You've stumbled upon the idea to build a insurance information business and now you're ready to take the next steps.
There's a lot to think about when building a business, so we put together a guide on how to get started, launch, grow and run your insurance information business.
We also provide you with real-life case studies and examples of founders running successful insurance information business (and how much💰 they're making today).
💡 Introduction To Starting An Insurance Information Business
Is Starting An Insurance Information Business Right For You?
There are many factors to consider when starting an insurance information business.
We put together the main pros and cons for you here:
Pros of starting an insurance information business
You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.
• Ability to start your business from home
It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!
• Little startup costs required
The cost to start a insurance information business costs significantly less money than most businesses, ranging anywhere from 62 to 23,259.
• Rewarding work
Starting a insurance information business can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.
With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.
• No overhead costs
To get your insurance information business started, there are no costs associated with overhead, storage, packaging, etc. This will save you a lot of time and money!
• Meaningful business connections
You never know who you will meet as a insurance information business. This could be the start of an incredible business opportunity!
• High margins
The gross margins for your insurance information business are typically around 90%, which is considerably high and allows you to grow your business and manage costs easily.
• Quick build time
The average time it takes to build your product is quick - typically around 7 months. This will allow you to bring your product to market faster.
• Pick & choose the clients you work with
Insurance Information Businesses have the ability to choose the clients they work with. You have the freedom to work with only a few loyal clients or with hundreds of clients!
• Control of workload
With starting an insurance information business, you have the unique ability to choose how little or how much you want to work. You also have the freedom to decide which projects you want to work on, and can turn down the ones that do not interest you.
• Gain exposure and experience
This career allows you to gain experience working for multiple different businesses - which will benefit your resume and also keep things interesting for you!
• Unlimited income potential
With starting an insurance information business there is no cap as to how much income you can make. The stronger your business skills and the more energy/time you put into your career, the more you'll make.
• You are your own boss!
With starting an insurance information business, you are the one to make decisions for almost all of the operations. Calling the shots can be empowering and liberating!
• Higher likelihood of getting referrals
This business is all about referrals, which can be a a very impactful way to attract and retain customers. It's critical that you have a great referral program in place that incentivizes your customers to tell their friends about your product.
• Simple business model
A insurance information business has the advantage of a simple business model, which makes launching and building the business more seamless.
• Control your own destiny
Starting An Insurance Information Business allows you to control every aspect of your life and make your own dreams come true every day.
• You can decide who you work with
Gone are the days of working in a toxic work environment with employees that you may not vibe with. As a small business owner, you get to decide who you work and surround yourself with.
• Express your opinions
With starting an insurance information business, you can express your opinions and knowledge to your audience, which allows you to build your own reputation and identity.
• You can work from anywhere!
Not only can you start your insurance information business from home, you can also run your business from anywhere in the world. This is the entrepreneur dream.
• You get to inspire others
Your business is one that encourages and inspires others, which in itself, can be very fulfilling.
• High Hourly Pay Rates
On average, the hourly pay rates are high for your insurance information business - which means quality of clients is often superior to quantity of clients.
• Never a dull moment
With starting a insurance information business, there is truly never a dull moment. Your job offers a lot of variety and allows you to meet interesting people from all walks of life.
• Various different ways to make money
With starting a insurance information business, there is not just one business model to choose from. This field is amazing in that there are various different ways to make money. Although this may complicate things, it's great to have different options and sources of revenue.
• Can build solid foundation of clients
It's unlikely you will have one-off customers as a insurance information business. Typically, you have a solid foundation of clients that use your product and services regularly.
Cons of starting an insurance information business
• Crowded Space
Competition is high when it comes to your insurance information business, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.
• Longer Sales Process
A insurance information business can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.
• Work can be inconsistent
As a insurance information business, the amount of work assigned to you and schedule tends to be more inconsistent, which may make your income less stable. It's important to set boundaries and budget accordingly based on the amount of work you plan to have.
• Lack of benefits
With a insurance information business, you are typically self-employed and responsible for finding your own insurance, which can be quite costly and time-consuming.
Often times, as a insurance information business, you typically work alone and do not have much face-to-face interaction with other team members.
As a insurance information business, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.
• No safety net
Typically, as a insurance information business, you do not receive a consistent pay-check and instead earn money based on your transactions each month. During the slow periods, you typically take away less since the job is based on commission. It's important to budget accordingly for the slow times.
• Stressful work
This line of work can be stressful for both you and your clients. This type of transaction is a significant financial decision for your client, so expectations are very high for you. Although this career path can be very rewarding, it also comes with its challenges and stressful moments.
• Time commitment
With starting an insurance information business, all responsibilities and decisions are in your hands. Although this is not necessarily a negative thing, work life can take over at times. This can place a strain on friends and family and add to the pressure of launching a new business.
• Be prepared to get out of your comfort zone!
Although this is exciting for some entrepreneurs, it can be a big challenge for others! You may find yourself in uncomfortable social and business situations, jumping into tasks and responsibilities you aren't familiar with, and pushing yourself as far as you can go!
• Minimal physical activity
A big part of starting a insurance information business is sitting at a desk for the majority of the day starting at your computer. Some may enjoy this, but others may struggle with sitting for the majority of your day without much physical activity.
