Career Changers

[Sarge1117]

I am looking for some input from those of you who took on insurance (particularly as an independent agent) as a second career, perhaps after a significant period of time in another unrelated career. The independence, paired with the interaction with and helping people, is what appeals to me. That describes my first career, but what that career lacks is the entrepreneurial spirit.

What are some of the greatest challenges that you have faced in some of your career changes? What are some of the ways that you have dealt with going from a steady and secure income to striking out on your own with no guarantees?

I am confident that I will end up fine because I fight to win, but there is that little bit of apprehension, a fear of the unknown, that lingers. I would like to hear some of the ways others have made the transition.

Thanks for your input.

 

[jcarring99]

Excellent question. Im in the same position. Im a little apprehensive about making the change primarily because I don't want to make a mistake at this stage of my life with two young children.

 

[xrac]

The greatest challenge in this business is having enough leads and prospects. Do not enter this business unless you are committed to always be prospecting. From 8 a.m. to 5 p.m. daily you should either be seeing people or fighting to see people. If you aren't willing to do that you will likely fail. If you have call reluctance and cannot overcome it do not go into insurance.

 

[djs]

Insurance tends to be a second (or third) career for almost everyone. Few people start their life thinking they want to be an insurance agent!!!!

The challenges you'll face are many, but probably not much different than any business you might start. Most of these are personal, meaning you have to figure them out, but the ones that catch most people are lack of resources, insufficient commitment, and lack of drive/motivation.

Resources: You'll need a minimum of 6 months living expenses when you start, a year would be better. It will be 4 months till you see your first check and it won't be very big. Hopefully, you have a spouse/significant other to help support you while you get on your feet.

Insufficient commitment: I'm always amazed at the number of people who want to start their own business because they want to work fewer hours and have more time for family. Having your own business may offer flexibility, but it requires a LOT of time upfront. Yes, you can go to the little league game on Wednesday, but you'll probably put in some time on Saturday.

Lack of drive/motivation: People often start out working out of their house. You quickly find them sleeping in, playing games, doing other things, rather than focusing on a workday. It's just like a job, you have to set the time aside, not be a babysitter, and work for the day.

Dan

 

[Aram Fingal]

Your first year or two are going to suck, and there's not much you can do about it. As mentioned previously, make sure you have money in the bank to live off or a spouse to support you. Budget like Scrooge and be prepared to scrape to pay your bills for a while.

That being said, the one piece of advice I always give to new insurance agents is "Don't quit!" If you can get through the sucky part, the rewards are well worth it.

 

[1manshow]

xrac is right on....went from engineering career to this biz 25yrs ago and haven't regretted it...lot's of hard work in the early years

 

[Frank Stastny]

Insufficient commitment: I'm always amazed at the number of people who want to start their own business because they want to work fewer hours and have more time for family. Having your own business may offer flexibility, but it requires a LOT of time upfront. Yes, you can go to the little league game on Wednesday, but you'll probably put in some time on Saturday.

Lack of drive/motivation: People often start out working out of their house. You quickly find them sleeping in, playing games, doing other things, rather than focusing on a workday. It's just like a job, you have to set the time aside, not be a babysitter, and work for the day.

Dan

I would say those are the two main reasons people fail at this job.

Working all day, every day just like a real job is essential. A new agent should be prepared to work twice as hard and long as they would if they were someone's employee.

Most are not self-disciplined enough to be successful.

 

[Sarge1117]

Excellent question. Im in the same position. Im a little apprehensive about making the change primarily because I don't want to make a mistake at this stage of my life with two young children.

I have 2 young children too, as well as 3 older: college/ high school age. It's the kiddos that are driving me in this direction. I work nights and days when I am not sleeping, in addition to finally finishing my own schooling. I want to have flexibility to spend time with them. I also love the possibility of getting to work in a family business with them, or at least be able to pass it on to them.

I appreciate the honest replies; keep 'em coming! I am a new guy here (below rookie status even, I reckon), but I am already feeling a sense of comraderie here.

Thanks

 

[BTFuzz]

Yes, looking back on it, the first 1-2 years were brutal for me...I came from the construction industry (was a contractor). So this was a complete about face for me.

I was like a bull in a china shop at first going 100 mph and seemingly getting nowhere...now, one of my niches is contractors (p&c) and the journey has been quite rewarding...still is...I now work smarter, not harder.

 

[carroll]

Yes, looking back on it, the first 1-2 years were brutal for me...I came from the construction industry (was a contractor). So this was a complete about face for me.

I was like a bull in a china shop at first going 100 mph and seemingly getting nowhere...now, one of my niches is contractors (p&c) and the journey has been quite rewarding...still is...I now work smarter, not harder.

I've been a painting contractor for 18 years and have done quite well. After 18 years I'm thinking about jumping into insurance full time. Painting is seasonal and it's getting harder every year to compete against illegals who work for pennies on the dollar and don't pay taxes. I'm not sure I can make it unless I hook up with a captive company or go and work with an Indy for awhile. I'm really having a hard time trying to decide my future here at age 45!