Realistic Income Expectations???

[MDE]

I am considering opening my own independent agency after 18 years on the operations side of the business. I know with hard work and a great plan there is potential to make good money.

My question is, what is realistic year one? Year three? Year five?

I realize there are many factors that go into how much one will make as an agent, I am just trying to get a general idea of what to expect.

Thanks

 

[DHK]

No such thing as average. Way too many factors to factor in.

There are 5 main factors that need to be evaluated to determine your capability:
1 - How MANY people you talk to.
2 - The QUALITY of the people you talk to.
3 - Your communication and other SKILLS that you use to talk and sell to these people.
4. How much people LIKE you (shower and use deodorant and you're at least a 4)
5. Your own successful thinking and ATTITUDE

Rank yourself in each of those areas on a scale of 0-10 and multiply them together. That's why I call it the $100,000 success formula. Perfect 10's = $100,000. A zero in any single area will show no income potential and your greatest weakness.

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What kind of insurance specialty are you looking to pursue?
- Life insurance and annuities in a financial/retirement planning?
- Mortgage Protection, Final Expense & Medicare Supplements?
- Supplemental Health Insurance?
- Group Benefits?

 

[GoPokes]

There's a book written by some salesman named Brian Tracy. It's called Advanced Selling Strategies. Check it out.

 

[1963]

In addition to DHK's observations (which are excellent), I would say that two other steps that are in your control are crucial in your quest. The first is to always have impeccable knowledge of the products you are selling. This establishes you as an expert in the field, as well as building client confidence in you as their agent of choice. Secondly, always be flexible and willing to adapt to change. Subject matter, technology, and public mindset are always in change mode. Lead the charge, as opposed to following others.
What is a realistic income expectation? It depends on the amount of QUALITY (high persistency) business written.

 

[axeman462]

Exactly $46,721.14

 

[goillini52]

I am considering opening my own independent agency after 18 years on the operations side of the business. I know with hard work and a great plan there is potential to make good money.

My question is, what is realistic year one? Year three? Year five?

I realize there are many factors that go into how much one will make as an agent, I am just trying to get a general idea of what to expect.

Thanks

 

[walthamny]

Exactly $46,721.14

Slightly higher on a leap year

I would guess 30K to 50K in the 1st year for most folks. Because you are coming from the operations side of insurance, you may be more difficult to coach so I would guess 30K as your likely 1st year income.

 

[paradigmus]

Fantastic. Really.

 

[Markthebroker]

I am considering opening my own independent agency after 18 years on the operations side of the business. I know with hard work and a great plan there is potential to make good money.

My question is, what is realistic year one? Year three? Year five?

I realize there are many factors that go into how much one will make as an agent, I am just trying to get a general idea of what to expect.

Thanks

How much sales experience do you have? I know plenty of people that understand the coverages and markets but couldn't close a sale if their life depended on it.

 

[Markthebroker]

Exactly $46,721.14

Those were 2020 numbers. 2021, adjusted for inflation is exactly $48,398.72. The op will make exactly $48,398.72.