There is an amazing group of people who make the decision to start their own business or accept a job that is paid exclusively by commissions.  There is no guaranteed income, only the possibility that if they work smart and hard, they have an unlimited potential to earn income.  Who in their right mind would take this path?

 

Per the U.S. Bureau of Labor Statistics, in 2015, 10.1 % of all U.S. workers were self-employed and in that group belongs that crazy person with a job title of insurance producer.  Whether they work as an independent agent or work for a company or agency, they accept a job that compensates them only when they place business.  And to add to the craziness, the insurance producer works in an industry heavily regulated by the government resulting in unpredictable changes.

Wow!  How does an agent continue down a career path that has so many stops?  

  1. Increasing premiums
  2. Decreasing commissions
  3. Open enrollment
  4. Constantly changing products and rules
  5. Cyber security
  6. Economic downturns
  7. Government regulations

I would first like to say how much I respect that person who accepts a career where they are totally responsible for their own income.  When I was younger, I owned my own business and had a very successful career for a long time, therefore, I can relate to and appreciate the effort it takes to be self-employed.

 

Using my personal experiences, research and suggestions from some very successful people, I listed some ideas to possibly assist with handling the resistance a self-employed person encounters in their job.

  1. What is your purpose or reason for working?

To stay motivated, you need to know why you go to work each day as this provides the reason to push through that resistance you meet every day.  Reviewing these reasons can keep you focused and persistent.

  • Immediate reason is income to support self and family
  • Immediate and long term goals that are achievable with a plan of action detailing the steps to achieve these goals. You should view these regularly to determine if you are on track and if not, make changes to plan of action.  List desired income and what business needs to be placed to reach that goal.  Statistics either go up or down.  If statistics go up, review what you have been doing prior to the increase and strengthen that action.  If the statistics go down, honestly look and find what is not working and make the necessary changes.  The more you do this, the better you will become at finding the actions that work versus the ones that don’t.  Use your resources at MIBS.
  • Future goals organized periodically through your career life time (you need to know what you want to achieve in quantifiable terms with steps on how to get there)
  • Decide on rewards that you will give yourself when you reach a goal. Keep a picture of the goal that you can see regularly to remind you of this reward.

“If you work just for money, you’ll never make it, but if you love what you’re doing and you always

put the customer first, success will be yours.” – Ray Kroc

  1. It is not always all about yourself

Another motivation to keep moving forward can be found in helping others.  Insurance agents definitely provide a much needed service to the public because insurance is a very complex product.  Lack of financial protection or purchasing the wrong protection could result in financial devastation to an individual or family.  Purchasing the correct policies can protect individuals and families so that they can live safe and happy lives.

I often hear the phrase, “Do what is right by the client and you will always have business.”  This is the philosophy MIBS lives by and I see many successful agents apply this to their business.

I know one agent who never needs to market their business because they receive so many referrals.  This agent does not consider what commission will be earned when working with a client.  The sale is based solely on what the agent knows is the best product for the client.  After the sale, this agent also is the strongest advocate for their client after issues develop when their client uses their plan.   This agent’s clients appreciate this service so much, that they are always willing to refer.  This behavior truly reflects the benefits of doing what is right by your client.

Although this is a business, it is a business that directly impacts a person’s financial health as well as their physical health.  Therefore, this business should be about more than just earning money.

  1. Overwhelm – Sometimes it is just too much

Veterans of Open Enrollment know exactly what I am talking about.  Everyone sometimes experiences a time when the amount of work is way more than normal and there is no end in sight.  This describes that annual period called Open Enrollment in health insurance.  How do you manage this?

  1. Take a deep breath and accept it. This is how business is being placed currently.  Let go of all the anger and frustration that you may feel about the changes brought about by ACA because this is wasted energy.  Instead focus your energy on how to make this work for you.
  2. Be prepared. Complete any certification requirements as soon as they become available.  Do not wait until right before an open enrollment period starts.  Double check that all certifications needed to do business are completely done and recorded.
  3. Create a game plan. Make sure you understand any changes in placing business for the new year and use this knowledge to find ways to economize and streamline your efforts.  Knowing how to use on-line applications, paper applications, how to make premium payments, and understanding website changes ahead of time can make your job easier.  Be sure to read all emails from your carriers as well as the MIBS newsletters to keep yourself up to date on these changes.  Familiarize yourself with the carrier websites and how to use them prior to Open Enrollment.
  4. When the things to do become too much, do not try to keep it in your memory as this will lead to failure and massive frustration. Instead, create to do lists and prioritize the actions.  This will free up memory units that can increase efficiency of actions to get more of the to do list  done.   Take one action at a time and either complete it and file it away, or do what can be done and then put it on a to do list to complete on another day.  Organizing all of your actions in writing frees up your mind and helps you stay on track and prevent missing things.
  5. When you feel you cannot handle another thing, take a break. For 10 minutes, get outside of your work space and take a walk, meditate or eat a snack.
  6. Schedule time in your work day for uninterrupted work. Do not meet with anyone, talk to anyone or look at any emails.    This will allow you to focus on those priority actions so that you can complete actions.  Just knowing that you have finally finished an important task will make you feel energized.  Keeping to this scheduled time, will create an accumulation of completed actions that will help you stay in control.

The good news is that you are teaming up with MIBS for your health and P&C business.  We are here to offer our support and expertise to your business.  Because we also are only paid when our agents are paid, we are highly motivated to assist our agents in becoming very successful.

Let’s work together to make this next open enrollment period a less stressful time while placing a lot of business.