Starting Out

VGS

New Member
6
I have been considering insurance sales for several months. At first, I was looking into starting my own agency, but reality hit me... I need some training, having not worked in insurance sales before and my financial situation isn't secure enough to be starting my own business.

I have talked to a few captive agents, they keep telling me I could do really well. I have a client list from my father's business and it appears to be a good starting point. I have connections in the real estate community. My concern is, I am a single mother, working paycheck to paycheck pretty much. The base pay for a producer is not enough to cover my bills. I am confident that I can make sales, I have no problem getting out in front of the customer, I get that it's a numbers game.

My question is, I'll get between $10- $12/ per hour for a base pay, how long does it take the average producer to get to and average pay of $17 per hour? I plan on being above average, but that's what I need so I can support my household.
 
I have been considering insurance sales for several months. At first, I was looking into starting my own agency, but reality hit me... I need some training, having not worked in insurance sales before and my financial situation isn't secure enough to be starting my own business.

I have talked to a few captive agents, they keep telling me I could do really well. I have a client list from my father's business and it appears to be a good starting point. I have connections in the real estate community. My concern is, I am a single mother, working paycheck to paycheck pretty much. The base pay for a producer is not enough to cover my bills. I am confident that I can make sales, I have no problem getting out in front of the customer, I get that it's a numbers game.

My question is, I'll get between $10- $12/ per hour for a base pay, how long does it take the average producer to get to and average pay of $17 per hour? I plan on being above average, but that's what I need so I can support my household.

Well it depends if you have a license and have at leat 1-2 year or experience. If they pay you some kind of commission in top of the $12 per hour you should at least be at $15 in no time. Good Luck Kid!:GEEK::no::swoon::swoon:
 
Well it depends if you have a license and have at leat 1-2 year or experience. If they pay you some kind of commission in top of the $12 per hour you should at least be at $15 in no time. Good Luck Kid!:GEEK::no::swoon::swoon:


Oh I'm sorry, yes I get commission on top of the hourly pay. I haven't started because I am getting licensed. I have to get it before I start.

And thanks!

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If any one has some examples of a time frame that would really help. I want to be sure I have a plan going in. My bottom line numbers and the ones I want to hit.
 
My guess it will take you at least one year to get to that level.
 
It looks like you have about a $200 weekly gap between your hourly pay, and what you need to pay your bills that needs to be made up in commissions.

What type of business does your father own, and what type of insurance do you plan to sell them?
 
It looks like you have about a $200 weekly gap between your hourly pay, and what you need to pay your bills that needs to be made up in commissions.

What type of business does your father own, and what type of insurance do you plan to sell them?


He was an accountant. I'm starting out with property and casualty, home, auto and umbrella policies ect. My father was also a real estate agent so I have some connections with mortgage brokers and a couple of title companies.
 
He was an accountant. I'm starting out with property and casualty, home, auto and umbrella policies ect. My father was also a real estate agent so I have some connections with mortgage brokers and a couple of title companies.

CPA's are great referral sources for investments advisers, life insurance agents, medicare agents, and at this time also a great referral source for health insurance.

I am not a P&C agent, but my instincts tell me that the contacts from his real estate business would be a better referral source for P&C business.

How many customer records does he still have from his accounting business? How recent and up to date are they? What was his typical client demographic: age, income, blue collar, white coller etc...?

When you get licensed and start seeing clients, don't forget to ask plenty of questions to make sure that you have enough information to make a recommendation.
 
CPA's are great referral sources for investments advisers, life insurance agents, medicare agents, and at this time also a great referral source for health insurance.

I am not a P&C agent, but my instincts tell me that the contacts from his real estate business would be a better referral source for P&C business.

How many customer records does he still have from his accounting business? How recent and up to date are they? What was his typical client demographic: age, income, blue collar, white coller etc...?

When you get licensed and start seeing clients, don't forget to ask plenty of questions to make sure that you have enough information to make a recommendation.

It was around 526 house holds, my father passed a while back so the client list is a couple of years old. I cleaned it up and found I have over 300 households with addresses and phone numbers and about 30 businesses. The clients watched me grow up in my father's office, I've kept in contact with a few of them.

Demographics are all over the place. I would put the average age at 50 and more blue collar, $50K on the income.
 
That is a good starting point. But being your father's daughter is not as strong as an endorsement would be from your father.if he were still living. Does the income you have now cover your expense and if so why are you changing?
 
That is a good starting point. But being your father's daughter is not as strong as an endorsement would be from your father.if he were still living. Does the income you have now cover your expense and if so why are you changing?

Good question, I am going to wait on this answer before adding another 2 cents.
 
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