Advice after a slow start to a new job
Discussion
I recently changed career from a teacher to a mortgage and protection advisor, which is a self employed role. My main reason for changing career was I wanted to be directly rewarded for the hard work I put in reflected in my monthly wage (as many of you may know many teachers are disillusioned by the wage they receive!) After being in the role for 3 months now I thought I would be busier than I currently am, I'm not one to shirk hard work and would actually rather be busy than not.
Has anyone taken the jump from employed to self-employed? How did you manage to deal with the change?!
Also has anyone got tips on how to gain a client base without breaking the bank?
(I have investigated buying leads etc, but this is not 100% certain + I haven't got shed loads of cash as it is and I have exhausted family and friends!!!)
I have also let friends and family know to pass on my name as I am currently charging a £199 fee (which is below what other advisors currently price themselves at)....I wonder if it's worth just working off commission and not charging a fee at all!?
Any advice would be much appreciated!!
(I'm also not looking forward to putting 4 new 19'' boots on my 3 series next month!
)
Has anyone taken the jump from employed to self-employed? How did you manage to deal with the change?!
Also has anyone got tips on how to gain a client base without breaking the bank?
(I have investigated buying leads etc, but this is not 100% certain + I haven't got shed loads of cash as it is and I have exhausted family and friends!!!)
I have also let friends and family know to pass on my name as I am currently charging a £199 fee (which is below what other advisors currently price themselves at)....I wonder if it's worth just working off commission and not charging a fee at all!?
Any advice would be much appreciated!!
(I'm also not looking forward to putting 4 new 19'' boots on my 3 series next month!
)Where did you expect your Clients to come from? Are you tied to any particular mortgage provider?
My guess is your playing with some very experienced competition who have everything setup and have contacts. This is going to take a long time to get established and going to cost....
If you were a teacher, i assume secondary, why not do some revision class's for students and hourly paid lessons, to help the finances whilst you develop the new career.
The mortgage clients aren't going to just drop in your lap.
My guess is your playing with some very experienced competition who have everything setup and have contacts. This is going to take a long time to get established and going to cost....
If you were a teacher, i assume secondary, why not do some revision class's for students and hourly paid lessons, to help the finances whilst you develop the new career.
The mortgage clients aren't going to just drop in your lap.
I'm a Mortgage Broker too, the first two years are the hardest by far......
Get your name out to everyone you know..............you may want to put it out on all your social media channels....it's not something I do but it may work for you.
Get yourself a website immediately if you haven't already......doesn't have to be amazing but enough for people to be able to google you and verify your existence and FCA accreditations.
Many years ago I used to buy leads......it's very hit and miss....you can burn through thousands of pounds quite quickly and easily.....can work though, I was always up on what I'd paid but it can be quite stressful.
Might be worth speaking to local Estate Agents or Accountants to see who they pass business to.......
The bottom line though.........as with anything........it comes down to hard work.........and what you are prepared to do.........I'm addicted to work and will work till the small hours, at the weekend, on holiday....I even worked from hospital last year!
I wish you good luck!!
Get your name out to everyone you know..............you may want to put it out on all your social media channels....it's not something I do but it may work for you.
Get yourself a website immediately if you haven't already......doesn't have to be amazing but enough for people to be able to google you and verify your existence and FCA accreditations.
Many years ago I used to buy leads......it's very hit and miss....you can burn through thousands of pounds quite quickly and easily.....can work though, I was always up on what I'd paid but it can be quite stressful.
Might be worth speaking to local Estate Agents or Accountants to see who they pass business to.......
The bottom line though.........as with anything........it comes down to hard work.........and what you are prepared to do.........I'm addicted to work and will work till the small hours, at the weekend, on holiday....I even worked from hospital last year!
I wish you good luck!!
Edited by Sarnie on Thursday 25th October 14:11
Well, you've swapped a decently-secure, decently-paid job with a pension to be a salesman with a basic salary of £0, no pension, sick leave or other PAYE luxuries. That's not for the faint-hearted. If you're good at marketing and selling, making 2+2=5 and have a product people want to buy, you will earn much more. If not, you'll earn much less. That's self-employment!
3 months is very little time to get a business going/making money. I knew my industry, had contacts and had a good USP but it still took 4-5 months to get my first cheque (£324), and a few more before anything in the thousands arrived.
