Is my plan for insurance realistic as an agent?

[Andrew G]

Hello, I have been an agent for about 12 years and have always worked under agencies but I wanted to go on my own and wondered if my plan seems realistic?

I sell U65 health, ACA, Ancillaries and Life

Is starting with 10k and a good lead source enough to really fund the business long term? Im being offered a generous advance and good comp levels and the math seems to make sense. Obviously discipline is everything in making a business work so I know thats half the battle. If im budgeting 5k weekly as my lead budget and I am able to generate 10-15 sales per week can I just run this solo?

I talk to some people and they say a minimum of 100k is needed and everyone seems to have a different number.

I would be working from home, just me, no customer service or other paid employees.

Has anyone found success in a similar scenario?

Also im still shopping contracts for ACA/Short Term/Indemnity/GI life products/Final expense(My biggest thing is being able to submit electronic applications)

 

[FRJ]

With a 5K weekly marketing/lead budget...I'd have a harem of honeys catering to all my needs.

 

[DHK]

You certainly have more than enough capital compared to the products you are planning on selling.

I'm not affiliated with The Appointment Firm, but my friend and fellow Facebook group moderator Joshua Makinen, has his own program on developing ACA leads using Facebook in several states. He recommended a budget of $100 a day ($3,000 a month) for Facebook leads - exclusive to you.

These are some of his top agent's rankings using his methods:

This one, the claim is that this person only worked 10 hours to generate these results:

Here's his overview of how he works with agents.



I'm not telling you to go with him. I'm only saying that with your resources wisely deployed, selling recurring revenue products, you could do very well.

To be fair, @HoosierLife also has his own ACA sales plans for new agents:

 

[QuoteQuester]

Venturing out as an independent insurance agent after years of experience can be both exciting and challenging. Here are some considerations based on your plan:

1. Starting Capital: $10k as starting capital may seem modest, but it largely depends on your business model. If you have a low overhead, as you plan to work from home and not hire staff initially, this could be feasible. However, ensuring you have enough runway to cover your living expenses and business costs while you build your client base is crucial.
   
   
2. Lead Source: Having a reliable lead source is crucial. As you've pointed out, a good lead source can cost a significant portion of your budget. Your plan to allocate $5k weekly to leads indicates you're ready to invest heavily in this area, which could indeed drive sales.
   
   
3. Sales Volume: Aiming for 10-15 sales a week is ambitious, but it's something you might be able to achieve given your experience. The conversion rate of leads to sales will be a key metric to monitor.
   
   
4. Cash Flow Management: With advances and commission levels, ensure that you understand the timing of cash flows. The advances will help, but you'll need to manage the cash flow meticulously to ensure sustainability.
   
   
5. Contracts and Technology: It's essential to have your contracts in place. The ability to submit electronic applications is a must in the current market for efficiency and meeting customer expectations.
   
   
6. Financial Planning: It would be beneficial to create a detailed financial plan, factoring in all potential costs and revenues. This will help you understand the viability of your business model better.
   
   
7. Discipline and Execution: As you correctly noted, discipline is vital. Your ability to stick to your budget and sales plan will greatly influence your success.
   
   
8. Buffer and Contingency Planning: While some suggest a much larger capital requirement, it's also important to have a buffer for unexpected expenses or slower sales periods.
   
   
9. Risk Assessment: Ensure that you have assessed all risks, including market changes, competition, and your ability to maintain sales volume.
   
   
10. Networking and Support: Since you'll be operating solo, building a network of peers for support and advice can be invaluable.
    
    
11. Review and Adapt: Be prepared to regularly review your business plan and adapt as necessary. This might include adjusting your lead budget based on the quality and conversion rate or exploring additional revenue streams.
    

In summary, success in such a venture is certainly possible, and many agents have found success in similar scenarios. The key will be careful planning, diligent execution, and the ability to adapt. It's also worth noting that while advice from others is useful, each situation is unique, and your decision should be based on a thorough analysis of your particular circumstances. Consulting with a financial advisor or a business consultant who understands the insurance industry could provide you with more personalized guidance.

 

[goillini52]

Venturing out as an independent insurance agent after years of experience can be both exciting and challenging. Here are some considerations based on your plan:

1. Starting Capital: $10k as starting capital may seem modest, but it largely depends on your business model. If you have a low overhead, as you plan to work from home and not hire staff initially, this could be feasible. However, ensuring you have enough runway to cover your living expenses and business costs while you build your client base is crucial.
   
   
2. Lead Source: Having a reliable lead source is crucial. As you've pointed out, a good lead source can cost a significant portion of your budget. Your plan to allocate $5k weekly to leads indicates you're ready to invest heavily in this area, which could indeed drive sales.
   
   
3. Sales Volume: Aiming for 10-15 sales a week is ambitious, but it's something you might be able to achieve given your experience. The conversion rate of leads to sales will be a key metric to monitor.
   
   
4. Cash Flow Management: With advances and commission levels, ensure that you understand the timing of cash flows. The advances will help, but you'll need to manage the cash flow meticulously to ensure sustainability.
   
   
5. Contracts and Technology: It's essential to have your contracts in place. The ability to submit electronic applications is a must in the current market for efficiency and meeting customer expectations.
   
   
6. Financial Planning: It would be beneficial to create a detailed financial plan, factoring in all potential costs and revenues. This will help you understand the viability of your business model better.
   
   
7. Discipline and Execution: As you correctly noted, discipline is vital. Your ability to stick to your budget and sales plan will greatly influence your success.
   
   
8. Buffer and Contingency Planning: While some suggest a much larger capital requirement, it's also important to have a buffer for unexpected expenses or slower sales periods.
   
   
9. Risk Assessment: Ensure that you have assessed all risks, including market changes, competition, and your ability to maintain sales volume.
   
   
10. Networking and Support: Since you'll be operating solo, building a network of peers for support and advice can be invaluable.
    
    
11. Review and Adapt: Be prepared to regularly review your business plan and adapt as necessary. This might include adjusting your lead budget based on the quality and conversion rate or exploring additional revenue streams.

In summary, success in such a venture is certainly possible, and many agents have found success in similar scenarios. The key will be careful planning, diligent execution, and the ability to adapt. It's also worth noting that while advice from others is useful, each situation is unique, and your decision should be based on a thorough analysis of your particular circumstances. Consulting with a financial advisor or a business consultant who understands the insurance industry could provide you with more personalized guidance.

Nice AI. Is it Chat Bot?

 

[QuoteQuester]

It's a mix of two bots we are working on.

 

[Medigap Bill]

Has anyone used The Appointment Firm?

 

[Newby]

$5,000 per week on leads should land you in the Guinness Book of World Records. That’s a lot!

 

[somarco]

$5,000 per week on leads should land you in the Guinness Book of World Records

Or AA . . .

 

[marindependent]

Nice AI. Is it Chat Bot?

Was it that obvious?