Paying for Leads

[Newby]

A lot of agents who talk to me about getting into Final Expense can't get past the amount of money they will need to spend on leads each week. They take all kinds of horrible deals (free leads, financed leads, chopped commissions, buying lists and cold calling, etc.) and fail out at that and come back a year later after going broker than they started. They just aren't thinking about their business as a business person and that's why they fall for bad deals.

YOU don't buy your leads. Your business buys your leads. Don't mix your personal money with your business money. Don't think of your cash flow as income.

YOU are starting a business. You should put money in your business ONE time. That's your start up seed money. You should never have to pay your business again. Your business should pay you.

To start an FE business the right way you need less than $3,000. You pay for your E&O insurance, name badge, business cards, a tank of gas, and your first month's leads.

Your commissions should all flow into your business checking account. Your business pays for your next orders of leads. You should quickly cash flow and be able to pay yourself a salary AFTER your business costs are paid. The salary will get bigger over time. It starts out small. But YOU should never have to pay for leads ever again, your business does.

Guys who can think this way make it in business. Guys who think like an employee are forever doomed to fail and make scamsters rich. In order to be successful in business you have to think like a successful business person. And that involves planning a successful start up with enough seed money, sacrifice in the beginning, working harder than you've ever worked in your life, acknowledging that you are the worst you will ever be at this in the beginning and you will constantly improve, and the mindset that failure is not an option.

If you go at this the right way and with the right mindset, you will come out the other side with more income and a lifestyle that most people can only dream about.

But if you go in this telling your wife, Hey I'm going to try this Final Expense thing. Guys on the forum are making $5,000 a week doing that. I'm going to give it a try and put a couple of friends under me to get over rides. You and your spouse will not be ready to do what it takes to make it. And you will start looking for things that don't exist.

For more info read the getting started thread at www.FexContracting.com

 

[bboman23]

Very informative post! I wish every agent had this mindset!

 

[Jbbarea]

Thank you! An Excellent reminder that this is a BUSINESS.

 

[Newby]

Thanks guys.

If someone can show me another business where a guy can invest $3,000 and be realistically pulling out a personal income of $50,000 + in his first year with ZERO business debt at all and huge upside potential after that ...I'd love to see it.

Plus what other business can you start where you don't have to hire minimum wage employees and deal with that whole mess (dish washers, waitresses, clerks, etc. )? you don't need to rent office space. You don't pay $10,000 for a sign? You don't need a $500 per month ad in the yellow pages? You can get EVERYONE that wants to buy your product financed with a low monthly payment with no credit check? And you sign up today and commit $50 on the draft date and I (the agent) get paid hundreds of dollars in advance?

Am I over selling this? Is this not the greatest business opportunity in America? But you have to realize, it's not a job. It's a business.

 

[jdeasy]

I suppose Newby is right businesswise but I do none of that and didn't when I started.

My office is my home. I have one checking account and that's where my deposits go.

I'm probably doing it all wrong but it works for me.

 

[bboman23]

I've personally put in close to $25000 in leads and start up costs. And have made maybe half that back. Spinning my damn wheels. Leads that think it's health insurance, leads that hang up on you, leads that say "I'm no longer interested" after they sent it in, leads that don't answer.
Vendors that can't deliver what they promised. IMOs that cut your commission because of fixed leads.
Honestly about to hang it up after the last few weeks I've had. 18 months and can't pay my bills.

That's typical. You just named all your problems and not one of them involved you! Every agent that fails blames upline, leads, broke people, ect. ... then how are other people succeeding. Stop blaming others and either QUIT, or figure out what YOU'RE doing wrong!

 

[bboman23]

I'm not blaming anyone. when i get in, i sell. selling's not the problem.

But I've been doing this 18 months. I throw money at leads, and something's missing.

You tell me. I follow the scripts, I follow the presentations. But when you call a lead and it goes something like:

Hi Mrs. Smith, this SevenDeuce with XYZ company, and the reason I'm calling today is that you mailed a card back to use looking for information on low cost insurance, final expense insurance, supplementing your social security death benefits.

Oh, I'm not interested anymore, Click.

What do you do?

I'm not blaming anyone. I go out daily, knock the doors, see the people. It's just frustrating.

We all get leads like that. But not enough of them to not get a profit. What state are you working? Where are you getting your leads?

 

[goget]

The only truth I've seen on this whole board about the fe business over the last 6 months reading it is if you work near big cities your doomed. Its rural or fail for 99% of agents. Also another great mis information is if the leads mention life insurance people will be much more receptive and know why your calling. That's a load of bs. I've noticed no difference with clients wether it says life insurance or the e64 card . I guess in the end what really matters is the areas one work. It seems people are much more receptive to fe in places in the Midwest versus saturated areas in the south.

 

[JimmyUt]

The only truth I've seen on this whole board about the fe business over the last 6 months reading it is if you work near big cities your doomed. Its rural or fail for 99% of agents. Also another great mis information is if the leads mention life insurance people will be much more receptive and know why your calling. That's a load of bs. I've noticed no difference with clients wether it says life insurance or the e64 card . I guess in the end what really matters is the areas one work. It seems people are much more receptive to fe in places in the Midwest versus saturated areas in the south.

I actually think the life insurance ones are a bit better, but not enough if your returns are great on the e64. As for rural vs big city, I don't work rural at all and sell plenty. That being said, our big city is under 1 million people, and not a lot of ethnic diversity.

 

[Gooner]

The only truth I've seen on this whole board about the fe business over the last 6 months reading it is if you work near big cities your doomed. Its rural or fail for 99% of agents. Also another great mis information is if the leads mention life insurance people will be much more receptive and know why your calling. That's a load of bs. I've noticed no difference with clients wether it says life insurance or the e64 card . I guess in the end what really matters is the areas one work. It seems people are much more receptive to fe in places in the Midwest versus saturated areas in the south.

I do just fine in the south....at this point the lead source is irrelevant. I couldn't close a TM lead to save my life 9 months ago...I wrote half my production from them last month.

It is always someone else's fault why we fail? That's what you tell yourself to make you feel better.

72...that phone script needs some work...stop over selling it. Don't say insurance, don't say supplement your SS benefit.