.
 
Hello everyone.

I’m a 50 something lady with a barely used insurance license wanting to change that. I have been educating myself and I’m already sure that I want to go with FE. Looking at a couple IMOs with a good reputation here.

Problem is I’m pretty broke right now, hence my question: How much money do I need to set aside specifically for leads to start? I’m not talking about money to survive, that’s taken care of, but is it okay to start with money only for the first 20 leads or so, and then use the money I make with those leads to buy more leads until I get the ball rolling? Or is this a situation where I HAVE to select a territory and make a commitment to buy the leads weekly so that my IMO can get them?

I’m in Central Florida, if that makes any difference.
Thanks in advance.



You will get tons of advice from people that have never started in FE so beware of that advice.

I would recommend getting with an IMO that specializes in FE. Besides your first batch of leads you will need training on what to do with them.

The less money you have to start will make it tougher but not something you can't do. If I had been told I had to have $3-5K when I started then I would have never started. But I didn't get into this business because I wanted to. I needed a job. I started out buying 5 leads a week. Did that for about 3 months and then moved up to 10 leads a week.

But I had great trainers and mentors. I also started at 65% contracts. Didn't know that was low.

Was it easy? No, and it's not going to easy for you.
 
Wow guys, so many good answers, thank you!

To answer a few questions, I have been managing my SO's business, he owns a truck that he drives and I have been doing paperwork and dispatching for him. Now the business is at a point that doesn't need me that much and I can finally do something else. That was the deal, that I would do that job until now. I also do the same thing for another owner/operator and get some money on the side. He is okay with me quitting that and not bringing any money in for a while, that's why I don't have to worry about paying bills while I start in FE.

As long as you aren't in a strain to pay your monthly bills, you can actually start on very little....

If a person has the determination and the willingness to go the extra 5 miles they can still succeed in this business, male or female, if they put forth the effort.

That was my thought. As long as I don't have to worry about bills... And I am very willing to work very hard. I'm not thinking the deals will just magically fall on my lap.

20 leads a week is 160 leads in 2 months, ie $4800 plus travel expenses etc.

If I had $5K put aside we wouldn't be having this conversation :twitchy:

...that being said I've started where you are a year ago and I've done pretty well.

That's exactly what I wanted to know, that others have been able to succeed starting this way.

Look for Doug Massi here in the Forum. Watch all of his youtube videos. They will cover everything you're asking and more. He's in Florida and might be willing to let you ride with him as he travels to your area
Most of all, good luck.
Thank you for the tip. He was not on my list.
You don't need to buy leads through an imo.
… I think Rouse mentioned it too, but you can always buy a targeted list and knock on top of the 20~ leads if need be and as a last resort. And chat with that massi dude he knows the Fla market, which can be different.
But I want a good IMO for the training, and I understand most if not all of the good ones will not accept me if I don’t have a good plan to get on leads, am I right? I’m willing to do the list to supplement, that’s a good idea, and also there are a couple neighborhoods in my area that I think would be perfect for me to canvass/market survey.

There's not a lead financing IMO out there that I would recommend today though.

Somebody offered to start me with aged leads and depending how I do on those, finance the first A leads for me. I'll PM you who it was. I know you know most of the people here and really value your opinion.


About being a woman.. it will make it harder in some ways and easier in others, I think. It’s definitely not going to stop me from trying.

Thank you again guys, I love this place.
 
JD would dispute those high numbers of $$$ to get started. Also, females can be among the highest of earners selling final expense. Disregard above post.

I kindly disagree with you. The key is to have consistent lead flow to succeeed. Many imos/ lead vendors will verify that one time lead purchases are all too common. BOman even verified that he's gone through 100s of agents who started out broke and i don't think he said one succeeded? At a min of $3000 to INVEST in high quality leads you will be able to work roughly 19-20 dm leads a a week for 6 weeks...( the min amount of leads and time to determine if this is gonna work or not) If you can't earn your money back on 120 leads you probably aren't suited for this job and if you double/triple it you likely have something going if you like what you are doing. Put this in the FE forum hall of fame because that's where it belongs... not saying there are not 1-1000 exceptions btw... working 5-10 high quality leads while working another job is not a bad idea imho either
 
Some agents can hit the ground running with $500 and become successful while others can have 10k and never make it. I think any new agent who is not yet confident (no knock as the've never done this before), should find a low contract, free lead outfit to test the waters and see if this is for them. You will also get hands on training from people like this. Yes, you will leave some money on the table if you leave (minority). But it's cheaper than washing out with thousands in credit card debt (majority).

If you went to a casino, would you put three grand on one hand of poker if you never played poker before?:no: Or if you could, play with house money at a much lower payout till you got the hang of it?:yes:
 
I kindly disagree with you. The key is to have consistent lead flow to succeeed. Many imos/ lead vendors will verify that one time lead purchases are all too common. BOman even verified that he's gone through 100s of agents who started out broke and i don't think he said one succeeded? At a min of $3000 to INVEST in high quality leads you will be able to work roughly 19-20 dm leads a a week for 6 weeks...( the min amount of leads and time to determine if this is gonna work or not) If you can't earn your money back on 120 leads you probably aren't suited for this job and if you double/triple it you likely have something going if you like what you are doing. Put this in the FE forum hall of fame because that's where it belongs... not saying there are not 1-1000 exceptions btw... working 5-10 high quality leads while working another job is not a bad idea imho either

I completely agree with you. If the OP doesn't have the reserves in the bank to sustain at least a month or two for marketing in this business, they need to stay away.

