My New Business Startup Case Study: Build A Nationwide Business From Scratch

In my first post, I talked about the four strategies I wanted to use to make money online. If you recall, the fourth strategy was to create an offline business that had an online presence.

While I am working on my AdSense case study, I’m also working on these other strategies. Today I wanted to talk about my business startup and what’s going on there.

For nearly 25 years, I’ve been in the insurance business. For most of that, I have represented one carrier as an independent agent selling insurance to employees of groups I worked with. I loved the insurance company. They treated us fantastic because we wrote a lot of business.

The only problem is that in order to work with that insurance company, I had to work through a partner who eventually sold his business to another company and that put me in a position to have to work through them, effectively screwing me in my opinion.

Had I known when I started building a book of business that I wouldn’t be able to get it out from under my partner, who by the way promised me it would be mine at some point, I would have never built the book in the first place.

Because of the way the business works, that’s pretty much the way it has to be.

When I started working on my book of business, I did so because I didn’t want to be an employee for some company. I did it because I wanted independence.

As it turns out, in order to be successful working for them, I have to do most of the work. Yet, I still give the same percentage of the commission to them even though they don’t provide the support I’m technically paying for and I still have the same problem in that I don’t own my own book of business.

So, as much as I hate to end that relationship with that insurance company, what I did was sit down and make a list of criteria of what I was looking for in a new insurance company and see if I could find one. This list had about 40-50 things on it.

After some research, I finally found a carrier that met nearly every one of my criteria.

Number one on the list of things that I was looking for was a competing insurance company who had no presence in my territory. I figured that it didn’t make sense to go to carrier that had business in place already. That would be one less case I could sell.

Number two on my list of criteria was some protection from the company against competitors like my original partner had.

With those two essentials met, and most of my other criteria met as well, I contacted the company and requested a contract.

That contract was formally approved today and that puts me in a position to begin work now.

I’ve got a vision here of a nationwide agency, but I’m just one guy at the moment, with no clients and no sales force.¬†Everything starts with a dream and is completed through small actions taken on a daily basis.

The first order of business is to start working on sales. I am unable to work with my current clients because of a non-compete agreement which means that I’ll need to start from scratch. Starting from scratch will prove to be a challenge. To make it even harder, I don’t have a lot of extra cash because I’ve kind of been in limbo and haven’t been able to keep my income up.

My current objective is ten new accounts per year.

Once I’ve got some sales going, then I’ll turn my attention to getting some help and then to developing a sales force. My goal is to find about 10 commission only sales people also producing 10 new accounts per year just like me.

To support my business, I have secured two domain names that I’ll be using to work with it. Most likely, I will make these domain names public down the road.

I’ll be using them as prospecting tools and also to position myself as the expert in my type of work applying some of the principles from the other strategies to these as well.

These sites will need content as all do.

But for now, the focus will be ramping up sales which means that I need to get on the phone. I have targeted four types of industries I want to work with and put together a spreadsheet breaking down the prospects by category.

What I’ll have to do is start contacting these companies and figuring out who can decide to say yes to my offer.

Anyway, the great news today was that business can begin because I was awarded a contract.

More to come later.