Originally Posted by GT350
Just got my insurance license and wanted to get some ideas from you veteran agents on what you are doing to be successful? How do you encounter the problem of not seeing enough people to speak with? Any advice for a newbie in this industry would be helpful thanks.
That is the key question for anyone in our business. I will give you a few ideas that may make sense for you.
First and foremost- View your new endeavor as a business and not a job! Think like a business owner not an employee. You will make an investment in your business that will include money and sweat equity. Realize that you will have a learning curve and have the attitude of never giving up.
If you are selling health insurance, join the IHIAA-the discounts alone will pay for your membership. If you sell life insurance, get on board with a group that will train you the online way of doing things.
It is crucial that you have an abundance of people to talk to in order to write enough business to make a good living.
How to get enough leads?
Have no money or bad credit? No other way than use some good old fashion sweat equity- Cold Call Business owners during the day, walk business parks and pick up cards and have conversations. You can pick up 25 cards in less than an hour. If you sell health insurance, a large amount of the people you talk to will have a conversation about saving money. Join you local Chamber or social group. Be active in those groups.
Go out and talk to P & C shops- Scott from HCO has a great way to get your health production up to 20K weekly with his system.
Have money & or Good Credit?
Obtain a business credit card from Am X. or Capital One. Some have 0% on purchases for the first year.
Capital One has a 60 day 0% on purchases forever.
Start buying leads from some good lead vendors. Test the lead vendors but have enough leads come so you will be able to gage the results. A great way to leverage your business without paying any interest. Expect to put out at least 5K during the 1st 30-60 days. Remember, you are looking for a "Return on your Investment" The lead cost is tax deductible as a business expense.
Look at doing a combination of both! Also become proficient at obtaining referrals as this will lower your lead cost substantially.
A couple other things
Keep good tax records and keep all receipts (even the ones you aren't sure if it is tax deductible) As a business owner, you have in the neighborhood of 130 tax deductions that you don't get as an employee!
Compare our business to a Franchise and it will put a smile on your face!
Quiznos- you probably need $250k-$350k just to open the doors, you won't break even for 12-18 months, you have leases, insurance, franchise fees, employee problems and the list goes on-You may net 50K a year if you're lucky. (30% of franchises don't make it the first year)
Insurance Business- If done online, you can run it from anywhere in the world. You can do it out of your home, yet have the presence you are working in a big office building so no lease payments, no employees, no franchise fees. No reason why you can't net six figures with your insurance business!
And finally, be patient as you go through the learning curve. If you have to work another job, while you grow your insurance business, do it as it will take pressure off you. You will hit some bumps along the way. See if a veteran insurance agent will take you under their wing to mentor you.
Welcome to the forum and to this great business!
How Do You Encounter the Problem of Seeing Enough People to Talk With?
Linear Mode
