Monthly Recurring Expenses Selling Med Supps & Cross Selling FE?

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

  1. Matthew King
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    A business plan is definitely a good thing to have, along with goals that you would like to reach. Each year, or two, you will refine it. In insurance, you can get chargebacks which are normally unplanned unless you sold a policy that was questionable in the first place.

    There are so many variables on what your expenses could be that all that can really be provided is an estimate. (how many states will you be selling in, lines of authority, how often will you purchase leads, from who, which carriers will you sign up with, which states will you be appointed in, etc, etc).

    Make reasonable, reachable, and measurable goals. Such as, this year, I'll sell 10 policies for life insurance. Next year, I'll sell 20 and hire 2 agents. It's extremely important to start off focused on a specific market.

    For some ballpark numbers, plan on $250 for random (misc) stuff monthly, and 1,200 - 2,000 a month on leads depending on your purchase frequency and product.
     
  2. GoPokes
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    Maybe I was bit harsh. I thought maybe a little reverse psychology would help you. Everybody tells you to go sell, but you haven't, so I did the opposite. You really dont need all the tools to get going. As the business grows, you can add to it. I didnt know about CSG until about 2 years ago, and didnt have a dialer until about 1 year ago.

    E&O $45/m0
    CRM- I dont have one, I use a folder in my iphone contacts
    Hosting- $118 with SiteGround
    Dialer- $80/mo
    CSG- IMO pays for it
    Fax- $70/year Fax87
    Internet- $85/mo
    Phone- $150/mo
    Skype- $3/mo
    Ahip- $125/yr
    Data- $60/mo Infofree,
    Google Business email- $5/mo
    Also, you'll have appointment renewal fees with the carriers, and if you have an agency, you may pay twice.

    Also, Im gonna probably try the radius crm, or the capsule that kgmom mentioned. Capsule is free for the first 250 contacts
     
    Last edited: Aug 31, 2017
  3. entrep1776
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    Thanks. $1450/month low end. & $2,250 high end.

    I have personal financial goals for 2017. Current cash flow typically have $1650 left over each month. $1650 is alot of money to me. I'm not willing to decrease my net worth/savings. Guess I'll revise my 2017 net worth target down $6,600 (worst case if I sell nothing).

    If I went all DM, 15 lead/week about $400/week. $1600/month. This about right for med supps cross selling FE?

    Driving expenses to get F2F with leads. My Prius costs about 15 cents a mile. 40 miles/lead 600 miles/week. About $400/month in car expenses.

    Hmmm seeing $1,600 for 60 DM leads/month & $400 for auto expenses or $2,000/month. I guess I could lower my personal expenses another $400. Ramen Noodles here I come!

    Probably some agents could get started with $0/month with a cell phone to do some dials, insurance license, some knuckles to knock some doors, a tough skin, a ton of motivation, & $400 E&O policy.
     
  4. Matthew King
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    Glad I could help. The biggest part is staying consistent. Of course, you'll have days that you may not work (like Labor Day), but really getting a into a consistent pattern is best.
     
  5. entrep1776
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    entrep1776 Guru

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    .............
    thanks GoPokes for taking time to break down costs.
    ...........

    couple stupid questions.
    $150/month phone is cell phone not landline?

    For me:
    already have cell phone & Internet connection,I'll use free crm to get started. Already bought business cards. ahip maybe 2018.

    annual
    Fax $70.
    E&O $400
    Hosting/ web site/email $200.
    $60 business cards.
    $730 up front annual.

    Monthly
    CSG maybe $50/month
    $20 Medicare 101
    $70/month

    I know this is lots of detail. But when I've failed in the past Realtor & construction company. It was because I hadn't thought/researched enough up front. One thing I was successful at Uber, I did lots of research up front & during.
     
    Last edited: Aug 31, 2017
  6. sman
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    Comparing Uber to being a realtor, running a construction company or selling insurance is a terrible comparison. I've never done Uber, but from what I understand you sign up and have customers sent to you based on availability and proximity to the person needing the ride.

    In real estate, running a construction business or selling insurance, the customers don't come to you. You've got to generate them on your own whether that's through referrals, DM, telemarketing or knocking doors. If you are gauging your potential success in insurance based on what it took to be successful with Uber, you might be in for a rude awakening.

    What you should be doing is being very honest with yourself as to why you weren't successful in the other two sales jobs. Once you know for certain the reason(s) why, if you can't change that in insurance then you shouldn't waste your time in this business. It all boils down to talking to enough people who have a need for what you offer. If you can't make that happen, then pick a different career.

    You started asking some questions on this subject one month ago. How many policies have you sold in that time?
     
  7. sshafran
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    Hey, he just joined the forum and started asking questions in Dec of 2016. Let's give him some time before insisting on that 1st sale... :swoon:
     
  8. entrep1776
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    I'm not licensed. I had to get my "stuff done".
    https://youtu.be/4P785j15Tzk
    this month September I'll take the test.

