Author Topic: Are you in sales?  (Read 5525 times)

Captain Cactus

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Are you in sales?
« on: October 05, 2016, 07:23:38 AM »
Just trying to get an idea of how many people in this community are in sales for their pre-FIRE work.

Are you in sales?

If so, what type of sales (ie, what industry)?

Finally, what is your approximate annual total comp?


zephyr911

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Re: Are you in sales?
« Reply #1 on: October 05, 2016, 07:30:44 AM »
Probably nothing to do with what you're looking for, but I do real estate as a side business, and will keep doing it after I quit FT work.

I'm too risk-averse to try to do sales as a pre-FI job... my anxiety would kill me.

BAMxi

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Re: Are you in sales?
« Reply #2 on: October 05, 2016, 10:52:10 AM »
Just trying to get an idea of how many people in this community are in sales for their pre-FIRE work.

Are you in sales?

If so, what type of sales (ie, what industry)?

Finally, what is your approximate annual total comp?

Only somewhat in sales currently, but my entire professional career has revolved around sales thus far. Went into cold calling/telemarketing to healthcare providers straight out of college. I hated it but was making about $70k per year after 3 years, banked close to $80k my last year there. Stopped caring about/spending money so I quit that job because the stress was getting to me. Landed a job making about $53k as a sales and marketing manager in the student housing industry. Got promoted to Assistant General Manager where I manage the whole office and not just the sales staff now. I definitely  missed having the ability to improve my income by just making more calls/sales so I joined a network marketing company as a side hustle several years ago. That's turned into a couple grand per month but that income varies depending on what my team does. I have taken a more passive role in that as it just pays a % of whatever my group does and I kind of burned myself out. Will gladly keep cashing those checks as long as they come in though!

I was reading an article the other day that the most unhappy careers are in customer service, account management, and sales. All of which I am/have been in. I definitely am not passionate about what I do right now, but it's easy and it allows the wife to be a SAHM and has enabled us to save up a ton of money to invest and put down on a house. Ideally we'd buy a house with enough down to make the payment very affordable so that the wife and I can start doing part time work. I think I'm more interested in the prolonged semi-retirement game than just straight up retiring, provided I can find something flexible that i enjoy doing.

Approximate annual comp: roughly $75k

vern

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Re: Are you in sales?
« Reply #3 on: October 05, 2016, 05:01:31 PM »

Hotstreak

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Re: Are you in sales?
« Reply #4 on: October 05, 2016, 07:04:19 PM »



I once got asked on the spot what my sales method was, and basically quoted AIDA :).  I did a few years in financial sales.  I bounced around with different companies (which kept closing because of the crash), never had total comp < 50k.  People who were there for 1-2 years were doing 70-100.  I have friends who are still in the industry making 80-140 with bonus.

Captain Cactus

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Re: Are you in sales?
« Reply #5 on: October 05, 2016, 09:15:19 PM »
Thanks for those replies. 

I am in sales (veterinary medical sales) and there are a lot of things with the comp plan that are going to help me on my path to FIRE.  For example:  Company car that I can use for personal use (I pay a very minimal amount and I'm taxed on the personal miles), solid 401K match, stock purchase plan with 15% discount, commissions and bonuses in addition to a solid base salary.

I know that "sales" sounds like a dirty word to many people, but if you can find the right industry you can truly be a consultant vs. a slimy salesman (such as in the photo above).

I submit that sales is a good path to take on your journey toward financial freedom.  It's worth a look.

PseudoStache

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Re: Are you in sales?
« Reply #6 on: October 05, 2016, 11:35:28 PM »
Thanks for those replies. 

I am in sales (veterinary medical sales) and there are a lot of things with the comp plan that are going to help me on my path to FIRE.  For example:  Company car that I can use for personal use (I pay a very minimal amount and I'm taxed on the personal miles), solid 401K match, stock purchase plan with 15% discount, commissions and bonuses in addition to a solid base salary.

I know that "sales" sounds like a dirty word to many people, but if you can find the right industry you can truly be a consultant vs. a slimy salesman (such as in the photo above).

