Many people prefer regular salaried jobs, but if you’re somebody who likes the idea of becoming a top performer and earning your money through commissions, then the sky’s the limit. Often you’re not limited in how much you can earn, or the ceiling is so high that it doesn’t matter.
But what are these careers? Let’s take a look.
Enterprise Software Account Executive
Have you heard of an enterprise software account executive before? Probably not. It can pay extremely well because you get a percentage of the total contract value. The idea is to sell complex, high-cost software solutions to large corporations and then receive a cut of the revenue.
For instance, you might sign a £1M deal over several years and then net yourself a 10% commission of £100,000. Sometimes the structure of your income is a 50/50 split. For example, you might have a £100,000 base salary and a £100,000 commission target.
Medical Device Sales Representative
Another option is to become a medical device sales representative. This works similarly to an enterprise software account executive. The idea is to sell specialised equipment to hospitals and medical centres, like imaging machinery and artificial limbs, and then take a commission. Top performers spend a lot of time in operating rooms advising surgeons and speaking to doctors about how equipment can make their life better. These conversations often result in large sales, increasing commissions from what is often an ordinary base salary.
Mortgage Broker
Becoming a mortgage broker is also an option. This business model is nice because it allows you to scale your income very quickly. Whenever you sell a mortgage product, the lender will pay you a commission, and there’s no limit to the number of people that you can sign up.
It’s generally a good idea to join a mortgage broker network to get the support you need. These arrangements can help you find more commissions and build out your contacts.
Wealth Manager
How about becoming a wealth manager? These financial advisors help high-net-worth individuals take care of their investments and sleep better at night. The reason it pays well is the assets-under-management fee model. For example, let’s say you have a £50 million client who offers you a 1% annual fee to take care of their wealth. A business like this can bring in over £500,000 per year in personal income as long as the client stays with you.
Now think about what would happen if you had two or three clients. The amount of money that you’d be bringing in could rise exponentially.
Commercial Insurance Broker
Lastly, you could look into the idea of becoming a commercial insurance broker. These professionals perform a similar job to mortgage brokers by selling risk management and insurance properties to businesses. It pays well because of the residuals. Businesses buy a policy, and then brokers get commissions. If the business renews the policy the following year, the broker gets paid again. Basically, you get a base salary for the first couple of years, and then you shift to pure commissions and residual splits after that.
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