I was self-employed for 25 years, but it only happened because I'd been made redundant. I'm glad it did. I'm very much a self-employed person but it's not for everyone.
I can't give you specific advice because I don't know your industry (do you? Do you love it? Does it excite you? It needs to).
So my advice is basic marketing. Get the right product at the right price in front of the right people. Work on the answer to 'Why do I need a mortgage and protection advisor, and why should I hire you and not the other geezer?' You'll need to get flying soon I fear.
ETA - this is probably better suited to the Business forum.
3 months is very little time to get a business going/making money. I knew my industry, had contacts and had a good USP but it still took 4-5 months to get my first cheque (£324), and a few more before anything in the thousands arrived.
I was self-employed for 25 years, but it only happened because I'd been made redundant. I'm glad it did. I'm very much a self-employed person but it's not for everyone.
I can't give you specific advice because I don't know your industry (do you? Do you love it? Does it excite you? It needs to).
So my advice is basic marketing. Get the right product at the right price in front of the right people. Work on the answer to 'Why do I need a mortgage and protection advisor, and why should I hire you and not the other geezer?' You'll need to get flying soon I fear.
ETA - this is probably better suited to the Business forum.
Edited by Simpo Two on Thursday 25th October 14:42
super7 said:
Where did you expect your Clients to come from? Are you tied to any particular mortgage provider?
My guess is your playing with some very experienced competition who have everything setup and have contacts. This is going to take a long time to get established and going to cost....
If you were a teacher, i assume secondary, why not do some revision class's for students and hourly paid lessons, to help the finances whilst you develop the new career.
The mortgage clients aren't going to just drop in your lap.
I knew clients wouldn't just drop in my lap, but I suppose its the complete opposite from being rushed off your feet 7am-7pm where I just want to do work! My guess is your playing with some very experienced competition who have everything setup and have contacts. This is going to take a long time to get established and going to cost....
If you were a teacher, i assume secondary, why not do some revision class's for students and hourly paid lessons, to help the finances whilst you develop the new career.
The mortgage clients aren't going to just drop in your lap.
I always knew it would take time, just thought someone may have some ideas of how to speed up the process of sourcing clients, unfortunately I was a primary teacher therefore the option for revision classes is something that isn't required at this time of the year.
I'm not tied into any particular lender, I have access to most of the market. I would have thought more clients would have come through the company I work under
Sarnie said:
I'm a Mortgage Broker too, the first two years are the hardest by far......
Get your name out to everyone you know..............you may want to put it out on all your social media channels....it's not something I do but it may work for you.
Get yourself a website immediately if you haven't already......doesn't have to be amazing but enough for people to be able to google you and verify your existence and FCA accreditations.
Many years ago I used to buy leads......it's very hit and miss....you can burn through thousands of pounds quite quickly and easily.....can work though, I was always up on what I'd paid but it can be quite stressful.
Might be worth speaking to local Estate Agents or Accountants to see who they pass business to.......
The bottom line though.........as with anything........it comes down to hard work.........and what you are prepared to do.........I'm addicted to work and will work till the small hours, at the weekend, on holiday....I even worked from hospital last year!
I wish you good luck!!
Thanks for the tips, the company I work under have a website (I expected bit more out of that tbh), I have contacted estate agents but they don't seem to be bothered...I guess I'm just another bloke ringing them up out of the blue....I may ring around accountants though as I haven't explored that avenue yet. I'm pushing the social media stuff a lot and have got bits through that...much of the feedback I have received from people in the office is exactly the same as you have mentioned ''The first 2 years are tough'' - I completely understand that, although I just want to make sure i'm covering every angle when it comes to maximising my opportunities for work!Get your name out to everyone you know..............you may want to put it out on all your social media channels....it's not something I do but it may work for you.
Get yourself a website immediately if you haven't already......doesn't have to be amazing but enough for people to be able to google you and verify your existence and FCA accreditations.
Many years ago I used to buy leads......it's very hit and miss....you can burn through thousands of pounds quite quickly and easily.....can work though, I was always up on what I'd paid but it can be quite stressful.
Might be worth speaking to local Estate Agents or Accountants to see who they pass business to.......
The bottom line though.........as with anything........it comes down to hard work.........and what you are prepared to do.........I'm addicted to work and will work till the small hours, at the weekend, on holiday....I even worked from hospital last year!
