It is possible to build a profitable, sustainable Insurance business if you understand the components of building a good business.
Anyone who enters into the Insurance sales field should start off looking at this as a business. Anytime you work for someone and you are not receiving a guaranteed wage (such as working on a commission) you are in business for yourself. If you sell no policies, you get no commission which means no paycheck.
That being said, let me offer you some principles on building a profitable insurance business;
1) Determine exactly what business you are in – What exactly do you do in Insurance sales? What is your product? Who is your client?
For example, if you sell Medicare Supplements, your clients will not be single 25 year olds. If you sell annuities your clients will not be college students.
Establish upfront that you are in the business of providing insurance policies to people who need and want them. The types of policies you sell may vary(life, health, annuities, auto, home, etc) and no one is really successful trying to sell them all. You must determine what business you are in so that you can determine who your client should be. Dont market to the world; market to your niche!
2) Learn to work ON your business, not IN your business – many people in business fail because they focus too much time doing things in their business. Your job as an insurance agent is not to do everything but to make sure everything gets done. You have to look at your business from a global perspective. See what is and isn’t working. What are you doing that is making you money and what is costing you?
3) Staff to your weaknesses – we all have weaknesses. Instead of spending a lot of time trying to strengthen your weaknesses, staff to them. Find out what you are not good at and then get other people who are good at that to do the work for you. Get administrative help if you are weak administratively. Have someone make your calls fo you if you are not good on the phone. There are always people available who are strong in what you are weak at.
4) Focus on your strengths – every person who has ever done great things did it by focusing on their strengths. Larry Bird was a great basketball player known for hitting big shots. Every morning he shot 500 free throws to improve his accuracy. He was and still is one of the best big men to ever play the game know for his shooting prowess. Build your business on the things you are good at.
5) Delegate, delegate, delegate – Get help. Many companies you get contracted with will have administrative help. Use them. Hire outside contractors to help you build your business.