• Learning Curve
When you start your own business, you no longer have upper management to provide you with a playbook for your roles and responsibilities. You should know the ins and outs of every aspect of your business, as every decision will come down to you.
• Easy target for criticism
Since your insurance information business has the ability to reach a large audience, you'll need to be able to handle criticism. The internet can be a cruel place, and regardless of your intentions, many people will disagree with you and even take their criticism too far. To survive in this industry, you'll need to have tough skin (or at least learn this along the way).
• The job can be demanding
This is one of the major disadvantages starting a insurance information business. It's important to understand that you may need to make yourself available on a 24/7 basis.
- THE HARTFORD (13.1K Alexa Ranking)
- MetLife (16.8K Alexa Ranking)
- Unemployment Insurance Minnesota (29K Alexa Ranking)
- Blue Cross Blue Shield (33.2K Alexa Ranking)
- The Allstate Blog (36K Alexa Ranking)
- Entrepreneur Business Blog - Revenue $10K/month
Let's take a look at the search trends for insurance information over the last year:
How To Name Your Insurance Information Business
It's important to find a catchy name for your insurance information business so that you can stand out in your space.
Here are some general tips to consider when naming your insurance information business
- Avoid hard to spell names: you want something easy to remember and easy to spell for your customers
- Conduct a search to see if others in the space have the same name
- Try not to pick a name that limits growth opportunities for your business (ie. if you decide to expand into other product lines)
- As soon as you have an idea (or ideas) of a few names that you love, register the domain name(s) as soon as possible!
Why is naming your insurance information business so important?
The name of your business will forever play a role in:
- Your customers first impression
- Your businesses identity
- The power behind the type of customer your brand attracts
- If you're memorable or not
It's important to verify that the domain name is available for your insurance information business.
You can search domain availability here:
Find a domain starting at $0.88
powered by Namecheap
Although .com names are the most common and easiest to remember, there are other options if your .com domain name is not available. Depending on your audience, it may not matter as much as you think.
It's also important to thoroughly check if social media handles are available.
As soon as you resonate with a name (or names), secure the domain and SM handles as soon as possible to ensure they don't get taken.
Here's some inspiration for naming your insurance information business:
- ExcessGroup check availability
- NationalCoverage check availability
- Fault Reinsurance Chronicles check availability
- The Sponsored Insurer Trading Co check availability
- Best Underwriting Pro check availability
- Unemployment Indemnity check availability
- Social Underwriting check availability
- Insurable Place check availability
- Underwriting International check availability
- Policy & Company check availability
- CompulsoryDesigns check availability
- Mutual Indemnity check availability
- The Mandatory Insurers Collective check availability
- Indemnity Chronicles check availability
- SupplementaryCollective check availability
- ComprehensiveCo check availability
- Best Policy check availability
- National Insurable Works check availability
- Insurance Policy International check availability
- OverInsurable check availability
- Enough Insurable Co check availability
- Contributory Insurer Designs check availability
- Private Policy check availability
- Sponsored Insurability check availability
- FaultIndemnity check availability
- Best&Company check availability
- Statutory Underwriting check availability
- Excess Insurer & Company check availability
- Personal Insurable Pro check availability
- Permanent Underwriting check availability
- Mandatory Insurability check availability
- Insured Collective check availability
- Marine Insurer check availability
- Term Insurers check availability
- ExtraSpot check availability
- Personal Underwriting Designs check availability
- Self Policy Place check availability
- PartialWorks check availability
- Insurer Designs check availability
- Cheap Indemnity Designs check availability
- Medical Insurability check availability
- ProfessionalInsurability check availability
- Age Insurance Policy Chronicles check availability
- AdditionalDesigns check availability
- Insurability Works check availability
- DentalInsured check availability
- The Fault Insured Pro check availability
- Fraternal Insured Trading Co check availability
- National Insured Trading Co check availability
- Cheap Insured check availability
- Professional Insurer Group check availability
- CompulsoryCollective check availability
- PartialInsurability check availability
- The Social Indemnity Pro check availability
- Fraternal Underwriting check availability
- Voluntary Insurable check availability
- BasedPro check availability
- Contributory Insured Designs check availability
- The Supplementary Coverage Works check availability
- Prepaid Insurers Chronicles check availability
- Adequate Reinsurance Collective check availability
- PartyCo check availability
- Contributory Insurance Policy Works check availability
- Marine check availability
- AdequateInternational check availability
- Unexpired Coverage check availability
- The Mutual Insurers Collective check availability
- CatastrophicPolicy check availability
- The Cost Policy Group check availability
- PrivateWorks check availability
- Age Insurers Works check availability
- MandatoryPlace check availability
- OrdinaryUnderwriting check availability
- Professional Coverage Designs check availability
- Excess Policy Pro check availability
- Subsidized Insurable check availability
- Additional Insurability check availability
- Social Policy Collective check availability
- Reinsurance Chronicles check availability
- The Temporary check availability
- Unemployment Indemnity Spot check availability
- PermanentPolicy check availability
- Insurance Policy Place check availability
- Insurers Pro check availability
- Insurer Co check availability
- Subsidized Policy check availability
- Unemployment Reinsurance check availability
- Policy Trading Co check availability
- The Extra check availability
- Catastrophic Insurability check availability
- The Private check availability
- Over Insurance Policy Designs check availability