I submit that sales is a good path to take on your journey toward financial freedom.  It's worth a look.

You didn't tell us your total comp :)

I am in the technology sales industry and we see base salaries in the $110K+ range with solid performance bonuses and commissions that are generally pretty lucrative... I would say the average seller probably banks $160k plus solid matching 401k, Stock, Profit Sharing, good benefits, etc.  In a good year you're probably in $200K territory.

Of course we have professional sounding titles such as Account Executive or Solution Specialist... No one wants to be called a "salesman" :)

plantingourpennies

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Re: Are you in sales?
« Reply #7 on: October 06, 2016, 04:49:37 AM »
Sales is the quickest way to FI for the majority of humanities grads.

It does two things simultaneously; the anxiety is enough to make you hate working for a living and the paycheck ls large enough to enable a high savings rate.

My wife and I will be FI in two years at 35; my contribution to our FI number came mostly through tech sales.
« Last Edit: October 06, 2016, 05:06:22 PM by plantingourpennies »

MLHoosier

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Re: Are you in sales?
« Reply #8 on: October 06, 2016, 07:31:10 AM »
I'm currently in an "Account Executive" role in insurance at $70k, which involves some sales but mostly agent support. Since I'm licensed and focusing more on FI, I have been considering moving fully to the sales side if I can find a good fit. I'm comfortable in my current role, but I feel like I may be leaving a lot of money on the table. 

zephyr911

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Re: Are you in sales?
« Reply #9 on: October 06, 2016, 07:42:38 AM »
It does two things simultaneously; the anxiety is enough to make you hate working for a living and the paycheck ls large enough to enable a high savings rate.

Literally LOL'd

2buttons

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Re: Are you in sales?
« Reply #10 on: October 06, 2016, 07:47:19 AM »
Every job has a customer, its just that most people are not on commission. 

I love incentives based jobs, and have ever since I began my career in "sales" by starting out waiting tables. That job served me well in realizing that I needed to be in a job where how hard I work determines my financial compensation.  For me the anxiety is a major driver, and has propelled my career.  I would also argue that not having an incentive based financial compensation structure leads to apathy, and its why most people hate their jobs (ETA: should clarify that this is not the case with everyone, but I would argue a majority of people).

stein79

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Re: Are you in sales?
« Reply #11 on: October 06, 2016, 08:24:23 AM »
Sales is the quickest way to FI for the majority of humanities grads.

It does two things simultaneously; the anxiety is enough to make you hate working for a living and the paycheck ls large enough to enable a high savings rate.

I'll be FI in two years at 35-the majority of the income necessary to make the leap will have come from tech sales.

This is the truth.  I'm 29, have been in a sales role since finishing school in 2010.  Started off selling cars (awful experience - managers were slimy), got a job as a manufacturers rep in the building materials industry with a 38K salary, commission rate of .002% for the Mid-Atlantic region, company truck, expense account, and 401K.  I didn't make a lot of money but I lived with my parents, or in hotels so was able to save a ton which I used to buy my house near the market bottom in December of 2011.

Stayed in the same industry but became an independent rep (1099).  Much higher salary/commission - clearing about $105K but had to cover all my own expenses and invest with a SEP account to lower my taxable income.  Lot of travel and time away from home, lot of stress, and a lot of volatility.  We lost 3 major manufacture contracts in 2 months and I was let go as they decided to fold my territory into another rep's who'd been with the company longer.

Now i'm in technology sales.  Our products are relatively new to the market and very niche.  Company is very young, I am one of three salesmen for the company.  Also, the sales cycle is extremely long, 6-12-18 months depending on the industry our product goes into.  As I've only been here about 14 months, I haven't seen any big project orders yet.  Expect this year's Net income to be about $67K, next year to be 75-80, and if I stick with it, 100K the following year.  Also have matching 401K through vanguard up to 5%, benefits, and 3 weeks vacation.  No company vehicle, but they do reimburse $.40/mile and tolls, and company phone and PC.

Job is not extremely stressful overall, though there are periods where problems arise that I am not capable of handling (engineering/IT related) which is very frustrating.  Along with the long sales cycle.