I've never heard of anyone making it off of 5 leads a week at a 65% contract. That's amazing! But the average person simply wouldn't make it off that. 99.9% of people would fail. Just look at the turn over in most the MLM style IMO's.

If I were new, and tight on capital, without a doubt I would start with a local independent agency who would mentor me and pay for my leads. Id go out on interviews to interview them, not necessarily them interviewing me.

Thats exactly how I started, moved up in the company, and eventually was able to have my own business.

Hard work will be necessary in any succeeding equation.
 
I completely agree with you. If the OP doesn't have the reserves in the bank to sustain at least a month or two for marketing in this business, they need to stay away.

I've never heard of anyone making it off of 5 leads a week at a 65% contract. That's amazing! But the average person simply wouldn't make it off that. 99.9% of people would fail. Just look at the turn over in most the MLM style IMO's.

If I were new, and tight on capital, without a doubt I would start with a local independent agency who would mentor me and pay for my leads. Id go out on interviews to interview them, not necessarily them interviewing me.

Thats exactly how I started, moved up in the company, and eventually was able to have my own business.

Hard work will be necessary in any succeeding equation.

You can make it at 65 if your leads are provided but yea buyin at 65 is ridiculous
 
Some agents can hit the ground running with $500 and become successful while others can have 10k and never make it. I think any new agent who is not yet confident (no knock as the've never done this before), should find a low contract, free lead outfit to test the waters and see if this is for them. You will also get hands on training from people like this. Yes, you will leave some money on the table if you leave (minority). But it's cheaper than washing out with thousands in credit card debt (majority).

If you went to a casino, would you put three grand on one hand of poker if you never played poker before?:no: Or if you could, play with house money at a much lower payout till you got the hang of it?:yes:

I actually think that is deadly/ terrible advice for various reasons but mostly because $500 will generate about 20 leads... new leads will not be coming in after the 20 leads are worked which is deadly. Also, the agent will usually have to wait until the 1st or 3rd to make sure the premium has drafted to be paid. So what do they do if they wrote the business on the 10th of the month? You also have to consider your first 20 leads you are gonna struggle but most likely will improve on your 3rd 4th 5th batch of 20 leads. Even If you make 3-4 sales on your first batch of 20 then you have to go through the deadly process of waiting 4-8 weeks for new DM leads to come in. The key to success is new leads coming in consistently!! It's sick that you would say something like this to a new agent and if you can't manage a measley $3,000 investment to start this is not the right job for you anyway!!! It just means you are not serious and have had no success in life. 3k. I mean come on. 50 some years old and can't even write a 3k check. That's pathetic... after the 6 weeks have past and you do well then you need to drop 5-10,000 on consistent dm lead orders to make sure you always have a fresh lead to work. 500? Wow. you are so wrong. It's comical
 
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I actually think that's is deadly/ terrible advice for various reasons but mostly because $500 will generate about 20 leads... new leads will not be coming in after the 20 leads are worked which is deadly. Also, the agent will usually have to wait until the 1st or 3rd to make sure the premium has drafted to be paid. So what do they do if they wrote the business on the 10th of the month? You also have to consider your first 20 leads you are gonna struggle but most likely will improve on your 3rd 4th 5th batch of 20 leads. It's sick that you would say something like this to a new agent and if you can't manage a measley $3,000 investment to start this is not the right job for you anyway!!! It just means you are not serious and have had no success in life. 3k. I mean come on. 50 some years old and can't even write a 3k check. That's pathetic


Im tellin ya, starting out at a place that provides leads is not a bad gig for most people as long as you pick a good upline. It gets a crap'd on this forum because most IMO's here do not use that style of set up but being direct to a good producer that is TRULY INVESTED IN YOU ($$$$$$) is a great thing. Most people on here didn't start out in the way that they preach ironically...

Do you technically lose money starting at a lower contract? For sure.
Should you eventually transition to buying your own leads? YES 100 percent.
Will someone make money off you if you produce? YES!

Just don't go lower than 60 point contracts and make sure the leads are new.
 
I actually think that is deadly/ terrible advice for various reasons but mostly because $500 will generate about 20 leads... new leads will not be coming in after the 20 leads are worked which is deadly. Also, the agent will usually have to wait until the 1st or 3rd to make sure the premium has drafted to be paid. So what do they do if they wrote the business on the 10th of the month? You also have to consider your first 20 leads you are gonna struggle but most likely will improve on your 3rd 4th 5th batch of 20 leads. Even If you make 3-4 sales on your first batch of 20 then you have to go through the deadly process of waiting 4-8 weeks for new DM leads to come in. The key to success is new leads coming in consistently!! It's sick that you would say something like this to a new agent and if you can't manage a measley $3,000 investment to start this is not the right job for you anyway!!! It just means you are not serious and have had no success in life. 3k. I mean come on. 50 some years old and can't even write a 3k check. That's pathetic... after the 6 weeks have past and you do well then you need to drop 5-10,000 on consistent dm lead orders to make sure you always have a fresh lead to work. 500? Wow. you are so wrong. It's comical

If, if, if. **** you and your "ifs". Ask the over 90% (90%!) of agents who wash out with nothing but credit card debt if they would have been better off following my advice or yours.:skeptical: I stand by everything I said as it is exactly what I would tell my own son. So I guess you would put down 3k on a hand of poker having never played it before.:wacko:

p.s.- People who have thousands of cash on hand to roll on a crapshoot aren't generally the types looking to sell FE.:nah:
 
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