- Dental Insurable Trading Co check availability
- Compulsory Indemnity Pro check availability
- Voluntary Insurability check availability
- FederalInsurancePolicy check availability
- OverPro check availability
- UniversalIndemnity check availability
- Partial Indemnity check availability
- Insurer Spot check availability
- Variable Insurable Designs check availability
- SponsoredInsurability check availability
- Mutual Insurer check availability
- IndustrialReinsurance check availability
- Voluntary Reinsurance Co check availability
- Surgical Insurability Pro check availability
- Universal Insurability Co check availability
- Term Insurable Pro check availability
- FaultInsurancePolicy check availability
- The Obligatory check availability
- CheapReinsurance check availability
- Reinsurance Spot check availability
- AdditionalCoverage check availability
- Mutual Insurability International check availability
- National&Company check availability
- The Voluntary Insurers Trading Co check availability
- The Age Policy & Company check availability
- FaultTradingCo check availability
- Ordinary Insurer Spot check availability
- Sponsored Reinsurance check availability
- MedigapGroup check availability
- ExtraInsurers check availability
- Insurers Works check availability
- Federal Underwriting check availability
- Extra Insurer Place check availability
- NationalTradingCo check availability
- The Supplementary Indemnity Group check availability
- Term Insurability check availability
- The Enough Underwriting Place check availability
- National Underwriting Pro check availability
- OrdinaryInsurers check availability
- CommercialSpot check availability
- Unexpired Insured check availability
- Underwriting Collective check availability
- Adequate Underwriting check availability
- Professional Reinsurance Trading Co check availability
- Private Insurability Place check availability
- Based Insurers Collective check availability
- Adequate Policy Collective check availability
- Unexpired Insurers check availability
- The Self check availability
- Adequate Indemnity check availability
- ProfessionalInternational check availability
- The Unemployment Insurability Collective check availability
- Obligatory Insurance Policy check availability
- VariableInsurancePolicy check availability
- SocialPlace check availability
- Insurer Works check availability
- Federal Indemnity check availability
- FederalChronicles check availability
- The Industrial Coverage & Company check availability
- Ordinary&Company check availability
- Variable Insured Collective check availability
- CommercialInsured check availability
- UnemploymentInsurable check availability
- The Permanent check availability
- Insured & Company check availability
- Mutual Insurance Policy International check availability
- Self Reinsurance Trading Co check availability
- The Partial Reinsurance Place check availability
- Fraternal Coverage Pro check availability
- Best Insurability Spot check availability
- The Partial Indemnity International check availability
- The Supplemental Policy & Company check availability
- SupplementaryTradingCo check availability
- CompulsoryPlace check availability
- Extra Indemnity Collective check availability
- Personal Insurers check availability
- The Ordinary Indemnity Spot check availability
- The Self Insurer Pro check availability
- ObligatoryInsured check availability
- Commercial Coverage International check availability
- The Unexpired Insurer Place check availability
- Permanent Reinsurance Chronicles check availability
- Enough Insurance Policy Designs check availability
- Based Coverage check availability
- Industrial Policy check availability
- Enough Insurers check availability
- SubsidizedInternational check availability
- PermanentWorks check availability
- The Mandatory Insurance Policy Chronicles check availability
- Insurability Pro check availability
- The Ordinary Insurable Works check availability
- Federal Insurability Place check availability
- SubsidizedReinsurance check availability
- Surgical Insurable Co check availability
- The Statutory Policy Co check availability
- Excess Coverage & Company check availability
- Adequate Insurers check availability
- The Contributory check availability
- Self Underwriting Collective check availability
- Sponsored Insurable check availability
- Double Insurance Policy check availability
- Obligatory Reinsurance check availability
- SicknessInsured check availability
- FraternalSpot check availability
- Coverage Co check availability
- Insurer & Company check availability
- Additional Indemnity Chronicles check availability
- Sickness Insurers Co check availability
- Adequate Insurable Place check availability
- Social Coverage & Company check availability
- Over Underwriting Place check availability
How To Create A Slogan For Your Insurance Information Business:
Slogans are a critical piece of your marketing and advertising strategy.
The role of your slogan is to help your customer understand the benefits of your product/service - so it's important to find a catchy and effective slogan name.
Often times, your slogan can even be more important than the name of your brand.
Here are 6 tips for creating a catchy slogan for your insurance information business:
1. Keep it short, simple and avoid difficult words
A great rule of thumb is that your slogan should be under 10 words. This will make it easy for your customer to understand and remember.
2. Tell what you do and focus on what makes you different
There are a few different ways you can incorporate what makes your business special in your slogan:
- Explain the target customer you are catering your services towards
- What problem do you solve?
- How do you make other people, clients, or your employer look good?
- Do you make people more successful? How?
3. Be consistent
Chances are, if you're coming up with a slogan, you may already have your business name, logo, mission, branding etc.
It's important to create a slogan that is consistent with all of the above.
4. Ensure the longevity of your slogan
Times are changing quickly, and so are businesses.
When coming up with your slogan, you may want to consider creating something that is timeless and won't just fade with new trends.
5. Consider your audience
When finding a catchy slogan name, you'll want to make sure that this resonates across your entire audience.
It's possible that your slogan could make complete sense to your audience in Europe, but may not resonate with your US audience.
6. Get feedback!
This is one of the easiest ways to know if your slogan will be perceived well, and a step that a lot of brands drop the ball on.
