We’ve Got The Answers: How do I Survive on a Commission Based Income?

Posted on July 19, 2017 and updated January 22, 2019 in Life Insurance Canada News, Life Insurance Questions - We Have The Answers 3 min read
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Today’s Question: How do I survive on a commission based income?

This question came to me from a new broker and it certainly pertains to a large volume of individuals, from brokers to sales personnel. If I look back 24 years ago when I started, I really learned a multitude of things from Brian Tracy, Tom Hopkins, and a plethora of other great professionals in this industry and the sales industry. They really promoted a concept that I took home- focus on the activities that are going to drive the most value to your business.

So, how do you take this concept and put it into action for maximized growth? You list out the 15 to 20 activities that you do in a given day (could be more, could be less), and put a dollar amount beside each of those activities. The activities that are of the least value, that you can delegate without sacrificing service, you do just that- delegate. That allows you to focus more attention on the things that are really going to allow you to deliver the most profit and the most value.
 
By abiding by this concept, you are going to relieve yourself of the financial stress that you have on yourself and you make yourself as profitable as possible. By being profitable, you will be able to deliver better service to your clients and you will be less stressed about the finances related to being on a commission based income. 
 
Getting use to being on a commission based income certainly requires a lot of work and a lot of confidence in the skills you bring to your position. Once you focus on the tasks at hand and begin putting in the work you need, you will see your success and your income increase. 
 
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