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How I Failed My Way Into This Business

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Wet_Blanket View Drop Down
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S'All Good Man!

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Wet_Blanket Quote  Post ReplyReply Direct Link To This Post Posted: Aug/18/2010 at 11:08pm
Originally posted by Debolt Debolt wrote:

oh dumb me... well delete my posts here then. no reason for them to be here...
No, the part about deleting Egg's posts was funny.
When money is speech, speech isn't free.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote eggward Quote  Post ReplyReply Direct Link To This Post Posted: Aug/20/2010 at 9:00am
A couple of more things I learned along the way:
 
If I had to do it all over again, I would aim for 300-400 initial contacts per week.  As knuk said, this is a contact sport.  What else do you have to do your first month in production besides prospect?  Conacts...the more, the better.
 
Find a mentor and let them guide you.  If you cannot find one local to you, at least find some others that are also new.  I ended up having both.  The mentor steered me clear of a few land mines and gave me a vision of what I wanted my business to look like once I had made it.  My fellow prospecting friends and I told each other what was working and what was not....but mostly we swapped stories and made each other laugh at a time when we needed it most.  Heavy prospecting will get you down at times and having a few buddies to slap you on the back, hurl a few insults at you and tell a good joke does a good job of raising morale and gets you back into the mode of prospecting.  I still remember days we sat around a lunch table and laughed so hard we cried. 
 
Invest in your business.  It might be on image pieces to mail to people after cold calls, on a restaurant to hold a seminar, whatever.  There will come a time you have to put some $ into your business.  This is where a mentor can help determine if your propsed spending has merit or is just a waste.
 
Give yourself time away from the business.  For me, it was Saturday afternoons and all day Sunday.  Unplug and spend time with friends/family.  You need that kind of time to recharge and its pretty necessary if you have a wife and/or kids. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote TheClutch Quote  Post ReplyReply Direct Link To This Post Posted: Aug/20/2010 at 2:15pm
I have tried my best to increase my initial weekly contacts and I am a "coldblodded mutha" on the phone, but with a one in 10 contact rate, I simply haven't been able to reach those levels.  300-400 contacts would require 3000 to 4000 dials per week at my current pace.  At 50 dials per hour (my average), we are talking about 60+ hours of nothing but dialing which leaves no time for prospect meetings, branch meetings etc. 
 
Sounds like I need to develop better list and increase my contact rate or start dialing faster!!  Either way, thanks for posting.  I love hearing wisdom like this from those who have made it. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote knuk Quote  Post ReplyReply Direct Link To This Post Posted: Aug/20/2010 at 3:05pm
You need to ramp it from "coldblooded mutha" to "coldblooded muthafucka". That should get you there.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: Aug/20/2010 at 3:42pm
Originally posted by TheClutch TheClutch wrote:

I have tried my best to increase my initial weekly contacts and I am a "coldblodded mutha" on the phone, but with a one in 10 contact rate, I simply haven't been able to reach those levels.  300-400 contacts would require 3000 to 4000 dials per week at my current pace.  At 50 dials per hour (my average), we are talking about 60+ hours of nothing but dialing which leaves no time for prospect meetings, branch meetings etc. 
 
Sounds like I need to develop better list and increase my contact rate or start dialing faster!!  Either way, thanks for posting.  I love hearing wisdom like this from those who have made it. 
 
Remember, eggward said he would shoot for that if he were new again (no clients, no pipeline, no reviews, nothing).  I think he's acknowledging that those aren't reasonable goals once you have clients. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Ron 14 Quote  Post ReplyReply Direct Link To This Post Posted: Aug/20/2010 at 3:45pm
Originally posted by knuk knuk wrote:

You need to ramp it from "coldblooded mutha" to "coldblooded muthafucka". That should get you there.
 
or ramp it up to canadian! Wink


Edited by Ron 14 - Aug/20/2010 at 3:46pm
Ronmerica - Progressive government movement. Everything goes. Everything is great. Live it. Love it. Embrace it. Teabag it.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote eggward Quote  Post ReplyReply Direct Link To This Post Posted: Aug/20/2010 at 3:48pm
Well said, Ice. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Breesus Quote  Post ReplyReply Direct Link To This Post Posted: Aug/22/2010 at 12:13am
great thread Egg. 
the next 10 years will be better than the past 10.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote kjcrolfe Quote  Post ReplyReply Direct Link To This Post Posted: Dec/01/2010 at 11:13pm
This is the best post I have read! Thanks for sharing!Smile
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Renter Quote  Post ReplyReply Direct Link To This Post Posted: Dec/04/2010 at 11:49pm