Ask friends, family, strangers, and most importantly, those that are considered to be in your target market.
Here's some inspiration for coming up with a slogan for your insurance information business:
- Lush Insurance, We Care
- Be Bold Insurance
- Simple Insurance, Built For You
- Fresh Insurance, We Are Here
- Creative Underwriting, Luxurious Indemnity
- Get Your Luxurious Insurance
- Luxurious Insurance, Our Care
- Be Elegant Insurance
- A Elegant Insurance
- Get Your Classic Insurance
- The Most Luxurious Insurance
- Classic Insurance Policy, Simple Insurance Policy
- Experience Bold Insurance
- A Lush Insurance
- Be Luxurious Insurance
- Luxurious Insurance, Our Care
- Get Your Confident Insurance
- Creative Insurance, Take A Seat
- World's Creative Insurance
- Confident Policy, Brilliant Coverage
- Timeless Luxurious Insurance
- Brilliant Policy, Amazing Indemnity
- Get Your Simple Insurance
- Tasteful Casualty, Quality Health
- Timeless Tasteful Insurance
- A More Classic Insurance
- Fresh Insurer, Simple Policy
- Fresh Medicaid, Fresh Insurers
- The Lush Insurance
- Amazing Medicaid, Simple Insurance Policy
- Beyond Reinsurance, Tasteful Reinsurance
- Your Confident Insurance
- Get Your Tasteful Insurance
- Elegant Insurance, Let's Get To Work
- A Fresh Insurance
- Luxurious Health, Lush Coverage
- Be Bold Insurance
- Fight for Beyond Insurance
- Classic Casualty, Simple Insuring
- Elegant Insurance, Better Results
- The Most Confident Insurance
- A Tasteful Insurance
- Find Your Luxurious Insurance
- Beyond Insurance, Satisfaction Guaranteed
- The Lush Insurance
- Find Your Classic Insurance
- Find Your Lush Insurance
- Fresh Insuring, Simple Reinsurance
- Classic Pension, Lush Pension
- A More Creative Insurance
- World's Fresh Insurance
- World's Luxurious Insurance
- Fight for Tasteful Insurance
- Beyond Coverage, Brilliant Underwriting
- Amazing Insurance, We Care
- A Fresh Insurance
- A More Bold Insurance
- Fight for Classic Insurance
- Fight for Brilliant Insurance
- Experience Creative Insurance
- Your Classic Insurance
- Quality Insurance, We Take Care Of You!
- Be Confident Insurance
- Amazing Insurer, Tasteful Insurability
- The Most Luxurious Insurance
- Beyond Insurance Policy, Beyond Insuring
- Simple Insurance, Built For You
- Fight for Classic Insurance
- Tasteful Insurable, Amazing Indemnity
- More Bold Insurance
- World's Creative Insurance
- Find Your Tasteful Insurance
- Find Your Beyond Insurance
- Luxurious Reinsurance, Amazing Reinsurance
- Creative Insurance, We Care
- Beyond Insurers, Brilliant Indemnity
- Brilliant Insurers, Classic Insurers
- Brilliant Insurance, Our Care
- Classic Insurance, Built For You
- More Quality Insurance
- Lush Underwriting, Confident Pension
- Get Your Lush Insurance
- Fresh Reinsurance, Confident Underwriting
- Elegant Medicaid, Beyond Insurability
- Luxurious Insurance Policy, Lush Medicaid
- World's Brilliant Insurance
- Be Amazing Insurance
- Elegant Insurance, Better Results
- Creative Insurable, Luxurious Pension
- Bold Insuring, Classic Casualty
- Experience Bold Insurance
- Redfine Elegant Insurance
- Classic Insurable, Fresh Casualty
- Beyond Insurance - A New You
- Timeless Brilliant Insurance
- Creative Policy, Classic Coverage
- Bold Insurance, We Take Care Of You!
- World's Luxurious Insurance
- Be Elegant Insurance
- Fight for Brilliant Insurance
- Creative Insuring, Quality Policy
- Elegant Health, Creative Medicaid
- Find Your Fresh Insurance
- A Classic Insurance
- The Elegant Insurance
- Amazing Coverage, Quality Reinsurance
- Get Your Luxurious Insurance
- A More Luxurious Insurance
- Elegant Insurance, Our Care
- Get Your Creative Insurance
- Classic Insurance, We Care
- Your Elegant Insurance
- Amazing Insurance, Our Responsibility
- Elegant Insurance, We Take Care Of You!
- Experience Creative Insurance
- Timeless Brilliant Insurance
- A Lush Insurance
- Amazing Insurers, Confident Coverage
- The Amazing Insurance
- Beyond Insurance, Let's Start Today!
- Get Your Creative Insurance
- Luxurious Health, Bold Insured
- Lush Insurance, We Take Care Of You!
- The Most Amazing Insurance
- Amazing Insured, Tasteful Insuring
The Consulting Business Model
When implementing a consulting business model, you have a number of approaches to choose from:
Here are a few of the most common consulting business models:
1. The Time-Based Model
This is one of the more traditional consulting business models - where your rate, terms, and scope of work are outlined at the very beginning of the project.
Typically, with this model you would choose a day rate or an hourly rate.
