Tim Connon, Founder & CEO, ParamountQuote
Tim Connon, Founder & CEO of ParamountQuote
For those who don't know anything about you or your work, can you provide a bit of background?
I started in security system sales when I was real young with my father in Florida. This led to me developing sales skills from an early age and even allowed me to purchase my first XBOX at 10 years old. When I got older my father became a licensed insurance agent and he took me with him to a conference being held by his agency. I found so much inspiration at that conference that I decided I was going to be a life insurance agent. I then began the education and licensing process to start my career.
Was any one person who was instrumental in helping you get from where you started out, to where you are now?
My father was the most instrumental person I helping me with my career. He helped me by explaining how the industry worked ahead of time before I just jumped without knowing how to run the business. He explained the process of buying leads and making returns on investments. Once I had this knowledge I was off to a great start.
Is there a particular piece of advice you were given in the early days of your business journey that you still benefit from today?
Yes I was told to "just work the numbers" which means not everyone says "yes" to purchasing insurance. This means you have to talk to a lot of people in high numbers in order to sell effectively and profitably. This would help others by showing them they need to follow their industry specifics and not let a bad week discourage them.
What is the most important lesson you've learned about leadership in your business journey so far?
The most important lesson I have learned about leadership is to establish my agents mindset early. This means setting my agent's expectations to know that they are not going to close every sale. I train them to expect 1 to 2 sales every other day and this is good enough.
What are the top three things you wish you'd known when you were just starting out?
1. I wish I had known exactly how much I needed to invest in leads.
2. I wish I had known that you need to set aside money for any chargebacks on commissions.
3. I wish I had know that being an agent is a lonely experience.
In your experience, what is the most effective way to build a strong network of mentors and advisors to guide you in your business endeavors?
Go to a life insurance conference hosted by an agency or independent. This is where you will find like minded agents that have been in your position. This is where you can find caring people that will be happy to help and mentor you.
How do you determine when it's time to pivot, and what factors should you consider in making that decision?
You need to pivot when you see yourself in a hole that has no way out. If you are running out of money to invest in your business and have no other funds you need to look at self generating free leads or consider putting your business on hold. If you do not have sufficient cash flow for your business this will ruin you.
How do you stay motivated and inspired during the business cycle of ups and downs?
I use future pacing, I keep my vision in my mind of what I want my business to be and where it is going. This helps me see past the momentary issues and into my future which keeps me motivated.
Looking back, what one thing would you do differently if you could start your journey over again?
I would have saved up a lot more money to invest consistently into my business. You need to have capital for a business to run properly so the more you save the better off you will be.