I wish you good luck!!
Edited by Sarnie on Thursday 25th October 14:11
Simpo Two said:
Well, you've swapped a decently-secure, decently-paid job with a pension to be a salesman with a basic salary of £0, no pension, sick leave or other PAYE luxuries. That's not for the faint-hearted. If you're good at marketing and selling, making 2+2=5 and have a product people want to buy, you will earn much more. If not, you'll earn much less. That's self-employment!
3 months is very little time to get a business going/making money. I knew my industry, had contacts and had a good USP but it still took 4-5 months to get my first cheque (£324), and a few more before anything in the thousands arrived.
I was self-employed for 25 years, but it only happened because I'd been made redundant. I'm glad it did. I'm very much a self-employed person but it's not for everyone.
I can't give you specific advice because I don't know your industry (do you? Do you love it? Does it excite you? It needs to).
So my advice is basic marketing. Get the right product at the right price in front of the right people. Work on the answer to 'Why do I need a mortgage and protection advisor, and why should I hire you and not the other geezer?' You'll need to get flying soon I fear.
ETA - this is probably better suited to the Business forum.
Yes I certainly have jumped in the deep end! 'No guts no glory!' At the moment I've got a real passion for this industry and the job itself, I certainly look forward to coming into work...I just wish I had more to do! 3 months is very little time to get a business going/making money. I knew my industry, had contacts and had a good USP but it still took 4-5 months to get my first cheque (£324), and a few more before anything in the thousands arrived.
I was self-employed for 25 years, but it only happened because I'd been made redundant. I'm glad it did. I'm very much a self-employed person but it's not for everyone.
I can't give you specific advice because I don't know your industry (do you? Do you love it? Does it excite you? It needs to).
So my advice is basic marketing. Get the right product at the right price in front of the right people. Work on the answer to 'Why do I need a mortgage and protection advisor, and why should I hire you and not the other geezer?' You'll need to get flying soon I fear.
ETA - this is probably better suited to the Business forum.
Edited by Simpo Two on Thursday 25th October 14:42
Thanks for the help
I can't get passionate about mortgages but it's good that you can 
rpuchalka said:
I'm not tied into any particular lender, I have access to most of the market. I would have thought more clients would have come through the company I work under
You work under 'a company'? Did you ask them about sales leads before you jumped? What do they do for the money you (presumably) pay them? Is it a franchise?Maybe look for a niche market.......
I'm an IT contractor.... trying to get a mortgage is difficult. I used a broker to get access to the deals that aren't on the high street.....
The first mortgage as a contrator also roped me into a pension, unemployment insurance (missold!!) and critical illness policies.
There are loads of succesfull startups and SME's where these sort of issues occur. Target them?
Target the contractor forums and others.....
I'm an IT contractor.... trying to get a mortgage is difficult. I used a broker to get access to the deals that aren't on the high street.....
The first mortgage as a contrator also roped me into a pension, unemployment insurance (missold!!) and critical illness policies.
There are loads of succesfull startups and SME's where these sort of issues occur. Target them?
Target the contractor forums and others.....
rpuchalka said:
No I haven't, I've heard mixed reviews about the BNI meets. Also they look awfully expensive for quick possibly no leads
Yes BNI is pretty expensive but it can be a good way to get business - a couple of my colleagues go and have brought in a lot of business from it (I'm in print & design though so maybe 'easier' to get referrals in my line of work).Look for other networking groups - there are plenty around that are a lot cheaper.
Simpo Two said:
You work under 'a company'? Did you ask them about sales leads before you jumped? What do they do for the money you (presumably) pay them? Is it a franchise?
Yes I work for a independent financial advisor company, therefore I do get leads through the website/phones but there are also other advisors there that do mortgages. No it isn't a franchise, and the money I pay them covers office staff who do a lot of the administration/chasing lenders and solicitors.rpuchalka said:
Yes I work for a independent financial advisor company, therefore I do get leads through the website/phones but there are also other advisors there that do mortgages. No it isn't a franchise, and the money I pay them covers office staff who do a lot of the administration/chasing lenders and solicitors.
Sounds like a great business model...............for the business. You are basically employed, without the benefits......The business gets to not pay you a salary and have YOU pay their staff to administer your applications.......
What percentage of your business are they taking?
