Should You Start Selling Insurance Part Time?
Starting a new career as an independent agent is a daunting task.
Some may be starting out young while others may be a bit older and looking for a new profession.
Many ask; "How do I start something new when quitting my current profession is just not feasible?"
It takes time to learn new skills and processes and that could mean less money in your pocket if you quit your full time job.
If that's your situation, then starting a new career on the side may be a good option for you.
If you can keep your regular job and get started without the pay cut, that may give you enough time to build up momentum before going in full time.
So, should you start selling insurance part time?
We're going to help you decide if it might be for you, and it will only take a few minutes. We'll look at some pros and cons and talk about the steps to take to be successful.
Start Part Time and Earn an Extra Paycheck
Not everyone has the option of simply starting over.
If you’ve been in an industry for years and want to make a change, you are likely going to see a sizable pay cut if you start over.
Unless, of course, you can keep your current job and start your new venture selling insurance part time.
This can be a great way to get your feet wet and test out the industry.
You can test the waters and see if it might be a good fit before making any risky decisions.
Down the road when you feel more confident and the money is starting to flow, it’s even possible to reverse your situation.
You could always go full time as an independent and keep a part time job just to make up the money.
This isn’t ideal, but there is no real shortcut.
You will have to put the work in one way or the other.
This strategy will however, allow you to transition to a new profession rather than jumping in cold turkey.
Like we said, it can take some time in the beginning to start making money selling insurance.
This slow ramp up in your new venture can begin while you’re still collecting another paycheck and not cramp your lifestyle too much.
Start Out with a Plan
Because you are starting part time it will be important to have a carefully thought out plan. If you aren’t devoting your entire day to learning the craft you could easily be thrown off course.
Because you will be spending most of your day on a different job it will be easy to forget where you left off and miss details you had fresh in your mind when you were last working on it.
You want to have a system of keeping detailed information that you can refer to daily. This can be almost like a journal to record thoughts, details, important tasks, etc.
This is where having contacts in the industry will pay off dividends.
Getting advice as to when to zig and when to zag is priceless when you are just getting started. These are things that will need to be addressed as they come up and will vary depending on your situation.
You may not know exactly what you will encounter but you can prepare ahead of time by having resources at your fingertips when you need them.
Get Familiar with the Industry
Starting part time will allow you to test the waters and feel what it would be like to be in the industry without the risk of quitting a job and losing that income.
You are starting a business, but the risk is lessened when you have another job.
This way you can decide if you like the work, what type of products might be best for you to sell, what populations you like to work with, etc.
If you’re jumping into a new industry it will be necessary to have friends that are already in the business.
If you don’t have any, make some and try to learn from them. Having a mentor would also be very beneficial.
Everyone who is in the industry went through a similar process so they will understand. Don’t be afraid of asking others if you can buy them lunch and ask them for some advice.
Talk to an FMO about what's required to sell the different plans and get a better understanding of what's required.
Deciding What to Sell
This is more of a personal choice. What suits your personality? What area are you most interested in? Do you know anyone successfully selling insurance who could mentor you?
There are a number of things to consider, but you will have to navigate that to find something that fits you.
There are pros and cons to selling different types of insurance, it really comes down to simply choosing one that you can see yourself talking about and helping people with regularly.
With over 10,000 people a day turning 65, we have identified the senior market as a great opportunity now, and for years to come.
At PSM, we have established a strong portfolio of companies and have introduced quoting and sales technology to help our agents get a jump-start to success. If you're having trouble deciding, our marketers are here to answer any questions you may have.
Managing Clients Expectations
Whether you are jumping in full time or starting slow as a part time agent, your clients shouldn’t be able to tell the difference.
To be successful you will need to be there for your clients when they need you. Having said that, there is a lot you can do to manage their expectations.
Don't ever let your clients feel like you are giving them part time attention. Every interaction you have has to make your clients feel like they have your full attention and efforts.
Setting expectation up front can really help with this. Let your clients know the best time(s) to contact you and when they do you will return their call quickly.
Most people are reasonable enough to not expect you to answer the call immediately each time you call, as long as you set their expectation up front.
Nevertheless, just because your not able to work full time as an insurance agent does't mean you can put off communicating effectively with your clients.
Make every effort to take calls at every opportunity. Whether that's your lunch time, break time, and any time throughout the day you can pull away.
Being an independent insurance agent can be a very rewarding career. If you stick with it and develop a sizable client base you will also be building a book of business that will serve as your nest egg when, or if you decide to sell it.
If you are entrepreneurial minded and like the idea of being your own boss, or owning your own company then there is plenty of opportunity as an independent insurance agent.
Just because you can't quit your full time job doesn't mean you can't still get started on a new rewarding career.
With the right approach and help from a good FMO you can start on a part time basis and begin building a business you can develop into a full time career.
Good luck in your efforts and remember, we're just a phone call away.