Great ways to make money, when you're broke

[moonlightandmargaritas]

Re: Ways to make money, when you're broke.

So telling people they don't belong in this business if they come in broke is bad advice. Is is harder? Sure.

Never said it was impossible.

The question is; why make it harder than it has to be? Why would you not give yourself the best chance at success?

Your personal analogy may only hold true for someone with lots of sales experience.

Otherwise the result is someone is broker than they were before.

 

[Slim]

Re: Ways to make money, when you're broke.

Selling Insurance is not only for certain people with zero stress in life.

The client/prospect is the main focus, yet when speaking basic start-up as an agent it is important in my humble opinion to remember the most basic thing of all:
Prepare for results if you have the guts to market yourself.

Thanks for letting me say it here.

Didn't mean to indicate anyone should offer financial protection to others when in poor financial straits of his/her own.

But many niches are available to work and many individuals are licensed to work them. I think .

 

[Crabcake Johnny]

Re: Ways to make money, when you're broke.

Never said it was impossible.

The question is; why make it harder than it has to be? Why would you not give yourself the best chance at success?

Your personal analogy may only hold true for someone with lots of sales experience.

Otherwise the result is someone is broker than they were before.

I don't make such distinctions. If agents are simply made aware of the truth regarding what it takes - realistic time-frames, realistic commission then the ball is in their court.

But to say they don't belong in the business is too strong of a statement.

 

[LGilmore]

Re: Ways to make money, when you're broke.

The real truth is if you are truly broke and need cash THIS is really not the business to be in. From app to commission usually takes an average of 8 weeks....IF everything is done correctly. It actually can take longer if the carrier has cut off dates for commissions.

An agent is always the last paid and that sometimes can take a while. So if you are flat broke find something to create a paycheck on a weekly basis.

While it is not impossible to make a living at insurance sales (lots of folks do) it also comes with the realization that it takes a while to get paid.

 

[nate124]

Re: Ways to make money, when you're broke.

The real truth is if you are truly broke and need cash THIS is really not the business to be in. From app to commission usually takes an average of 8 weeks....IF everything is done correctly. It actually can take longer if the carrier has cut off dates for commissions.

An agent is always the last paid and that sometimes can take a while. So if you are flat broke find something to create a paycheck on a weekly basis.

While it is not impossible to make a living at insurance sales (lots of folks do) it also comes with the realization that it takes a while to get paid.

Geeze, what carriers are you selling for? I wrote an Assurant policy 10 days ago, had it issued immediately and will be paid on it tomorrow.

If someone is willing to put in the time in this business, you can create an income rather quickly. It just depends on the person. Broke or not, it's a way to make money and control your own income.

 

[Crabcake Johnny]

Re: Ways to make money, when you're broke.

8 weeks to get commission? What?

 

[joshril]

Re: Ways to make money, when you're broke.

The simple fact is this: if you're broke you don't belong in this business in the first place...let's call a spade a spade.

The prospect can hear the desperation in your voice. You've got no working capital. Worry must be pervasive. There's a tendency to cut corners because of pressure...

Enough!

Find some way to get a bankroll that will allow you to do some real marketing, not cold calling. Beg, borrow or steal, but if you don't have some working capital, you've got almost no shot.

I don't hire broke people. I let everyone know initially they will need a minimum of 3 months of living expenses in the bank plus marketing money. Granted, there are people that make it starting out broke, but it takes a lot of work AND luck to make it.

Plus, I offer advances, and I don't want to be on the hook for the chargebacks due to some agent that's past-due on their car payment writing crap business...

 

[somarco]

Re: Ways to make money, when you're broke.

Some Time GA's (and a few others like World) are willing to finance a new agent with advances.

If you can sell their plans over other plans that offer better value then you can float your business, even starting out broke.

 

[joshril]

Re: Ways to make money, when you're broke.

Some Time GA's (and a few others like World) are willing to finance a new agent with advances.

If you can sell their plans over other plans that offer better value then you can float your business, even starting out broke.

Spot on. If you're writing Aetna, BC/BS, Humana, or GR... you NEED at least 3 months of expenses in the bank (ideally 6 mos).

 

[Crabcake Johnny]

Re: Ways to make money, when you're broke.

You can also get Humana and Aetna advances - unless they don't offer any value.