Don't mean to hijack, and this is certainly not for high-volume contacts, but when I talk to any clients and they happen to mention someone's name, particularly business owners, I make a note of it & ask a little about them. I then send an intro letter to that person that goes something like this "....your name was mentioned to me recently in a meeting and I'd like to introduce myself....."  Then I follow up with what is now a warm call. "....just following up on the letter I sent you and wondered if you invest, and if so, would you be interested in good ideas from time-to-time?"  or some variation of that.

It has recently worked well for me by meeting 2 new business owners, one of whom I've already converted to a client. My two cents.   -Renter
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Post Options Post Options   Thanks (0) Thanks(0)   Quote newregrep Quote  Post ReplyReply Direct Link To This Post Posted: Jan/05/2011 at 3:30pm
very inspiring Egg. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote aguilartx Quote  Post ReplyReply Direct Link To This Post Posted: Jul/07/2011 at 11:41pm
Nice read. The things you talked about are transferable throughout life...hard work, a little ingenuity, and being persistent. thanks.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote chance Quote  Post ReplyReply Direct Link To This Post Posted: Sep/25/2011 at 6:47pm
eggward:  Your posting is a reminder to all that success in this business requires WORK.  Thanks for some great info.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote eggward Quote  Post ReplyReply Direct Link To This Post Posted: Sep/25/2011 at 6:55pm
To borrow a quote from Tony Dungy: I realized I had a much better chance of being exceptional through my efforts than I did by my talents. 
I'm glad my story offers some benefit to others.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote TheClutch Quote  Post ReplyReply Direct Link To This Post Posted: Sep/27/2011 at 7:28pm
Eggward,

There is a motivational tape I listen to that repeats affirmations and the one affirmation that I live by is very similar to what you quoted from Tony Dungy.  It says, "I make up for what I lack in talents, by my efforts".  I must have repeated that a million times to myself as I was dialing the phone because I figured there was no way anyone could beat me if I outworked them...no matter how talented I thought they were. This kept me running faster and faster on the hamster wheel! 

Very good advice you have given us in this thread.  Thanks!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Hoss Quote  Post ReplyReply Direct Link To This Post Posted: Mar/02/2012 at 1:34am
"How many times does someone do what they say they will do? Not very often these days. If you cannot do something as simple as calling back in a month, why should they trust you with their life savings? Be politely persistent and you’ll get prospects attention and respect." Eggward
 
Politely Persistent. Politely Persistent. That's great.
 
 
 
 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote BigFirepower Quote  Post ReplyReply Direct Link To This Post Posted: Mar/02/2012 at 11:14am
I just love this topic.

I know far more people that failed their way to success, than started some place and got off to a good start and beyond.

Into the biz, knocked down, got up, knocked down, got up, knocked down, got up..... eventually people are scared to f'n death of you, because you are like Brad Pitt in Fight Club. Blood oozing out year eyes and ears, and you're laughing like a maniac! This is FUN!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote gotplanning Quote  Post ReplyReply Direct Link To This Post Posted: Mar/02/2012 at 2:50pm
What would all of you say the top four things are to do for someone who is just starting out?
 
The paramount, simple, everyday routine.
 
I would say there are ( in this order ).
 
1. Make at least 40-50 quality contacts 4-5 days per week.  (On the phone / in person )
 
2. Followup with existing prospects to keep them moving in the pipeline.
 
3. Time Management, Time Management, Time Management.  Email, picking funds and hanging out on AH is a TIME KILLER.
 
4. Finding something to relax and something to keep you motivated to prospect.  Whether it's money, family or that next ultra sensible commuter car.
It's a long way to the top if you want to rock n' roll.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote eggward Quote  Post ReplyReply Direct Link To This Post Posted: Mar/02/2012 at 3:02pm
GP, I'd say that's a very good and concise list.  Pretty well sums up what I did....once I got my act together!!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote emfinitelp Quote  Post ReplyReply Direct Link To This Post Posted: Mar/23/2012 at 5:21pm
Excellent post! I'm going to share it with all the producers at our office who keep saying cold calling doesn't work (mostly because they're not willing to do it).

What was your production at after 6 years of following this schedule?
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