Edited by Sarnie on Thursday 25th October 20:35
Sarnie said:
rpuchalka said:
Yes I work for a independent financial advisor company, therefore I do get leads through the website/phones but there are also other advisors there that do mortgages. No it isn't a franchise, and the money I pay them covers office staff who do a lot of the administration/chasing lenders and solicitors.
Sounds like a great business model...............for the business.Don't want to sound harsh OP as I don't know the full details, but whenever anyone gets into this kind of employment arrangement they need to be ultra-careful.
The problem is where the risk sits if the IFA business doesn't generate the expected amount of leads (or if they decide not to pass over all of the leads you expected).
The reality is that the main part of your job isn't helping people with mortgage applications. It is getting the phone to ring. If you can work hard at that, you stand a chance
You need to go on a sales course or speak to an experienced sales person.
My key things would be:
Chase all customers max 48 hours after initial contact, ideally 24.
Offer as many forms of contact as possible, mobile, landline, fax, email, social and even post (yes that old thing the post box).
Respond to emails as quickly as possible. My own personal target is <10 mins. Worst case respond within an hour. If I am really really busy then maybe a few hours.
Work long hours. Working 9-5 is not much use to people who also work 9-5. If you are an early riser then have your phone on from 7am. If you are at home most evenings then leave your phone on till 8pm. For certain parts of my business I offer a 24/7 service...
Offer excellent customer service, call people Mr Smith rather than Bill. Make notes for every customer, have a "cheat sheet" for every single contact and make notes of things people drop into conversation, i.e going on holiday to spain for a week, call them and ask how was the holiday... build that relationship. It makes it difficult for people to say no to a friend....
Have your numbers squared away. Make sure you know what you can do, if that means doing calculations before the call then do it. Calling someone back increases the chance of failure.
Use technology. Voip…
Offer incentives to customers who introduce other customers. CASH is king. Offer someone £100... you would be amazed how far that will go.
Think about what your competitors are doing, cherry pick the best things they are doing. Don't try and become them, but take their best bits.
Get some good business cards made and give them to everyone.
I try not to give discounts, rather I try and sell on quality and service. Some customers will understand that and these are the customers you want. However, price is key for most customers so you need to keep that in mind.
Google reviews are a good way to build good free reviews.
My key things would be:
Chase all customers max 48 hours after initial contact, ideally 24.
Offer as many forms of contact as possible, mobile, landline, fax, email, social and even post (yes that old thing the post box).
Respond to emails as quickly as possible. My own personal target is <10 mins. Worst case respond within an hour. If I am really really busy then maybe a few hours.
Work long hours. Working 9-5 is not much use to people who also work 9-5. If you are an early riser then have your phone on from 7am. If you are at home most evenings then leave your phone on till 8pm. For certain parts of my business I offer a 24/7 service...
Offer excellent customer service, call people Mr Smith rather than Bill. Make notes for every customer, have a "cheat sheet" for every single contact and make notes of things people drop into conversation, i.e going on holiday to spain for a week, call them and ask how was the holiday... build that relationship. It makes it difficult for people to say no to a friend....
Have your numbers squared away. Make sure you know what you can do, if that means doing calculations before the call then do it. Calling someone back increases the chance of failure.
Use technology. Voip…
Offer incentives to customers who introduce other customers. CASH is king. Offer someone £100... you would be amazed how far that will go.
Think about what your competitors are doing, cherry pick the best things they are doing. Don't try and become them, but take their best bits.
Get some good business cards made and give them to everyone.
I try not to give discounts, rather I try and sell on quality and service. Some customers will understand that and these are the customers you want. However, price is key for most customers so you need to keep that in mind.
Google reviews are a good way to build good free reviews.
rpuchalka said:
I have contacted estate agents but they don't seem to be bothered...I guess I'm just another bloke ringing them up out of the blue....
You might have better success if you went around EA personally to sell yourself and your services. Cold calling isn't going to be that effective, as you have already found out.
rpuchalka said:
the money I pay them covers office staff who do a lot of the administration/chasing lenders and solicitors.
How about you kick them into touch, do the admin yourself (it seems you have the time) and save the money? A pound saved is pound earned.Plan B: Ask Sarnie nicely for a job - or pick up the small stuff he can't be bothered with
Edited by Simpo Two on Thursday 25th October 22:38
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