- 26,147
Or.....Show how well you did with only the $2,500 from your Ebay item. That is $2,500 you do not have now. Make that fly and you may get a small bite. Or better yet you may not need it.
$6,000-$10,000 Business Loan @10-15% Interest
- Thread starter crons79
- Start date
- 198
- 429
sounds like a loan shark to me
This guy needs to be a captive agent and save up. Borrowing money from strangers is not a good idea.
I'm amazed this thread has 5 pages of responses. I guess everyone can relate to trying to come up with some money! It's not easy when things are not going your way.
Let's all be honest:
$6-10K is not a lot of money. That doesn't mean you should lend it out, but to start any business, it's on the very low side.
A 30 page business plan is pretty standard for anyone who has been to business school or thought about applying for an SBA loan. What they fail to teach you here is that you are not creating a product, you simply 'rep' an existing product. Simply define your market, define how you will market, define the $$$ and go. More agents could stand to think about this more than the 1-page that most don't even have.
There are no new ideas or methods for selling insurance, simply regurgitated ideas that some can make work, others can't. Because of this, I worry about people who go into debt with a plan to buy leads. It's been done before and left a lot of carnage along the way.
To his credit, the OP has some insurance experience. Unfortunately, it doesn't seem to be involved in the marketing of himself. Like most newer agents, there is some rose-colored glasses on when it comes to the speed of revenue coming in the door. If you are going to borrow money to get started, be realistic and realize it will take a year to pay it back, minimum. If not, you will cripple your efforts in the future.
Insurance (depending on what type) sales can be started on a true shoe string budget. All you need is a phone, laptop, printer, internet connection and a part time job. The part time job is to help pay the bills till you have some income coming in. It also helps because you should meet people through the job.
From there its either smile and dial or meet and greet, depending on what you want to do. Take a day and walk through town, meet some of the local business owners. Don't sell as much as you just want to get to know the people in town. Make sure you give them your card though.
Join local things, such as a church, toastmasters club, youth sports league boards, whatever. Get out and meet people. The more the better.
Don't be pushy. Show an interest in people, learn what they do. Let them know what you do.
Before you know it, you will be busy.
Dan
Let's all be honest:
$6-10K is not a lot of money. That doesn't mean you should lend it out, but to start any business, it's on the very low side.
A 30 page business plan is pretty standard for anyone who has been to business school or thought about applying for an SBA loan. What they fail to teach you here is that you are not creating a product, you simply 'rep' an existing product. Simply define your market, define how you will market, define the $$$ and go. More agents could stand to think about this more than the 1-page that most don't even have.
There are no new ideas or methods for selling insurance, simply regurgitated ideas that some can make work, others can't. Because of this, I worry about people who go into debt with a plan to buy leads. It's been done before and left a lot of carnage along the way.
To his credit, the OP has some insurance experience. Unfortunately, it doesn't seem to be involved in the marketing of himself. Like most newer agents, there is some rose-colored glasses on when it comes to the speed of revenue coming in the door. If you are going to borrow money to get started, be realistic and realize it will take a year to pay it back, minimum. If not, you will cripple your efforts in the future.
Insurance (depending on what type) sales can be started on a true shoe string budget. All you need is a phone, laptop, printer, internet connection and a part time job. The part time job is to help pay the bills till you have some income coming in. It also helps because you should meet people through the job.
From there its either smile and dial or meet and greet, depending on what you want to do. Take a day and walk through town, meet some of the local business owners. Don't sell as much as you just want to get to know the people in town. Make sure you give them your card though.
Join local things, such as a church, toastmasters club, youth sports league boards, whatever. Get out and meet people. The more the better.
Don't be pushy. Show an interest in people, learn what they do. Let them know what you do.
Before you know it, you will be busy.
Dan
- 14,808
The false assumption here is that if only an agent had a few thousand to buy internet leads they'd be just fine.
The failure rate of agents who come into this business with money and try to make it buying internet leads is stunning.
The failure rate of agents who come into this business with money and try to make it buying internet leads is stunning.
- 5,058
Great point!
I was thinking the same exact thought.
Where is plan B if internet leads don't work out?
And how soon would he (or any agent really) implement Plan B (telemarketing/b2b) before he lost a significant amount of money (and time/motivation) with internet leads....
- 2,455
This is by far one of the dumbest threads I have ever seen on here. 
This is by far one of the dumbest threads I have ever seen on here.
You must not hang out here much
- 14,808
10K is a very small amount to start a business but a huge amount for a personal loan. If someone wanted to loan money I'd say 10% of what they have saved up would be the breaking point. So this guy's looking for some stranger with 100K saved.
However, at 10% return the risk of losing the 10K far outweighs the benefits of earning $1,000. It's a total sucker's play.
It's like that show I watched - forget the title - where these people pitch their ideas in front of 4 investors. Gotta love these people asking for 250K, 10% to the investors for a business that's been earning $24K for the past three years.
However, at 10% return the risk of losing the 10K far outweighs the benefits of earning $1,000. It's a total sucker's play.
It's like that show I watched - forget the title - where these people pitch their ideas in front of 4 investors. Gotta love these people asking for 250K, 10% to the investors for a business that's been earning $24K for the past three years.
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