My Plan.....insight Please

[Insurancedude1]

Hello everyone,
Nice to be on the forum. Only been browsing for a day or so and decided to jump in. Looking forward to some great advice. So here goes.... this will be kind of a rough draft of a business plan I am putting together for myself. Wont post everything because its long and detailed. First off, fixing my credit. I felt I wanted to be able to get a small amount credit card to pay for start up (Laptop, software, supplies, leads etc). I will pay for my appliation fee and test next friday. Hoping to have everything completed by end of next month. I am really wanting to focus on med sup and FE at this time. So after I feel I am set up and ready in comes some training and getting contracted with several different carriers. I will find a valuable lead source as well as do my own mailouts and working refferals of course. The wife has agreed to help make phone calls and set appointments for me. BTW I forgot to mention I am a full time paramedic and work **** work...plenty of time on my hands outside of work. AM I over thinking everything so far .... I feel like I am missing something really important!! I plan on researching different brokers in my area and abroad...but I feel like Im coming in half cocked...maybe when I finish my plan i will have a better understanding. I am one of those put it on paper kind of guys... Any advice on brokers or anything else for that matter is much appreciated...was seriously considering LH but, well, I used the search funtion........so thats out lol. Again criticism both positive and negative welcome...thanks

 

[jhuang]

Grats and good luck on your venture.

What state are you in? Med Supps depends on areas wig low Medicare Advantage penetration, otherwise you would have to farm harder in higher MA areas.

Best to do the research and find the rates first before contracting IMO.

 

[Josh]

A few thoughts in no particular order:

Why do you need a laptop and software? When I started selling life insurance less than 10 years ago I used an atlas instead of a gps, no laptop, just lead cards and paper applications, and I made about $7k in my first month. I don't expect your start will go as well, but the point is more that you may not want to buy a laptop if it's work related, because you probably don't need it.

Using your wife as an appointment setter might sound like a good idea, but you need to do your own calling.

Let me say that again, you need to do your own calling.

For the most part successful agents are successful because they are great at working bad leads. Good leads are hard to come by and a rookie agent usually doesn't even know what a good lead is when it let's them sit down at the kitchen table.

If you're going to do supps, you should do your own cold calling.

Did I mention you need to do your own cold calling?

Because you need to do your own cold calling.


Get your training, buy a list, start calling. If you want to do some mail too I would talk to Todd King (Todd King) and he has a lot of folks doing well with DM.

Lastly, do your own calling

 

[Frank Stastny]

So after I feel I am set up and ready in comes some training and getting contracted with several different carriers. I will find a valuable lead source as well as do my own mailouts and working refferals of course. The wife has agreed to help make phone calls and set appointments for me.

Finding a "valuable" lead source is like looking for hen's teeth. They don't exist. Doing "mail outs" will be very expensive and I don't think you will find them productive. Seniors mail the cards back out of curiosity , not because they are interested in making a purchase. Returned cards are not "warm" leads. They are cold calls just like you were calling out of the phone book.

Having your wife make phone calls will not be that productive either unless you can train her how to correctly use the phone. In order to do that you first have to learn how to do it successfully before you can teach someone else. Using the phone correctly is a learned, well practiced art.

To be successful you will have to learn to prospect. If you plan on using "leads" and having someone else make your calls I'm afraid you are taking the first step down the path to failure.

If you like, give me a call anytime. I think I can explain exactly what you will be facing and need to plan for when you start.

 

[Insurancedude1]

I am located in Houston Tx
Now my head is spinning and I'm rethinking everything lol. This is a good thing tho. Thanks everyone for the help. And the laptop was mostly for convience and organization Not really a necessity I know but want one for the house

 

[arnguy]

Sounds like a plan!

 

[Sales71]

I am shocked u do not have a computer at home. Just use the desktop. Anyhow just funny how insurance sales guru thinks. We left all your important question and focused on the lap top. LOL. Did I mention u do not need a lap top.

 

[Insurancedude1]

So are y'all saying I don't need a laptop????

 

[DHK]

If you don't have a printed ratebook, you'll need some kind of computer to print them out, or to generate quotes. I don't have experience in FE or Med Supps, so I don't know how your quoting will go with those.