2. The Project-Based Model
With a project-based model, you and your client agree on the scope of work you will be performing for a set amount of money.
There is typically a contract in place which covers the deliverables and expectations from both parties.
3. The Retainer-Based Model
The retainer model involves providing ongoing service for your clients over a specific period of time.
You may not provide a specific deliverable for your client, but instead, a broad scope of work over a set period.
4. The Consulting-Firm Model
This model is becoming more and more popular. The consulting firm model involves hiring freelancers or employees to complete work for your clients on your behalf.
Typically, in this situation, you still manage the relationship with the client, but you delegate some or all of the work to your team.
Which model should you choose?
The best way to determine which business model you will choose is to research other entrepreneurs or agencies in your space that are offering the same or similar service.
This will allow you to identify your competition, set your pricing, and determine your target audience.
🎬 How To Start An Insurance Information Business
How Much Does It Cost To Start An Insurance Information Business
If you are planning to start an insurance information business, the costs are relatively low. This, of course, depends on if you decide to start the business with lean expenses or bringing in a large team and spending more money.
We’ve outlined two common scenarios for “pre-opening” costs of starting an insurance information business and outline the costs you should expect for each:
- The estimated minimum starting cost = $62
- The estimated maximum starting cost = $23,259
|Startup Expenses: Average expenses incurred when starting a insurance information business.||Min Startup Costs: You plan to execute on your own. You’re able to work from home with minimal costs.||Max Startup Costs: You have started with 1+ other team members.|
|Office Space Expenses|
|Rent: This refers to the office space you use for your business and give money to the landlord. To minimize costs, you may want to consider starting your business from home or renting an office in a coworking space.||$0||$5,750|
|Utility Costs For Office Space: Utility costs are the expense for all the services you use in your office, including electricity, gas, fuels, telephone, water, sewerage, etc.||$0||$1,150|
|WiFi & Internet: Whether you work from home or in an office space, WiFi is essential. Although the cost is minimal in most cases, it should be appropriately budgeted for each month!||$0||$100|
|Total Office Space Expenses||$0 (min)||$7,000 (max)|
|Employee & Freelancer Expenses|
|Payroll Costs & Fees: Payroll cost means the expense of paying your employees, which includes salaries, wages, and other benefits. This number depends on if you decide to pay yourself a salary upfront and how many employees you have on payroll. At first, many founders take on all responsibilities until the business is up and running. You can always hire down the road when you understand where you need help. Keep in mind, if you do plan to pay yourself, the average salary founders make is $50K.||$150||$250|
|Total Employee & Freelancer Expenses||$150 (min)||$250 (max)|
|Website Builder: The cost of your website will vary depending on which platform you choose. There are many website builders on the market, so it's important you choose the right one for your business and overall goals. To learn more about your options + how to build a great website, check out this article.||$10||$500|
|Web Designer: Web design includes several different aspects, including webpage layout, content creation, and design elements.If you have the skills and knowledge to design your website on your own, then outsourcing this to an expert may not be necessary. There are plenty of other ways you can design a beautiful website using design tools and software.||$200||$6,000|
|Domain Name: Your domain name is the URL and name of your website - this is how internet users find you and your website.Domain names are extremely important and should match your company name and brand. This makes it easier for customers to remember you and return to your website.||$12||$200|
|Business Email Hosting Service: An email hosting runs a dedicated email server. Once you have your domain name, you can set up email accounts for each user on your team. The most common email hosts are G Suite and Microsoft 365 Suite. The number of email accounts you set up will determine the monthly cost breakdown.||$1||$15|
|Website Hosting Costs: Server hosting is an IT service typically offered by a cloud service provider that hosts the website information and allows remote access through the internet. A hosted server can help you scale up and increase your business’s efficacy, relieving you from the hassles of on-premise operations.||$0||$300|
|Total Website Costs||$223 (min)||$7,015 (max)|
|Business Formation Fees|
|Small Business Insurance: Depending on which state you live in and the business you're operating, the costs and requirements for small business insurance vary. You can learn more here.||$500||$2,000|
|Permit and License Fees: Depending on your industry, there are certain licenses and permits you may need in order to comply with state, local, and federal regulations. Here is an article that goes over all the permits and licenses you may need for your insurance information business.||$50||$700|
|Lawyer Fees: Although you may want to avoid attorney fees, it's important that your business (and you) are covered at all costs. This comes into play when creating founder agreements, setting up your business legal structure, and of course, any unforeseen circumstances that may happen when dealing with customers or other businesses.||$0||$1,500|
|Set up business: LLC & Corporations: The first step in setting up your business is deciding whether your business is an LLC, S Corp or C Corp. The cost for this depends on which state you form your business and which structure you decide on. We put together an article that goes over the 10 Steps To Setting Up A Business.||$50||$500|
|Total Business Formation Fees||$600 (min)||$4,700 (max)|
|Design Programs & Software: These programs might include the Adobe family of design tools: Photoshop, Illustrator, InDesign and others. This is typically a monthly subscription ranging from $10-$50/mo.||$0||$50|
|Email marketing tool: If you plan to grow your email list and email marketing efforts, you may want to consider investing in an email marketing platform (ie. Klaviyo, MailChimp). We put together a detailed guide on all of the email marketing tools out there + the pricing models for each one here.||$0||$100|
