Realistic Goals/business Plan

[rccola]

Hello everyone -


This is my second post on this site and I appreciate all the feedback on my initial post! I am nearing my start date for training (Nov 4th) and I need to set some goals and create a business plan. As I am new to insurance, I have no idea what is realistic. If anyone would be able to assist me I would greatly appreciate it.

Here is some info of my company:
P&C and L&H lines
Scratch agent
36,000/year stipend
Will be starting with my own office($750/month stipend)
$750/month stipend for secretary

Basically I am trying to set goals regarding: first year income(realistically), when to hire a producer, when to hire a secretary etc. also to be able to set benchmarks to meet along the way!

Again, any help would be greatly appreciated!

Thanks!

 

[bigjake]

All I want to know is where I can find an office and secretary for 1500/month. Do you know yet how much that will actually cost you?

 

[rccola]

All I want to know is where I can find an office and secretary for 1500/month. Do you know yet how much that will actually cost you?

Their stipend isn't meant to cover the entire cost, just to help. However, I did find an office with reception area in a professional building for $650/month including all utilities. I will be sharing the building with a couple Doctors and a few attorneys.

 

[moonlightandmargaritas]

Scratch agent

I'm assuming you understand you've got a mighty tough row to hoe?

Forget about wasting time on a "business plan", focus on one thing only: how you're going to get a steady stream of prospects attracted. A "marketing plan" is what is essential.

Everything thing else is academic. Until you've got this accomplished, don't waste time worrying about hiring a secretary, producer, etc.

A "first year income goal" is nearly impossible to ascertain, and will be nothing more than a guess - and not even an educated one at that.

Bon chance!

 

[rccola]

I'm assuming you understand you've got a mighty tough row to hoe?

Forget about wasting time on a "business plan", focus on one thing only: how you're going to get a steady stream of prospects attracted. A "marketing plan" is what is essential.

Everything thing else is academic. Until you've got this accomplished, don't waste time worrying about hiring a secretary, producer, etc.

A "first year income goal" is nearly impossible to ascertain, and will be nothing more than a guess - and not even an educated one at that.

Bon chance!

Well I appreciate the response. I am aware of the challenges ahead but I am more looking for solutions or tips than just road blocks alone.

I understand there is a lot of uncertainty, but that is with any business. I can't imagine not having a roadmap and goals to aim for.

 

[moonlightandmargaritas]

I am aware of the challenges ahead but I am more looking for solutions or tips than just road blocks alone.

I gave you the best, most valuable tip you are ever going to get - but it looks like you missed it!

 

[rccola]

I gave you the best, most valuable tip you are ever going to get - but it looks like you missed it!

As I said, I appreciate your point on creating a marketing plan an focus ok clients. Thanks again for that!

Just for my own barometer, I'm trying to set milestones etc.

 

[bigjake]

Their stipend isn't meant to cover the entire cost, just to help. However, I did find an office with reception area in a professional building for $650/month including all utilities. I will be sharing the building with a couple Doctors and a few attorneys.

I Know well that it is only a stipend. 650 is not a great deal if you are paying :

Parking? Will clients have access to you?
Additional costs for secretary:??
REST OF THE SALARY
Withholding/SS Match on Secretary
Dept of Labor- state and federal
Workers Comp
Medicare Match
Insurance???

Liability for the office
E&O

TELEPHONE??
# of Lines
Fax (with a land line)*
*you can go wireless with fax, but you have to have SECURE internet connection.

Commercial rates may apply to phone lines and/or listings...

I wasn't being a smart---, just trying to let you in on the fact that your stipend will not go that far. Good luck

 

[rccola]

I Know well that it is only a stipend. 650 is not a great deal if you are paying :

Parking? Will clients have access to you?
Additional costs for secretary:??
REST OF THE SALARY
Withholding/SS Match on Secretary
Dept of Labor- state and federal
Workers Comp
Medicare Match
Insurance???

Liability for the office
E&O

TELEPHONE??
# of Lines
Fax (with a land line)*
*you can go wireless with fax, but you have to have SECURE internet connection.

Commercial rates may apply to phone lines and/or listings...

I wasn't being a smart---, just trying to let you in on the fact that your stipend will not go that far. Good luck

Oh I didn't think you were being smart. I appreciated the feedback!

 

[bigjake]

Your welcome. I swore off employees a while back for all those tacky accounting issues. Better to 1099 everyone on commission/contract work-license everyone you can with the same carriers, let the carriers sort out the accounting, but that you will know as you grow.

Positioning yourself near Doctors may be of value to you though. A lot of older people want to "go and see about" business in my market. I am not sure of your market, or to whom you are marketing, but I would daresay if your office is near Doctors, and you market to seniors, then you made a good choice. A lot of older women who live alone will not give appointments in the home anymore here. Since I moved my office closer to the medical district, I have had better results.

That was just food for thought.