Monthly Recurring Expenses Selling Med Supps & Cross Selling FE?

Discussion in 'Senior Insurance Forum' started by entrep1776, Aug 30, 2017.

  1. entrep1776
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    entrep1776 Guru

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    One expense I hadn't thought about was a CRM subscription.

    I'm planning to sell med supps using direct mail for prospecting. Then cross sell final expense.

    How much do you spend on recurring monthly/annual expenses?

    Things Like:
    E&O insurance
    CRM subscriptions
    Web site hosting.
    Dialers.
    Quote engines (csg actuarial)
    Fax capability.
    Internet connection

    Trying to figure out What I'll need to spend money on each month.

    Seems like some expenses are necessary to just do business like CRM, fax capability, internet connection, E&O, maybe quote engine?

    Appreciate if others willing to share what some of their costs are.
     
  2. Chazm
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    Back when I started, in 2009, I was hired as the same time as this guy Ed. I got licensed in 2 weeks. It took him over a month.
    I just got on the phone and started cold calling, while Ed was worried about what exactly to say on the phone, what kind of laptop he could get, and if he set an appt what apps does he need to have handy. And on and on and on.

    Needless to say, Ed lasted 6 months and I still am at it today.

    I didn't have a CRM, a dialer, fax capability, quote engines, website etc. I just got out there and sold.

    Stop worrying about the nuts and bolts of selling and start selling. Unfortunately you remind me too much of Ed and I think you will be out of the biz shortly after starting.
     
  3. sman
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    Still analyzing, huh? If you just start selling the rest will take care of itself.
     
  4. sshafran
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    It costs a lot of money.

    So go sell some stuff, so that you can pay for it, then dump that money into more marketing. Rinse, repeat, rinse, repeat - you won't regret it.
     
  5. Chazm
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    And because you'll still be asking I'll answer for you.

    E&O $40/month
    CRM (you don't need it yet) maybe after 100 clients
    Website hosting (you don't need it yet)
    Dialer (use your fingers)
    Quote engine (plenty of FMO's offer it free. I have access from 2 of them)
    Fax?? Who the hell faxes anynore? If you need to fax something there are free fax online services
    Internet $50/month.
     
  6. Matthew King
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    I'll just add a little bit here on top of this:

    There are Free CRM Options and Paid Options.

    I agree that it's good to have these things on your mind, but in the beginning. You normally can't do them all at once. You'll be stuck in this "I need this before I start doing this". Start selling, get some revenue in, then add on some of the "fancy" add ons like a dialer, etc.

    Keep your self specific, who to target, which product, etc. Start small, then expand.
     
  7. axeman462
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    What Chaz said.


     
    Last edited by a moderator: Oct 10, 2017
  8. entrep1776
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    thanks for the video! I was laughing. Well worth 90 seconds.

    As long as I buy leads each week & sell enough to cover costs of the leads I'll make money. If I spend the money for leads, I'll work them while they're fresh.
     
    Last edited: Aug 30, 2017
  9. GoPokes
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    Dont get into the business. You're going to have more unplanned expenses, and then you'll be stuck right where you started, over analyzing again. This might not be the best career for you.
     
  10. entrep1776
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    entrep1776 Guru

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    I understand the advice on over analyzing.

    Why do say I'll have more unplanned expenses?

    Seems like lots of agents have been doing this for 20 years. Shouldn't be that hard to know monthly expenses. Saw a thread here for $50/month CRM subscription that I hadn't considered.

    I'm not sure why someone would go into business without a business plan that includes monthly expenses.
     

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