|IT Support: IT support installs and configures hardware and software and solves any technical issues that may arise.IT support can be used internally or for your customers experiencing issues with your product/service.There are a variety of tools and software you can use to help with any technical issues you or your customers are experiencing. This is a great option for businesses that do not have the means to hire a team of professionals.||$150||$2,000|
|Accounting & Invoicing Software: It's important to have an accounting system and process in place to manage financials, reporting, planning and tax preparation. Here are the 30 best accounting tools for small businesses.||$0||$50|
|CRM Software: CRM (customer relationship management) software system is used to track and analyze your company’s interactions with clients and prospects. Although this is not a necessary tool to have for your business, implementing this, in the beginning, may set your business up for success and save you valuable time.||$12||$300|
|Project Management Software: You may want to consider using a project management and collaboration tool to organize your day-to-day. This can also be very beneficial if you have a larger team and want to keep track of everyones tasks and productivity. For a full list of project management tools, check out this full list here.||$0||$25|
|Internal Communication Tool: If you plan to have multiple members on your team, you may want to consider an instant message tool such as Slack or Telegram. The cost is usually billed per month (approx $5/user/month) or there are freemium versions available on many platforms.||$0||$20|
|Social Media Management Tools: If you plan to do social media marketing for your insurance information business, you should consider investing in a social media automation or publishing tool. This will save you time and allow you to track performance and engagement for your posts. Here is a list of 28 best social media tools for your small business.||$0||$50|
|File Hosting Service: It's important to make sure the information for your insurance information business is stored and protected should something happen to your computer or hard drive. The cost for this is affordable and depends on how much data you need to store. To learn more about the different options and pricing on the market, check out this article.||$0||$299|
|Total Software Expenses||$162 (min)||$2,894 (max)|
|Advertising & Marketing Costs|
|Business Cards: A insurance information business involves quite a bit of customer interaction, whether that is attending tradeshows, sales calls or simply having face to face interaction with prospective clients. Business cards are a great way to stay front of mind with your clients.||$0||$50|
|Networking Membership Fees: Joining local networking groups or your chamber of commerce is a traditional yet effective way to promote your insurance information business - but these fees add up! It's important to choose the right group(s) that align with your business and help with growth.||$0||$250|
|Direct Campaigns, Printing and Mailing: Although it may sound old-school, traditional marketing methods can be a cost-effective way to drive awareness for your brand. This includes flyers, postcards, sales letters, coupons, special offers, catalogs and brochures.||$0||$300|
|Press: If your business and story is unique enough, press and media attention may come to you, but odds are, you may need to do your own outreach and budget for this. We put together a guide here that discusses different press opportunities (both free and paid).||$0||$500|
|Google Ads: With Google Ads you have the ability to control how much you spend by simply setting a monthly budget cap. Additionally, with these ads you only pay for results, such as clicks to your website or phone calls! It's okay to start with a small budget at first and make changes accordingly if you see valuable returns.||$0||$300|
|Total Advertising & Marketing Costs||$0 (min)||$1,400 (max)|
|Total Starting Costs||$62 (min)||$23,259 (max)|
Raising Money For Your Insurance Information Business
Here are the most common ways to raise money for your insurance information business:
You may not need funding for your insurance information business.
In fact, many entrepreneurs take this approach when starting their own business, whether they have a little amount of cash or a substantial amount to get started.
So what exactly does the term "bootstrapping" mean?
This method essentially refers to self-funding your businesswithout external help or capital and reinvesting your earnings back into the business**
Bootstrapping means building your company from the ground up with your own, or your loved ones, personal savings and reinvesting all earnings back into the business
Here are some tips to consider when bootstrapping your business:
- Use your savings as your capital - one of the best ways to bootstrap your business is to collect your savings and use them as startup capital. This will also help you avoid using your personal or business credit cards when getting started.
- Determine exactly how much capital you need and how much capital you have to get your business off the ground. Generally, when bootstrapping your business, you may want to consider starting a business that involves less startup capital.
- Consider starting a business that will generate immediate returns so you can put money back into the business
- Be as lean as possible - this refers to cutting down expenses as much as possible, such as payroll, fancy software tools, unnecessary travel, renting an office, etc
- Consider outsourcing instead of hiring - in the beginning, you may not need to hire someone permanently to help run your business. It tends to be much less expensive to outsource work to a freelancer and hire someone permanently down the road!
Want to learn more about bootstrapping your business? Check out this article
VC funding is a traditional and long process, but an effective way to raise money for your business.
The term "VC funding" refers to venture capital firms investing in businesses in exchange for equity.
The VC's (venture capitalists) are an individual or small group investing in your business and typically require substantial ownership of the business, with the hope of seeing a return on their investment.
VC's are typically the best approach for businesses with high startup costs - where it would be very difficult to raise the money on your own or through a loan.
When deciding whether to take this approach, it's important that you have a few things in place first, and know what you're getting yourself into:
Determine if your business is ready
Having an idea is not enough to get VC funding.
Typically, VC's will check to make sure you have these things in place prior to closing any deal:
- An MVP (Minimal Viable Product)
- A founding team with all proper documents in place (articles of organization, business formation)
- A validated idea with actual customers buying your product/service
Get everything in place and build a pitch deck
A VC individual or firm will be expecting a fine-tuned presentation that gives an overview of your business.
