Newbie Going Indie Getting Cold Feet

Apr 13, 2016

  1. Cokey30
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    Cokey30 Expert

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    Okay I'm a newbie I've posted here a few times asking questions about which direction I should go, and I've gotten some assistance from a few people thank you. Now here is the dilemma I'm facing atm I've hooked up with a imo and have submitted paperwork to get contracted with some carries problem is I have a bankruptcy on my credit from last year and the contracts ive gotten back all are pay as earned which essentially is no problem I'd much rather that after doing my research.. Now in the position I'm in money is kinda tight so payed as earned may not be as feasible as I once thought considering the learning curve and upfront cost for being independent.. So my question is can I accept those contracts but go captive and until I get the proper training make a few bucks to pay the bills and come back in 3 months and pick up where I left off or do I have to withdraw those applications and start the whole process over when I think I'm ready? Sorry for the long post
     
    Cokey30, Apr 13, 2016
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  2. WinoBlues
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    WinoBlues Guru

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    As far as the companies are considered they do not care. They will term you at some point for non production. Some may not complete the contracting until you submit an app anyway.

    The captive company very well may care.
     
  3. Cokey30
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    Cokey30 Expert

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    So from what your saying as long as the captive Company doesn't mind it's should be OK I guess that kinda makes sense considering I'm an independent agent I just need to get some cash flow coming in while I build up my book
     
    Cokey30, Apr 13, 2016
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  4. DHK
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    DHK Guru

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    Present annual premiums as often as you can. You are paid as they pay, so if they pay 12 months up front, you get paid on all 12 months. After all, it is more expensive to "finance" the annual premium every month with the additional monthly charge.

    It's actually a much better way to help manage your cash flow risk against chargebacks from advanced commissions.
     
    DHK, Apr 13, 2016
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  5. Cokey30
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    Cokey30 Expert

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    I agree I didn't want any loans but I'm in between jobs and in a entire new industry although it may be sales it's still a new industry and I need to keep from going any further into my savings if possible. So I don't know how often I will be able to talk someone into paying thier alp upfront
     
    Cokey30, Apr 13, 2016
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  6. DHK
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    If you never talk about annual premiums... your chances are zero.
     
    DHK, Apr 13, 2016
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  7. FEX Quotes
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    FEX Quotes Guru

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    You shouldn't be thinking about "talking someone into" paying upfront. It's a mindset you need to adopt and present it as normal. In fact, you now have an easy close..

    "How do you want to fund this? We can set up auto pay monthly at $65 or do what most of my clients do and take the advance discount saving about 10% at $710 - one and done"

    * Note most people when presented with two options usually opt for the second choice.
     
  8. Tahoe Ray
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    Tahoe Ray Guru

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    Very true...and if you never mention other modes, they might not even come up in the conversation.
     
  9. bboman23
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    bboman23 601-938-7663 - [email protected]

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    Getting as earned is the companies choice and not the IMO. Once it's been 2 years since the bankruptcy some companies will slack up on you.

    Just depends if you have enough money for leads each week and getting paid as earned. If you don't have that much, then there is not even an option. You can't do it.
     
    bboman23, Apr 14, 2016
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  10. RevRaf
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    Get your first contract, buy some old leads from any active agent around you... While waiting on new leads. Knock 15 doors per day for at least 3 days minimum. I've been active for 3.5 weeks and made 7 sales doing exactly that. Good luck.
     
    RevRaf, Apr 14, 2016
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