(Author’s Note: I originally wrote this article not long after I launched TBPC. However, because of my association with Primerica at that time, I wasn’t able to publish it. Since I have broken ties with Primerica, I can now post it. I hope you find it enlightening and enjoyable. – JL)
This week I am going to talk about one of the Side Hustles I tried fairly early on in my forced retirement. Primerica (Primerica Financial Services).
You may, or may not have heard of Primerica. It is one of the top financial services companies in the country. The Primerica business model is unique. They actually put the needs of their clients first. That business model enabled Primerica (PRI) to go public with one of the most successful IPOs of 2010.
The business has two sides to it. The client-side and the opportunity side. The client-side offers products that range from investments to debt reduction, insurance, legal protection, and much more. The opportunity is to own a small business, with Primerica’s help.
Primerica is a solid company that has been in business since 1974 and has built its reputation by helping out families that have been ignored by the larger financial services companies.
That’s great you say, but how is this an opportunity to own my own small business? A good question! Primerica has grown the company by always being on the lookout for sharp people who want the freedom of running their own business. If you meet with a Primerica Representative, and they are impressed with you, you will be invited to an interview.
If you join Primerica as a Representative, your business is grown entirely on word of mouth referrals and your ability to recruit others onto your team. You join the business as part of a team, then you start working on building your own team. To build a client base and recruit potential Representatives, you will be asked to contact your friends and family. This is to see if they are properly protected financially and/or looking for a way to start a small business.
This is where a lot of people will shy away from Primerica. Nobody wants to tick off their family and friends by “ratting them out” to Primerica. However, what it all comes down to is that every family should know where they stand financially, and where they can do better. This is where you can help, with the financial products I listed above, and the prospect of earning some extra money. If you decide to join the company as a Representative, there are some small startup costs. $99 to join the company and $25 per month for website access. That’s it.
Now, for the not-so-rosy part of the picture. The targeted demographic age group for clients (and prospective Representatives) is 25-35, married, kids, job, and homeowners. Since we are in the 55-65 age bracket, unfortunately, that doesn’t apply to us. However, if you have a large family, who might need some of the services that Primerica provides, you may be on your way. Plus, some of your family members may be interested in becoming Representatives.
I’m not going to lie to you. Unless you are a naturally outgoing person and/or have a large group of family or friends in the demographic I mentioned earlier, Primerica may not be for you. I worked HARD for 9 months and came away with 2 clients and 1 recruit onto my team. I am one of the clients and my recruit dropped out of the business before really getting started.
That said, this may be an income stream for you to check out. If you are able to create a decent sized team, it will take on a life of its own. Keep in mind that the time commitment to be successful at Primerica is substantial. If you are the type of person who is willing to bust your hump for a few months, or up to a year or two, then Primerica may be for you.
HERE IS MY GIGANTIC DISCLAIMER! During the whole 9 months I was trying to build my Primerica business, I was bringing in Zero Dollars of additional income! This added a level of pressure that was not conducive to success in the company. The opportunity is designed for you to start part-time and eventually go full-time.
That said, if you are the type of person who would like to give it a try, I would definitely recommend using one of the other income-producing Side Hustles (possibly driving for Uber & Lyft) to bring in some cash. This will relieve a lot of pressure to succeed right off the bat, with Primerica as your only income stream. I only wish I had approached Primerica this way in the first place. My results might have been different.
Well, there it is. If you live in the Detroit metro area and would like to learn more about Primerica, please contact Heidi McCarroll from the Troy office at 586-619-0123. If you live outside the Detroit area, contact the Primerica Main Office at 770-381-1000. Ask to be put in touch with a Representative in your area.
Hopefully, this article has helped point you in a direction you may not have considered before. If you have an entrepreneurial spirit and enjoy talking with people, this may be the opportunity you have been waiting for.
If you like what you’re reading on TBPC, please leave a comment and share the website with your friends. Also, if you would like to be notified of new posts to this blog, please click on the “Follow” button in the lower right corner. Until next week, may your parachute fully deploy, and may you have a soft landing!