However, I like the fact that my income isn't set in stone and that I can influence it.  But, becoming FIRE has become more and more appealing over the last 2 years as I've been getting worn out from the rat race.  And the trade off of the stress and additional hours are worth the ability to sock away extra income for savings and/or toys.

MLHoosier

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Re: Are you in sales?
« Reply #12 on: October 06, 2016, 09:08:54 AM »
If any successful salespeople would like to share some tips and advice, I'm all ears.

2Birds1Stone

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Re: Are you in sales?
« Reply #13 on: October 06, 2016, 09:20:13 AM »
Enterprise software sales here for a Fortune 1000 company.

I am coming up on my 2 year anniversary.

First year - $47k Base salary + $50k OTE - Actual earnings $180k @ 224% annual quota achievement
Second Year - $57k Base salary + $65k OTE - Actual Earning will be pretty close to my OTE unless I have a monster Q4.

My W-2 for 2015 was $109,000, for 2016 it will be ~$165k

We are going through restructuring/reorg so I have no idea what my comp plan or income will be next year.....

......and with 9 years of expenses already in the 'stache, I'm not too worried about it either.

-Cheers!

2Birds1Stone

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Re: Are you in sales?
« Reply #14 on: October 06, 2016, 09:22:32 AM »
Enterprise software sales here for a Fortune 1000 company.

I am coming up on my 2 year anniversary.

First year - $47k Base salary + $50k OTE - Actual earnings $180k @ 224% annual quota achievement
Second Year - $57k Base salary + $65k OTE - Actual Earning will be pretty close to my OTE unless I have a monster Q4.

My W-2 for 2015 was $109,000, for 2016 it will be ~$165k

We are going through restructuring/reorg so I have no idea what my comp plan or income will be next year.....

......and with 9 years of expenses already in the 'stache, I'm not too worried about it either.

-Cheers!

I also want to add that this is 100% over phone/email/webex, I don't do any travel. The hours are 40-45/week with unlimited PTO (Manager is cool with 20-25 days a year as long as I am on target for fiscal year quota)

Andrew928

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Re: Are you in sales?
« Reply #15 on: October 06, 2016, 12:36:18 PM »
Bail Bonds

We are lucky enough to get an hourly of $15 an hour working 12 hour shifts so automatic overtime and we get paid 12%, 15%, and 18% on what we bring in for the first two weeks of the account. Depending on the office compensation varies greatly, In Riverside I was making about 50K but OC and LA guys make 80K-110K.

Schaefer Light

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Re: Are you in sales?
« Reply #16 on: October 06, 2016, 12:56:35 PM »
I would also argue that not having an incentive based financial compensation structure leads to apathy, and its why most people hate their jobs (ETA: should clarify that this is not the case with everyone, but I would argue a majority of people).
I agree with this.  I don't know what a "good job" looks like in my position.  There's no way to keep score and no way to know how well I'm doing.  It drives me nuts.  I think it's also why I liked school and playing sports so much.  You always knew where you stood.

stein79

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Re: Are you in sales?
« Reply #17 on: October 06, 2016, 01:31:00 PM »
Enterprise software sales here for a Fortune 1000 company.

I am coming up on my 2 year anniversary.

First year - $47k Base salary + $50k OTE - Actual earnings $180k @ 224% annual quota achievement
Second Year - $57k Base salary + $65k OTE - Actual Earning will be pretty close to my OTE unless I have a monster Q4.

My W-2 for 2015 was $109,000, for 2016 it will be ~$165k

We are going through restructuring/reorg so I have no idea what my comp plan or income will be next year.....

......and with 9 years of expenses already in the 'stache, I'm not too worried about it either.

-Cheers!

I also want to add that this is 100% over phone/email/webex, I don't do any travel. The hours are 40-45/week with unlimited PTO (Manager is cool with 20-25 days a year as long as I am on target for fiscal year quota)

Sheesh, what is your degree in?  I sell hardware, I know that software has a lot more potential but I have a business background, not IT.