To keep your capital costs low, you may want to consider a laptop from a cell phone company. You may find that you would really appreciate the convenience of wireless broadband internet, so why not get a subsidized laptop at the same time?

Acer 11.6'' AS1830T Notebook Netbook - Wireless from AT&T

Here's an Acer 11.6" computer with decent resolution and a decent processor. $99 out of pocket + monthly data plan. If your credit isn't great, you may need to pay a deposit.

I have an HP mini 210 netbook I got from Verizon Wireless for only $20 + $40/month for a basic data plan. I've upgraded it quite a bit and it simply works. It runs all my illustration software... well, except for MassMutual Designs. Seems too bloated, but I can always use their online illustration system without a hitch.

For the curious: I'm running Windows 7 Ultimate, Microsoft Office 2010 Professional, 2 GB RAM, 250 GB hard drive, Intel Atom N455, 6 cell battery with now about 4.5 hrs of life, 1076x600 resolution. I wish my resolution was better so I could use Frank's YIO program without doing my little "hack" trick to adjust the screen resolution. When I'm at home, I have it hooked up to a USB cooling fan, DVD burner, external hard drive, monitor, keyboard & mouse for a complete desktop replacement.

Again, I don't do Med Supps or FE. I can't tell you if you "must" have a computer or not.

Just beware of spending too much time on the computer instead of doing what you should be doing when you should be doing it. (I'm as guilty of it as anyone else.)
- - - - - - - - - - - - - - - - - -

I am shocked u do not have a computer at home. Just use the desktop. Anyhow just funny how insurance sales guru thinks. We left all your important question and focused on the lap top. LOL. Did I mention u do not need a lap top.

A computer can be a great study aid in preparation for the licensing exams. Taking practice tests to get a feel of the actual exam is very valuable. I'm not sure I would've ever passed any of my exams without computer-based practice tests.

 

[Frank Stastny]

If you don't have a printed ratebook, you'll need some kind of computer to print them out, or to generate quotes. I don't have experience in FE or Med Supps, so I don't know how your quoting will go with those.

To keep your capital costs low, you may want to consider a laptop from a cell phone company. You may find that you would really appreciate the convenience of wireless broadband internet, so why not get a subsidized laptop at the same time?

Acer 11.6'' AS1830T Notebook Netbook - Wireless from AT&T

Here's an Acer 11.6" computer with decent resolution and a decent processor. $99 out of pocket + monthly data plan. If your credit isn't great, you may need to pay a deposit.

I have an HP mini 210 netbook I got from Verizon Wireless for only $20 + $40/month for a basic data plan. I've upgraded it quite a bit and it simply works. It runs all my illustration software... well, except for MassMutual Designs. Seems too bloated, but I can always use their online illustration system without a hitch.

For the curious: I'm running Windows 7 Ultimate, Microsoft Office 2010 Professional, 2 GB RAM, 250 GB hard drive, Intel Atom N455, 6 cell battery with now about 4.5 hrs of life, 1076x600 resolution. I wish my resolution was better so I could use Frank's YIO program without doing my little "hack" trick to adjust the screen resolution. When I'm at home, I have it hooked up to a USB cooling fan, DVD burner, external hard drive, monitor, keyboard & mouse for a complete desktop replacement.

Again, I don't do Med Supps or FE. I can't tell you if you "must" have a computer or not.

Just beware of spending too much time on the computer instead of doing what you should be doing when you should be doing it. (I'm as guilty of it as anyone else.)
- - - - - - - - - - - - - - - - - -


A computer can be a great study aid in preparation for the licensing exams. Taking practice tests to get a feel of the actual exam is very valuable. I'm not sure I would've ever passed any of my exams without computer-based practice tests.

Med Supps are among the easiest to quote. Look at the rate sheet that the company sends, put your finger on the prospects zip code and age and the rate you see is the rate they pay.

In my opinion using a quote engine is a waste of time. It takes so much longer to input data then to simply glance down at the rate sheet. I already know the most competitive company if I'm licensed to sell in that state. I don't need a quote engine to tell me that.

I'm not sure why everyone is talking about a lap top. Do you know? If cost is an issue PC is so much cheaper. I would never take a laptop on an appointment for Med Supps.