    I did pay off my car two times over doing Uber in 6 months. I used the money I made churning credit cards to buy my car for Uber. Some people get 72 month car loans. I paid mine off in 3 months. You would think Uber is easy. In my market I found it challenging to make decent money. If you do Uber wrong can be dangerous & waste your time & actually lose money. I bought car back in November 2016. 2000 or newer used to be required year. Uber changed to 2007 in my market. In May 2017 I couldn't drive anymore with my 2005. 2016 I made $9.66/hour net. which translates to about $11.50 at McDonald's because of tax advantages. In 2017 I was able to make $20+/hour driving when bars closed with surge pricing on Friday /Saturday about $400 a week gross. Had 1 puker in car & 2 out the door. Had one pax been shot two nights earlier. I drove drunk/high 21 yr old girls. & i had no dash cam with audio. dumb on my part. I could buy a newer car. Driving Uber was kind of fun. Although I was frustrated at beginning because I thought I'd be making $20/hr from start. once my expectations were more in line I had some patience & learned how & when I could get $20/hour. Also eventually I had faith that Uber would work. I did alot of research on driving for Uber. IMO the research paid off. Although wish I would have anticipated multi billion $ company would jump from 2000 to 2007 year model. Had less than 6 months notice. i bought my 2005 Prius to drive Uber. Figure same will happen with gov & med supps eventually.

    Uber on getting customers is much different. Having faith, patience, & managing expectations I feel will be good for insurance also.

    Then I took 15 day 30 hour roadtrip out to Vegas via Yellowstone. Then I took another Vegas trip. Spent week in FL for Dad's 72nd. So it's been pretty good year.

    Although probably didn't get "my stuff" done as much as I'd like.

    I've failed at alot.
    20 years ago Cancer insurance D2D. I didn't generate leads. Unrealistic expectations. I lasted about a week. Needed money.
    Realtor 2008 fail. I Didn't generate leads/prospects. I ran out of cash.
    Real Estate investor. Living in my "flip" for 10 years now. Although been good investment. dogs love it. get good boarder income.
    Construction FAIL. government sponsored lead abatement. Put myself in right spot Others were nmaking $500k that summer. I was arrogant/unrealistic about my skills doing construction. & one guy i paid for his training & he knew construction left because government delayed start. I didn't have enough cash to pay him to stick around.
    I work at a casino dealing cards. Very flexible with my schedule. out of sight out of mind when I'm not working. I was arrogant & thought how hard can it be to count to 21? after 120 hours of class I still had tons to learn once I started dealing for real.
    I've been in doing Project Management @State Farm & Caterpillar. I don't like working 7:30 to 4:30 for someone else where they pay for 40 & expect 50.
    Used to churn credit cards for about $30/hour. Then Kroger stopped taking pin enabled visa gift cards to buy money orders. Still get some CC bonuses. I still get occasional bank bonus. I got a $200 bank bonus two days ago I didn't expect to get.
    www.doctorofcredit.com

    I'm currently consider myself happy & successful. Do I want to strive for more? of course.

    How many policies have I written 0. How much have I spent on insurance about $400-600 depending on counting my One Vegas trip to visit couple agents. I did even buy dinner one night so I'm writing that off on my taxes ;) I've spent some time on this forum starting late December 2016. Then took some time. Now 'my stuff' is done. time to get serious about insurance stuff.

    I think I have enough cash flow/resources.
    I think I have enough time to dedicate.
    I think I have enough patience.
    I think I have enough faith.

    I feel like I will be successful as an insurance agent. overnight success. not likely. 5 year mediocre producer probably. Which is success to me. Something eventually will change like government & med supps then I'll adapt & overcome. I enjoy the different ways of I've tried to make money. I hope I can get lots of money to lend some through kiva. & spend $10k on World series of poker. Then go out & overthink another way to make money ;)!

    Appreciate other thoughts on how to be more successful? other than stop paralysis analysis!

    entrep = aspiring entrepreneur
     
  9. JaBrooklyn
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    You are starting at the finish line. Work a wal mart or a truck for 6 mnths, do 50 home appts. Then spend all that extra money...insurance $40 a mnth, some gas, dont you already have a phone and internet? Use the phone you already pay for...
     
  10. GoPokes
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    Yes, the 150 is for my cell phone. I dont have a landline. You could probably get a csg paid for if you talk to the right people. You could also probably do Uber in addition to selling, while you get started. You can also do promo jobs for marketing companies to pick up some extra cash here and there, usually pay $20/hr, and last a few days. Do a search for "brand ambassador" in the gigs section of craigslist. Get in good with some promo companies and they'll send you future openings.
     

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