Why Start Selling Insurance?
How does the idea of starting your own business sound?
When you start to sell insurance as an independent agent, it also marks the beginning of your entrepreneurial journey.
If you’ve ever thought about starting your own business, insurance is one way you can accomplish that goal.
Let’s talk benefits.
First, as an independent agent, you have the freedom to choose the products you’ll offer. Do you want to focus on Medicare? Great! Want to stick to life insurance or annuities? You can do that, too. When you’re the boss, that decision is up to you.
Second, business is booming! The outlook for the insurance industry is great because people need insurance. When the demand for the product you’re selling continues to increase, so does the need for more insurance agents!
Third, set your own schedule. One of the most liberating aspects of this industry is the flexibility of entry. Make it your career, keep it as a side hustle, or add to your income after you retire. You choose how much you work!
Also, I’d be remiss if I didn’t mention, there’s no limit to income, so you can work as much as you’d like. It’s really up to you.
Now I know, you’re probably thinking, Derrick, there have to be some drawbacks here. And that’s a fair question.
But you should also ask, do the drawbacks outweigh the perks? And you’ll have to answer that question for yourself.
When you’re the boss and your income is based on commissions, well, there are a few realities that go along with that.
Commissions are paid based on what you sell. If you’re planning to make a full-time career switch, be aware of what you’ll need to sell in order to make the income you’d like.
And with being your own boss, PTO, sick time, and holiday time won’t be paid like you’re used to, either.
But there is a plus side to this, as we mentioned earlier. You have the control to directly affect your income growth by investing more time, effort, and money into your business.
It’s a decision that every agent must make and understand for themselves.
Do the benefits of becoming an independent insurance agent outweigh the risks? Hands down, we absolutely think so!
But where should you focus your efforts? We get into those details in our next lesson.