Summary of Success
Business of Insurance Podcast
Episode 72 - If you’ve been listening to the last few episodes, we’ve been breaking down the steps you need to consider before starting a business. The concepts shared in these episodes are the foundation of building a successful business, no matter what kind. Bottom line in business is You Don’t Know What You Don’t Know You see, too many people jump into starting a business without doing any planning. Then they wonder why they aren’t finding success, as if business should just fall from the sky! For some people even if they don’t plan, they might get lucky but the majority of...
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Business Pre Planning Part 2
Business of Insurance Podcast
EP -71 If you haven't listened to episodes 65-71, they set the stage for this final episode on things to think about when starting your own insurance business. Regardless if you are starting an agency, an insurance company or a related business to the insurance industry like technology, claims or risk management, the concepts of starting a business are the same. These are discussed in these episodes and can help with your thought processes and planning. Pre-planning, part 2 provides ideas to implement 6-12 months before you are ready to open your doors. If you don't have a year to plan...
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Business Pre Planning Part 1
Business of Insurance Podcast
EP - 70 This episode provides additional insight into starting your own business in the insurance industry. We'll cover ideas to help you map out the process over the course of several months so you don’t have to do everything at one time. We'll talk about tasks that can be broken down over 12 months or done in 30 days if you don't have much time. Month 1 -2 Define your ideas - what area are you going into? Agency, carrier, claims, Life, health, will you just do something like work comp, airlines or medicare? Maybe you are thinking technology in the form of a CRM for insurance, maybe...
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Who Should Be On Your Team
Business of Insurance Podcast
EP 69 - We get training for being an insurance agent but we don’t get training for being a business owner. They are two completely different hats. If you want to succeed in Business you need to have a team. I was recently listening to another podcast with an angel investor and she said the first thing she looks for is who is on the team and what is their experience. You need a team. It’s nice to think you can do everything yourself, but something will be lacking if you don’t bring on help. So here’s what your team should look like. Accountant Consult with an accountant for...
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Understanding The Business Owner Mindset
Business of Insurance Podcast
Today’s episode is one of several episodes about how to get started in the insurance business. I’m not talking about becoming an agent, I’m talking to those of you that are thinking about starting an agency, an insurance company, or an an insuretech business. There’s a lot more to hanging a shingle that says you are open. As part of the planning process for starting a business there are some concepts to consider, these are about yourself. As exciting as it is to start a business, there’s a lot to consider. It’s not all glamor and glory! Most business owners would agree it’s a lot...
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How To Start A Business Without Failing
Business of Insurance Podcast
WHY DO BUSINESSES FAIL? EP 66 - In this episode, we are talking about the top 10 reaosns businesses fail and what you can do to keep your business from failing. This episode is one of several episodes about how to get started in the insurance business. I’m not talking about becoming an agent, I’m talking to those of you that are thinking about starting an agency, an insurance company, or an an insuretech business. These are real issues to consider. It’s geared for those of you who are thinking about getting started or those that have started and are looking for ideas to build a better...
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Don't Be Fooled By Entity Structures
Business of Insurance Podcast
SET UP YOUR BUSINESS PROPERLY EP 65 - Today’s episode is one of several episodes about how to get started in business. Some of you might be working for someone now and thinking about going off on your own and some of you might just be entering the industry and doing so as an independent. If you are in either of these two categories or if you are someone that works with agents that are working independently, this episode is for you. I started in this industry on the property and casualty side and quickly moved into commercial insurance when I started. Working with my dad, his personal...
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Risk Management Basics
Business of Insurance Podcast
SMALL THINGS MAKE A BIG DIFFERENCE EP 64 - Todays episode was inspired by a recent CE class on Ethics. There were many great ideas shared, in a boring ethics class, but the tips I'm sharing today were from the discussion. There was actually a list of 50 risk management tips and I've taken 10 of them and offered my thoughts on them from my own experience in the industry. States didn't always require ethics, it's only been a requirement for about 20 years. When I first entered the busines we didn’t have to take ethics. It’s a good refresher but it can also be boring! I’ve...
