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How to find a sales executive to work on commission ONLY?

 
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abc1111

posts: 88

Jan 05, 2008 4:07 PM ET    Quote  Report Abuse
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My business is at a point where I need a couple of sales executive to go meet companies who could become strategic investors. My company is in the luxury industry.
 
I have no funding so far. I cannot pay them in cash but only with a commission based on the contract they can obtain. However, it would involve a fair amount of travel that they would have to cover upfront.
 
Any idea on how to hire such individual?
ontargetlisa

posts: 20

Jan 06, 2008 9:04 AM ET    Quote  Report Abuse
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Finding people who work straight commission isn`t hard, but asking them to also cover their own travel expenses will be tough. You will have to make the commission a very high percentage compared to the industry average.
 
I have worked commission, and had a job quite similar to yours. I did not have a draw, but got paid weekly based on closed, paid jobs. The owner offered me either 15% commission and he provided a company vehicle/ gas; or 20% and I provided my own vehicle/gas. In this economy, with the benefits of higher mileage allowances on tax deductions, you could offer them that and you might get someone.
 
The key here is to look for people who are used to commission and travel, and have experience in corporate contacts. They will already have a system in place of how they work. What you will have to do is pay them a commission rate that is greater than what they can earn now, and be able to prove/sell to them how your product will give them a nice boost in their income range.
Look to other commission based backgrounds like car sales, advertising sales, pharmaceutical reps, or any person who works on commission, traveling to service a territory of accounts. In addition, if you find someone who is has established relationships with your target clients, you will have better success.
 
Be prepared to offer bonuses if they reach sales goals, advances if necessary against commission, and do give them all the tools they need to be successful, such as quality printouts about your product or service; purchase targeted mailing lists with the decision maker names and phone numbers; have a good office or home office setup for them; and remember that they are the lifeblood of your company, and you need to treat them well.
 
Try not to offer several people part time jobs instead of hiring one or two really good people. Sales of big ticket, luxury items often take several meetings to establish business relationships; be sure to have an expense account for sales lunches.
 
Also, find someone who believes wholeheartedly in the product you are selling, and they will be a natural. If they don`t stand behind it in their heart, they may sell some, but will not have long term success.
 
Good luck.
Jan 18, 2008 1:52 PM ET    Quote  Report Abuse
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Hi abc1111
 
Did you find anyone? I`m also looking to hire a couple of them on commission and wanted to to know where to look to find them. Please let me know. Your help is appreciated
 
Thomas
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