Major career change guidance

So after 4 years, I'm happily giving up my high paying technology sales job. I originally planned on partnering up with a neighbor who owns a relatively successfull mortgage company, and start doing mortgages and real estate development together.

I still plan on getting my real estate license. I have also been looking into moving into Pharmaceutical sales positions, which would be a pretty significant pay cut from what I'm currently making. Nearly all of my interviews end up in the conversation about how I am willing to take such a pay cut.

THEN, I get a call from one of our main competitors, who offers a pay package that is difficult to refuse.

So confused, I don't even know how to end the post.

Any advice?

:) Cali

Franky: Not where I'm living now. If I moved back to my hometown, I think I could have lots of success, as I was once a big fish in a small pond.

The LA market is totally saturated, but I would primarily focus on friends and family (for real estate and mortgages) and the additional benefits of saving myself some money when I bought/sold properties.

Many of my friends are now in the home buying stage, so they have said they hope I go into business so they can buy from me. But I dunno if that will be enough business to survive on.

I read one of Karl's advise posts where he mentioned you should do an analysis of what it would cost to run the busines versus what you could feasibly bring in in revenue. I may have to attempt this to see.

I think right now I am torn between taking a 6 figure job because it's offered to me, or actually trying to do something I love, for a significant pay cut. :(

The decision has really been killing me the last month...

:( Cali

Friends and family will not be enough to survive on in the mortgage business. You will need to continually meet people, builders, RE agents etc to get your business and also other than that source how else will you get leads for your sales? For instance if you work at Bank of America then you can get leads from walk-ins but if you have no storefront then that won't happen.

As for if you should take the 6 figure job then you need to ask yourself why you work. Do you work to make a good deal of money to be able to do what you wan in your private life or do you work to be happy and enjoy your job. Answer that question and your problem will be solved.

Tripp

Tripp: Great advice. I have always lived well beneath my means, but I also have a totally irresponsible Mother whom I must take care of in her old age. I have grown accustomed to a standard of living, I would like to maintain, but don't think I would need a 6 figure job to do so.

Not sure if I already mentioned it, but I would have more leads on the mortgage/real estate front. One of my business partners currently has a successful mortgage company, and has more leads than he has time to follow up on. I have already been helping him out by showing properties, and once I get my salespersons license I can work under his real estate brokers license.

I think I would enjoy doing the real estate/mortgage more than a corporate job.

I just know it will be a greater risk as well.

:( Cali

gokart: I've been doing it for 4 years. Pharma sales is a softer sell. You're not going after a PO and you don't carry a quota.

Whereas in Tech sales you have a heinous quota, and every year you make your quota, they take territory away from you and increase your goal.

FAR more stress than pharma. I know I won't make as much in Pharma, but at this point the quality of life increase is worth it.

:) Cali

Cisco Systems

:) Cali

Pharma sales can be fairly lucrative as well. Most that are in it for a few years are making over 100k. I have a couple of friends that do it and they are all making good money. Its another business that matters what kind of territory you are in IE what city and also what products your company has. Pfizer was a great one to work for because of the tremendous success of viagra. So you just want to make sure your company has good products and hopefully some more good ones in the works.

Gokart: No shit! Man...got in just before the dot bomb :( Still did alright, all things considered.

Dock: Yeah, eventually you can make decent money. Starting out though, it seems that you would start with a 50-60 base, and a target of 70-75k. Still very good. The one job I was offered had a LOT of driving though. It was a HUGE territory.

I'm still looking in that industry since I like the idea that there is no hard quotas and it's a soft sell.

We'll see...I'm still tempted by the competitor, but think it may be a step back after working at Cisco.

:( Cali

"Whereas in Tech sales you have a heinous quota, and every year you make your quota, they take territory away from you and increase your goal."

This is pretty typcial in many sales positions.

What exactly do you sell for Cisco? I am guessing some sort of hardware? If so, have you considered transferring that not to pharma but medical devices?

I have a neigbor who sales pacemakers and angioplasty balloons and he does very, very well.

You very correct about quality of life. Enjoy what do you and you won't work a day the rest of your life.

What are some companies that sell medical devices? I know of all the major pharma co's, but the medical devices, I'm unsure of.

Thanks for all the feedback guys!

:) Cali

Good luck to you Cali, check out Cerner for selling medical software or something similiar in your area, my bro works there & it's great pay.

http://mtdesk.com/mfg.shtml

Try this link.

Bobby "D"

Thanks guys!! I will check out the links now :)

:) Cali

Has anyone heard of Maritz? www.maritz.com

I have an interview with them today.

www.medtronic.com

I have friends who really enjoy working for Medtronic

good post Cornholio? How is U of C treating you? Have you been able to train at Carlson's?

 

Pharmaceutical sales reps can earn as much as $100-200K per year,in the car business before I became Sales Manager,just in sales I have earned $12K in one month.A friend of mine was trying to recruit me to come sales Pharms. with him,he earned $210K last year!

Hugo,make the right connections and have a solid sales background...I have no College whatsoever and have been offered very lucrative positions within the Pharma sales industry,just because I'm a top producing salesman.Hell,I became Sales Manager at a very large GM dealership when I was 22.