How much money should you have saved before you go all in? That's the subject of this Q&A.
The good thing is that it does not take much money. The bad thing is, also, that it does not take that much money to get started. A smart business person will start the enterprise having a backup nest egg of savings to carry them through the initial start-up phase.
Yes, it is true that you could start with almost nothing but a telephone. The reality is, though, that you will need to wait for contracting, appointment, a learning curve, prospecting time and sales to happen. Then you're waiting for the New Business department to issue that business and then to ultimately get paid by direct deposit.
So, the best advice would be to have 3 months of living expense saved before starting your Medicare Supplement marketing business. If you plan on using telemarketing for low cost lead generation, it should run around $600 a month total for a full-time (or two part-time) telemarketers. That is, someone working on the phones for you 40 hours per week and that includes the cost of the dialer and data for that dialer = $600 a month should do it.
So, if you can control your living expenses, focus on lead generation and sales pipeline-filling activities immediately, you should have commissions coming in starting at least in month #2 and getting better in month #3. The progression gets better and better as three things are then beginning to happen.
1) You are getting better as you are listening to more training and then implementing what you're learning.
2) Your pipeline is filling up with people at various stages in their decision-making process.
3) Those that you have written initially will begin to get issued and paid and this picks up pace as you continue along.
As you make it through your first year, you are home free. In the second year of the Medicare Supplement business, your residual income starts from year 1 as you continue to create advanced commissions in year 2. The sales and application process continues to get easier and your referrals start to come in, as well as a full pipeline IF YOU DO NOT STOP PROSPECTING – EVER!