2Birds1Stone

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Re: Are you in sales?
« Reply #18 on: October 06, 2016, 02:28:27 PM »
Sheesh, what is your degree in?  I sell hardware, I know that software has a lot more potential but I have a business background, not IT.

Full transparency, I don't have a college degree.

I went to college for health science (pre med track for 2 years) and dropped out for a year, then did a year of business track at the local community college. (2005-2009)

Then in 2010 I got a retail job that advanced me very quickly. I moved into management within 6 months and started managing 2 high volume stores.

I did that for 4 years, and applied for my current position.

My manager here admitted that she took a gamble on me, but it was worth it for her as I was 2nd producer out of 11 on my team in my rookie year.

I think for sales it's less about a degree and more about a passion for learning what you are selling and having a knack for sales.

Phone sales are a lot like retail sales, high pressure with only a few moments to get your prospect interested in your product.

My average sales cycle once an opportunity is created takes 3-6 months. I do a lot of webex presentations and demo's, do all of my own quoting, pricing, negotiations etc. It's a full sales cycle role over the phone from calling a lead/account to booking the deal.

stein79

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Re: Are you in sales?
« Reply #19 on: October 06, 2016, 02:38:14 PM »
Good deal.  Kind of how I got into technology from being in building materials sales, through people I know.

Extremely long sales cycles, I have some projects that i've been working over a year and may take another year.  Starting to think I should have asked for a higher salary and less commission or bonus instead of commission.  Although once they start hitting, i'll be much happier.

plantingourpennies

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Re: Are you in sales?
« Reply #20 on: October 06, 2016, 05:09:45 PM »
If any successful salespeople would like to share some tips and advice, I'm all ears.

Do you mean tips on how to get into sales?

MLHoosier

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Re: Are you in sales?
« Reply #21 on: October 07, 2016, 06:39:33 AM »
If any successful salespeople would like to share some tips and advice, I'm all ears.

Do you mean tips on how to get into sales?

Mainly the attitudes and skills necessary to be successful. My skill set is decent, but I think I can and would need to be better if I were in a commission heavy position.

stein79

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Re: Are you in sales?
« Reply #22 on: October 07, 2016, 06:50:18 AM »
If any successful salespeople would like to share some tips and advice, I'm all ears.

Do you mean tips on how to get into sales?

Getting into sales is easy, there are so many companies hiring for entry level roles.  Unfortunately, many of these you will see/find on CareerBuilder and the like are lousy companies, just my observations from job hunting in the past.

Your best bet is networking using friends, family, school acquaintances to get into an entry level position.  Other than my first "real" sales job which I got through a head hunter, every other one was via people i'd met in the past.  Depending on your current financial status, you may want to look for positions that offer the majority of compensation through base salary versus straight commission.  Especially if you're just getting started.   

The key attributes of a successful salesman are (in my opinion):
- Communication
- Attitude
- Tenacity and the will to follow up
- Thick Skin
- The ability to eat shit and smile when a customer is being difficult (those in the business know what I mean)
- Time management

The ideal company would have solid leadership in management, but most importantly a good/great product.  I'm a very honest person, if I don't believe in the product, i'm going to have a difficult time selling it.  That being said, honesty doesn't have anything to do with margins.  If I can provide you excellent service, the product you are looking for, and lead you through the purchase decision - I want to be compensated for it.  There ain't no free rides to Chicago.

YMMV

2Birds1Stone

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Re: Are you in sales?
« Reply #23 on: October 07, 2016, 07:58:14 AM »
If any successful salespeople would like to share some tips and advice, I'm all ears.

Do you mean tips on how to get into sales?

Mainly the attitudes and skills necessary to be successful. My skill set is decent, but I think I can and would need to be better if I were in a commission heavy position.

I would also echo a company that has a solid pipeline of leads, I know that for my next sales job interview, I plan on grilling the hiring management hard on their lead sourcing, average conversion rates, pipeline maturity, as well as understanding in detail how refined and polished their sales methodology is.

I'm on a team right now where there is no uniform process, and everyone just owns their book of business and does what they believe will make them successful. That's great when times are good, but when pipeline dries up you have a hard to figuring out what worked and what didn't.