“Shaun, I have been a highly successful salesperson in my industry for a number of years. However, I'm thinking about moving to another industry that would have more financial rewards. Without industry experience but with a successful track record in my current industry in sales, what is my best approach to getting hired in another industry as a salesperson?" - William
William, thanks for your question. This is a very personal question. I will ask some qualifying questions, then give some specific recommendations. What is your personal monthly burn rate? What is your compensation (base, commissions, bonuses, other)? Are you married? Do you have kids, if yes how old? Are you a risk taker or conservative? What are your hobbies? How old are you? How long have you been selling? What is your industry? What do you sell (p
roduct, service)? Who do you sell to (government, fortune500, small business, retail, etc.)? What is your average size deal? How long is your sales cycle?
I have asked two types of qualifying questions. The first is to understand your personal risk levels and financial situation. The second is for you to understand your current sales skills and their transferability to another industry. These answers will be the foundation for your decision.
Personal Risk and Finances: in this economy, if you are conservative, I recommend you stay at your current position until the economy turns around. So I am going to assume you are a risk taker. Next, understand your current financial situation and how long you can go without making money or an a reduced income. If you need to make money right away this will limit your options. Lastly before you make any decisions, review your plan with your spouse. During a career change there will be some challenges and you will need the support of your spouse.
Recommendations:
Industry Change: As a hiring manager, in this economy I am looking for very specific experience. When the economy is doing better and there are less candidates, I have hired candidates from other industries but right now I am getting more qualified resumes then I have open positions. Review your current industry and what can you transfer. Work your personal network and then be prepared to send a lot of resumes and get lots of rejection.
http://closerq.blogspot.com/2009_01_18_archive.html
Next look at industries that will be growing in the next 20 years (healthcare, environmental, green energy, technology). Below is a link to recent report from US News and Reports: http://www.usnews.com/sections/business/best-careers/ If you are persistence, you will find another job in another industry.
100% Commission: For straight commission careers, I recommend a recurring revenue stream that you build over time and/or clients that you can continue to sell to. Two excellent examples are Financial Advisors and Insurance Agents. For this change, budget limited income and hard work for 3 to 5 years, then financial upside and higher quality of life.
Buy a Franchise: Based on your financial situation, can you buy a franchise? Check out http://www.franchise.org/. Have you looked at a sales consulting franchise, http://www.sandlerfranchising.com/?
Buy a Business: Based on your financial situation, can you buy an established business? Check out your local newspaper and http://www.bizbuysell.com/.
William, this is a big decision; will take a commitment to make the change; another committed to be successful in the transition; and lastly time, multiple years, to be successful.
‘Good Changing’. Reader Feedback, please click the comments below to give ‘William' additional recommendations and I want your feedback on my response. Shaun Priest at closerq@gmail.com.
William, thanks for your question. This is a very personal question. I will ask some qualifying questions, then give some specific recommendations. What is your personal monthly burn rate? What is your compensation (base, commissions, bonuses, other)? Are you married? Do you have kids, if yes how old? Are you a risk taker or conservative? What are your hobbies? How old are you? How long have you been selling? What is your industry? What do you sell (p
roduct, service)? Who do you sell to (government, fortune500, small business, retail, etc.)? What is your average size deal? How long is your sales cycle?I have asked two types of qualifying questions. The first is to understand your personal risk levels and financial situation. The second is for you to understand your current sales skills and their transferability to another industry. These answers will be the foundation for your decision.
Personal Risk and Finances: in this economy, if you are conservative, I recommend you stay at your current position until the economy turns around. So I am going to assume you are a risk taker. Next, understand your current financial situation and how long you can go without making money or an a reduced income. If you need to make money right away this will limit your options. Lastly before you make any decisions, review your plan with your spouse. During a career change there will be some challenges and you will need the support of your spouse.
Recommendations:
Industry Change: As a hiring manager, in this economy I am looking for very specific experience. When the economy is doing better and there are less candidates, I have hired candidates from other industries but right now I am getting more qualified resumes then I have open positions. Review your current industry and what can you transfer. Work your personal network and then be prepared to send a lot of resumes and get lots of rejection.
http://closerq.blogspot.com/2009_01_18_archive.html
Next look at industries that will be growing in the next 20 years (healthcare, environmental, green energy, technology). Below is a link to recent report from US News and Reports: http://www.usnews.com/sections/business/best-careers/ If you are persistence, you will find another job in another industry.
100% Commission: For straight commission careers, I recommend a recurring revenue stream that you build over time and/or clients that you can continue to sell to. Two excellent examples are Financial Advisors and Insurance Agents. For this change, budget limited income and hard work for 3 to 5 years, then financial upside and higher quality of life.
Buy a Franchise: Based on your financial situation, can you buy a franchise? Check out http://www.franchise.org/. Have you looked at a sales consulting franchise, http://www.sandlerfranchising.com/?
Buy a Business: Based on your financial situation, can you buy an established business? Check out your local newspaper and http://www.bizbuysell.com/.
William, this is a big decision; will take a commitment to make the change; another committed to be successful in the transition; and lastly time, multiple years, to be successful.
‘Good Changing’. Reader Feedback, please click the comments below to give ‘William' additional recommendations and I want your feedback on my response. Shaun Priest at closerq@gmail.com.
Comments
I have considered some options to my current situation and believe, based on many years of working for others and myself, I believe the best decision is owning your own business regardless of what it is. At this stage of our careers, assuming you have 15-20 years of sales experience, the case can be made to stake your claim and make it happen for yourself. I'll let CloserQ do the research, however, I have read and been told that the only way a person will make the money they want, build personal wealth and live the life they want is by owning your own business.
CloserQ, what are your thoughts?