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Making An Impact
Business of Insurance Podcast
THERE IS MORE TO THIS INDUSTRY THAN MAKING MONEY EP 63 - Like teachers, social workers and doctors and nurses, you have the power to make a difference. This episode provides three examples of how people have benefited from having a solid insurance policy and an agent that will works for them. It also talks about a few situations where agents need to do a little more to protect the people they serve. CHECK OUT OUR SPONSOR: This is a mailing service I’ve been using for over a year now and I love them. I send all of my birthday cards, thank you cards and marketing post cards from this...
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Continuing Education Thoughts
Business of Insurance Podcast
STAYING FOCUSED ON A MONITOR FOR 8 HOURS EP 62 - This episode is about getting CE credits As a CIC, we are required to do annual updates and the classes are usually a deep dive into a topic that you won’t find elsewhere. I’ve done updates every year since 1992. In 2012 I did an update and received a certificate that I had been a CIC for 20 years. To my surprise that meant that I only had to do my CIC update every other year now, instead of every year. This created CE issues for me because I need 24 hours of CE’s a year in my state and since the CIC updates are only 16 hours, I’ve...
info_outlineWHY DO BUSINESSES FAIL?
EP 66 - In this episode, we are talking about the top 10 reaosns businesses fail and what you can do to keep your business from failing.
This episode is one of several episodes about how to get started in the insurance business. I’m not talking about becoming an agent, I’m talking to those of you that are thinking about starting an agency, an insurance company, or an an insuretech business.
These are real issues to consider. It’s geared for those of you who are thinking about getting started or those that have started and are looking for ideas to build a better business.
Every business has similar issues. It doesn’t matter if you are an insurance agency, a contractor or a tech company. If you are running a business you will have similar challenges. So before you open your doors, before you invest in the expansion, give some thought to these concepts and work through them before you take the next plunge!
So to recap reasons why businesses fail:
- Lack of a marketing plan - Before you open your doors, have a marketing plan - if you take nothing else from this episode, it should be plan, particularly having a marketing plan.
- Missed market shifts - are you entering an area that is shifting? Is this the time to be a flood expert? Is this the time to sell long term care? Is this the time to be a virtual office or to have a brick and mortar location?
- What is your plan to provide great customer service? If you are a solo preneurer, can you handle 20 calls a day, do your accounting, quoting and marketing? While your clients must come first, it’s essential to have a plan to manage this
- Are you overexpanding before you are ready? How much more successful can you be if you just have one location?
- What do you know about your accounting?
- What is your management style? Poor management is the fastest way to have high turnover and lose business. Are you a control freak? Are you meak and mild? If so, take a look at your management style. If you don’t have the skillset, takes some classes on how to effectively manage or hire a good manager as soon as you can.
- Location - Can you prospects find you? Does your office feel inviting? Do you need a location?
- Motivation - why do you really want to open your own business? Makesure you are doing it for the right reasons.
- Life’s distractions - do you have support if life gets in your way? What does that look like?
- Lack of planning - I mentioned that you need a marketing plan but you also need a business plan. It doesn’t need to be a 50 page document but you do need a plan. Something to track and measure your success. Would you take a trip without a map? It’s not different with your business. Remember, FAIL TO PLAN, PLAN TO FAIL.
Remember, these are all just different reasons why businesses fail. Some of them you can’t predict and some of them with some adjustments you can easily course correct. Having a realistic plan will really help you to see great results.
I don’t want you to fail, I want you to succeed. But if you don’t have experience running a business, these are concepts you need to think about to increase your chances for success!
UNTIL NEXT TIME
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ABOUT THE HOST
This episode of the Business of Insurance podcast is produced and hosted by Debbie DeChambeau, CIC, AAI, CPIA - an entrepreneur, business advisor, insurance professional and content creator. Her goal is to inspire you to think differently and explore ideas that disrupt the status quo.
Debbie has an extensive business and marketing background with a focus of helping insurance professionals be more successful.
She is the co-author of Renewable Referrals and produces two other podcasts, Divorce Exposed and Seniors We Love.