Here's what you should consider including in your pitch deck:
- Management team, their previous experience + current roles in the business
- Market challenge and solution
- Company financials - including a P&L statement, cash flow statement, and projections
- Company progress
- Investment amount - how much do you need and why?
Research the right VC to fund your business
Research the types of VC investors out there and what niche they focus on.
Then, put together a list of target VC's you want to approach and your strategy around setting up meetings.
Be sure you have everything in place (as discussed above) before setting up any meeting!
Make sure the terms and expectations are right for your business
Committing to VC funding is a big deal and a decision that should not be made lightly.
Although the money and experience from VC's can help your business quickly grow, you are also giving away a stake in the company, and the money comes with strings attached.
Be sure you do your due diligence in finding the right investor - one that truly believes in the growth and success of your business.
What Skills Do I Need To Succeed In Starting An Insurance Information Business?
As a insurance information business, there are several essential skills and characteristics that are important to identify prior to starting your business.
Let’s look at these skills in more detail so you can identify what you need to succeed in your day-to-day business operations:
Resarch and Writing Skills
Research and writing skills are critical when starting an insurance information business. Here's what this looks like:
- Basic computer & technology skills (Microsoft office or Google sheets/docs knowledge, data input, and proficiency in typing)
- Creativity & originality in your work and approach
- Great communication skills and ability to meet deadlines
- Understanding of SEO
Other skills that businesses find valuable include digital marketing skills, basic web design, and accounting abilities. Some employers may also look for a insurance information business that has a bachelor's degree or formal education.
Additionally, you may want to consider putting together a portfolio of past work and experience. This includes samples of writing/research pieces, from school projects to internship work to career experience.
Whether you are the one designing the product or the decision-maker for the product, an eye for design is critical when starting an insurance information business. Here's what this looks like:
- Creative Thinking - the ability to develop or design different products or ideas
- Visualization - being able to imagine or visualize how the product will look
- Articulation - the ability to communicate what the design will look like and how it will be executed
- Detail-oriented - paying close attention to all of the small pieces when designing or working on a project
- Some technical skills - knowledge of the design software you are using to create the product or build prototypes.
Other skills that may be valuable to have when starting an insurance information business include digital marketing skills, branding experience, and basic business knowledge.
Business Savvy Skills
When starting an insurance information business, there are a few fundamental business skills you will want to learn in order to be successful:
- Leadership and training skills: A great team starts with YOU. Make sure you have all company policies and training procedures in place prior to hiring your team
- Decisive and self-confident: Over the course of your career, you will need decisions that could impact your business significantly. It's important you are able to think clearly and rationally about these decisions.
- Ability to understand the financials: You don't need to be an accountant, but it is important that you are able to clearly understand and define metrics such as expenses, revenue, profit, margins, COGS, etc.
- Strategic Thinking: Setting clear goals and benchmarks, identifying opportunities, risks. Ability to effectively communicate these insights to your team.
These are a few of many business savvy skills you should have (or work on) when starting an insurance information business.
For a full list, check out this article here.
Customer Service Skills
Friendly communication with customers and the ability to address service issues is a critical part of the job.
Here are some customer service skills you may want to consider prior to starting an insurance information business:
- Professionalism: The way you act, present yourself, and respond to situations all leave an impression on your customer. It's important to stay professional at all times when handling customer requests or issues.
- Problem-solving: When issues arise, it's important that you are able to think quick on your feet and address the situation with a calm and clear solution
- Friendly-manner: This is an obvious one, but customers truly appreciate someone that can respond in a quick, efficient, and friendly manner.
- Proficient in writing: These skills include the ability to write well-crafted emails, service tickets, and any other programs used by the business (ie. chat functions, SMS texting)
Self Motivation Skills
Self motivation and discipline skills are critical in order to become successful in this field.
It's likely that you will find yourself starting and running your insurance information business from home, which could mean there are more distractions for you.
Here are the basic skills needed for self motivation & discipline:
- Becoming a self starter: It's important that you are capable of independently completing a task without the help or direction of anyone else
- Listening and following directions: When you are given direction by others, it's critical that you are able to follow directions and ask the right questions in order to get your job done
- Taking the initiative in problem solving: Instead of taking the easy route, you'll need to learn to troubleshoot issues on your own as much as possible.
Advice For Starting An Insurance Information Business
We've interviewed thousands of successful founders at Starter Story and asked what advice they would give to entrepreneurs who are just getting started.
Here's the best advice we discovered for starting an insurance information business:
Write a Business Plan
Writing a business plan from the start is critical for the success of your insurance information business.
Because this allows you to roadmap exactly what you do, what your overall structure will look like, and where you want to be in the future.
For many entrepreneurs, writing out the business plan helps validate their idea and decide whether or not they should move forward with starting the business.
You may want to consider expanding upon these sections in your business plan:
- Executive Summary: Brief outline of your product, the market, and growth opportunities
- Overviews and Objectives: Overview of your business, target customers, and what you need to run your business
- Products and Services: Specifics on the products and services your business will provide
- Market Opportunities: Analysis of customer demographics, buyer habits and if your product is in demand
- Marketing: Outline of your marketing plan and how you plan to differentiate yourself from other customers
- Competitive analysis: Analysis of your competition and the strengths and weaknesses therein
- Operations: Hierarchal structure of the company and what it will take to run the business on the day-to-day
- Leadership Team: Detailing roles and responsibilities of each manager based on their specific skill-set
- Financial Analysis Understanding of all expenses, operating budgets, and projections for the future.
