Attention New Agents: Write a Business Plan

I am one of those who jumped into this business knowing nothing about insurance and with totally no kind of plan except to do what was necessary to make it happen. I blindly bought into the "we will train you and provide you with leads". What more could I ask for?

My training consisted of being handed a Medicare Guide Book and my leads were a voter registration list for the county. It had dates of birth on it. I spent one day riding with an "experienced agent". I saw him make two sales using what I felt were less than ethical techniques. That was enough of riding with him.

I in essence did everything they told me wouldn't work and the things they told me not to do. I was not impressed with their training nor the agents that worked there.

I used common sense and followed the path that was the most logical. I made several sales the first month and earned about $2,000 in commission. This was in 1993. I decided I was not a "salesman" and did much better educating people and guiding them to the plan that was the best one for them, not the one I was told to sell. The manager was not happy with me.

Would I do it again? Knowing what I know now, not sure. It was one hell of a ride. However, at the time I had supreme confidence in myself and had never really failed at anything I had tried in the past.

My first year was tough. It did do several things for me though. I learned how to prospect using the voter's registration list and phone books in small towns around Missouri and cold calling. (Cold calling worked then and is still working for me.) I learned to identify seniors in the phone book by their first name. That could be done at that time.

There weren't any "leads" back then. The only leads were one's I was able to generate on the phone. It did do one thing for me, it forced me to literally become an expert on the product I was offering and how to present it without coming across like the public's perception of who they thought an insurance agent was.

I worked my ass off six and seven days a week. As a result I started breaking production records in the office I worked in.

My "business plan" was to not fail regardless of what I had to do. I guess I was lucky or just plain determined because it worked.

[FONT=&quot]I'm willing to bet that many of the successful agents on here who have been doing this for a long time have a similar story to tell.[/FONT]
 
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Before we pile on for resurrecting old threads can we decree the Stastny exception? His input, even posthumous, is good to see, no matter how old, especially for those of us who came upon this forum after his untimely passing.

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Josh: Your post makes sense and those that go on to become successful agents will follow you advice... But for the rest, it will still be a lot easier just to post on the forum, "I have my license..now what?" than to put forth the effort to develop a business plan.

Lol. Yep who has time to plan. All I want is millions....I will do whatever it takes.
 
Lol. Yep who has time to plan. All I want is millions....I will do whatever it takes.

Mah if you fail to plan, then you plan to fail. A plan is nothing more than a road map to get you where you want to be. Surely you would not set out on a road trip from LA to lake Mead without any idea how you were going to get there. People who are successful plan each day, week, month, year , decade in advance.. Along the way they may have to make adjustments to their plan but they do not leave things to chance.
 
Mah if you fail to plan, then you plan to fail. A plan is nothing more than a road map to get you where you want to be. Surely you would not set out on a road trip from LA to lake Mead without any idea how you were going to get there. People who are successful plan each day, week, month, year , decade in advance.. Along the way they may have to make adjustments to their plan but they do not leave things to chance.

A plan might just be a road map to get you where you want to be, but a business plan helps with strategic planning. It's not just enough to have a plan, a business that's going to succeed needs a strategy. I'm not generally a fan of books, but I took the time to read this: Amazon.com: The Strategist: Be the Leader Your Business Needs (9780062071019): Cynthia Montgomery: Books.

As business owners we have to decide our future. We need to answer a number of questions, not the least of which is "what are 10 things I can do to make my business thrive?" The book asks questions like "why does your business matter?" "What would your customers do if you closed shop?" It's not just enough to say you're going to buy leads from this source or the other source, it's a matter of taking ownership of your future. One of the things the book points out is that you can't outsource your strategy. Too many agents are ill-prepared to run their own business and rely on their uplines to be their strategy. The uplines are a business partner for success, but an agent needs to own their future.

Cynthia Montgomery does a great job on this book and if you're even remotely an independent agent you should definitely spend the less than $20 it costs to read through it.
 
A plan might just be a road map to get you where you want to be, but a business plan helps with strategic planning. It's not just enough to have a plan, a business that's going to succeed needs a strategy. I'm not generally a fan of books, but I took the time to read this: Amazon.com: The Strategist: Be the Leader Your Business Needs (9780062071019): Cynthia Montgomery: Books.

As business owners we have to decide our future. We need to answer a number of questions, not the least of which is "what are 10 things I can do to make my business thrive?" The book asks questions like "why does your business matter?" "What would your customers do if you closed shop?" It's not just enough to say you're going to buy leads from this source or the other source, it's a matter of taking ownership of your future. One of the things the book points out is that you can't outsource your strategy. Too many agents are ill-prepared to run their own business and rely on their uplines to be their strategy. The uplines are a business partner for success, but an agent needs to own their future.

Cynthia Montgomery does a great job on this book and if you're even remotely an independent agent you should definitely spend the less than $20 it costs to read through it.

Guess it a question of semantics.. I consider the business strategy as part of the business plan. The plan consists of setting the goal you want to achieve and the strategy on how to achieve it.
 
Guess it a question of semantics.. I consider the business strategy as part of the business plan. The plan consists of setting the goal you want to achieve and the strategy on how to achieve it.


Josh is wise...take notes. For a change you may start earning some living from this industry you've been in the past 50 years :D

Insanity is doing samething over and over and expecting different result :nah:
 
Josh is wise...take notes. For a change you may start earning some living from this industry you've been in the past 50 years :D

Insanity is doing samething over and over and expecting different result :nah:

I am glad you know my personal financial situation.

I agree Josh is wise but if you notice he is advising a person to have a business plan also. But of course you know better than anyone. Don't have a business plan, wander around in the dark with those shades on and you will do better than anyone on the forum. You probably will out achieve Shannon within a month or two and be ready to set yourself up as an IMO. That's where the real money is.

BTW, if you are confused as to what a strategy is, notice the definition #2. It is nothing more than a PLAN..

http://www.merriam-webster.com/dictionary/strategy

Mah, There have been a lot of people who have tried to help you. But as has been said on the forum time and time again by many different people, there is one thing can't be fixed and sadly you seem to have it.

Wish you the best.
 
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