Commissions, Bonuses & Incentives
The field of sales can be a very lucrative venture for anyone willing to invest the time and effort required to make their sales numbers. Sales puts you in charge of your financial future and can give you a lifelong career that will be satisfying and provide you with financial freedom. It’s no secret that you have to sell in order to make money and be successful. The more you sell the more you will make and vise Versa.
Most sales jobs are based on commission. A commission means that for every product you sell you will receive a percentage of the profit. If you sell a 150-dollar vacuum cleaner and your commission on that product is 5 percent you will have 7.50 added to your paycheck every time you sell one. This may not sound like much, but if you make 9.00 per hour and work full time this can add up. If you sold 60 vacuum cleaners in the pay period and worked 40 hours you would make 450 in commission and 360 in base pay bringing your gross total to 810 every week. Not too shabby for selling 30 vacuums a week. Another example could be basic commission for a car salesman. He makes 11.00 per hour and makes a commission of 100 for every compact car, 150 for every sedan, 200 for every truck and 250 for every SUV. This week the salesman worked 40 hours and sold 3 compact cars 2 sedans a truck and 2 SUVs. At the end of the week he made 440 in base pay plus 750 in commission bringing his gross total for the week to 1190 dollars. The more you sell the more you make.
Bonuses and Incentives
Most companies offer their sales reps bonuses and incentives to keep them motivated and excited about selling for the company. An example of a basic incentive would be every time you sell 100 products you get an extra 100 dollars on your paycheck. Or when you reach 500 products sold you get a 200 gift card to your favorite retailer. These incentives give the sales rep a goal to achieve and something to look forward to for all the hard work they put in. A bonus is similar to an incentive, but it is usually given after a predetermined amount of time. For example, every quarter your company might reward the top 5 sales reps with 500 dollars’ cash. This money is a bonus on top of all the incentives the top 5 sales rep may have already received. Once again the more you sell the more you make. You get out of selling what you put into it. You are in control of how much money you get on your paycheck. If you sell very little your paycheck would be relatively smaller than if you sold more.
So, in selling you don’t get what you deserve, you get what you sell!