Learn more about how to write a business plan here
Determine Which Business Bank Account You Need
There are hundreds of banks out there, and it can be overwhelming to find one that's right for your business.
Here are some factors you may want to consider:
- Location - Is your bank close enough that you can easily make deposits or get cash?
- Low Fees - Make sure to understand any and all fees associated with setting up and maintaining your bank account. Ask for a list - banks usually try to keep this hidden and in the fine print.
- Online Banking Services - Make sure you can easily navigate through your online portal and you have easy access to everything you need.
- Line of Credit - What do your options look like (even if you don't need this now, you may need this down the road).
- Every bank has something that differentiates them from the rest, so make sure whatever that is applied to your needs and values.
Check out this list of the 13 Best Banks for Small Business in 2020 and what makes them so unique.
Setting Up Your Insurance Information Business (Formation and Legal)
When it comes to setting up your business, you may find yourself in a place where you have to make some financial and legal decisions.
The first thing you'll want to decide on is whether you want to be an LLC, S-Corp, or C-Corp.
These three options are found to be the most common when starting a small business, and all serve to protect your personal assets and also provide you with certain tax benefits.
- LLC: All income and expenses from the business are reported on the LLC personal income tax return.
- S corp: Owners pay themselves salaries + receive dividends from profits.
- C Corp: C Corps are separately taxable entities that file a corporate tax return (Form 1120). No income tax is paid at the corporate level and any tax due is paid at the owners individual expense.
Depending on where you're conducting business, you'll also want to consider securing the proper permits, licenses and liability insurance.
Need to start an LLC? Create an LLC in minutes with ZenBusiness.
How Do I Pay Myself As A Small Business Owner?
Most entrepreneurs start a business to do something they love- but at the end of the day, you still have bills to pay (maybe now more than ever).
But it's important to strike the right balance - if you pay yourself too much, you could be putting your business at risk.
There are two common ways to pay yourself as a business owner:
1. Owner's Draw
Many entrepreneurs pay themselves through an owner's draw. This means that you are technically sean as "self-employed" through the eyes of the IRS and are not paid through regular wages.
At the point that you collect money from the draw, taxes typically are not taken out - so make sure you are prepared to pay these taxes once you file your individual return.
As an owner who takes a draw, you can legally take out as much as you want from your equity.
This type of compensation is suited for Sole props, LLCs, and partnerships. If you’re an S corp, you can pay yourself through both a salary and draw if you choose.
If you decide to pay yourself a salary, you will receive a set and recurring amount. This will be taxed by the federal government and the state you reside in.
The reality is that it can be really complicated to set your own salary, so we have some tips for you to consider:
- Take out a reasonable amount that allows you to live comfortably but also sets your business up for success
- Consider the number of hours you are working weekly + the type of duties you are performing.
- Set your salary based on your industry-standard, location, and profits (or projected profits)
- Look at your P&L statement: Deduct your own pay from that amount. This is important so you can first tackle important business expenses, and then pay yourself from the amount leftover.
- Pick a payroll schedule (and stick to it)! In the US, it's most common to pay yourself and employees twice a month.
To learn more about how to pay yourself and what is a reasonable amount, check out this article.
How To Price Your Insurance Information
One of the most challenging aspects to starting an insurance information business is determining how much to charge for your insurance information.
When businesses under-price their product, this can be extremely detrimental to their bottom line and reputation.
Often times, businesses under-price their products to drive demand and volume, but that last thing you want is for customers to view your product/service as "cheap." Additionally, this can have a big impact on the type of customer you attract, which can be difficult to recover from.
On the other hand, when businesses over-price, this tends to be just as damaging to the business.
When customers buy, it's likely that they will explore the internet and look at other competitors to ensure they're getting the best value + deal. This is why it's so important that you research your competition and understand where you land in the marketplace.
Here are some factors to consider when pricing your product:
Understand your customer
It's important that out of the gates, you identify the type of customer you want to attract and how much they're willing to pay for your service. One great way to do this is by surveying your customers. Here are some important items you'll want to takeaway:
- Customer demographic: Age, gender, location, etc.
- Buying habits of your customer: What they buy + when they buy
- Level of price sensitivity with your customer
All of these segments will help you identify the type of customer you're attracting and how to price your product accordingly.
Understand your costs
When pricing your insurance information, it's critical that you first identify all of your costs and consequently mark up your insurance information so you can factor in a profit.
The actual cost of your insurance information may include things like:
- The actual cost to make the product (ie. raw materials, supplies, manufacturer).
- Shipping + overhead fees
- Operating costs to run your business
You may want to consider creating a spreadsheet with every single expense involved in operating/owning your business. This will give you an idea as to what you need to generate in order to at the very least, break-even and will help you price your products to factor in a profit.
Create revenue goals
When determining the price of your insurance information, you'll want to create goals for revenue + how much profit you want your insurance information business to make.
This process is simpler than you may think:
- Think about your breakeven cost (by completing the above step).
- Create a revenue goal based on your break-even cost
- Evaluate the # of items you plan to sell in a given period (make sure this is a realistic number)
- Divide your revenue goal by the number of items you plan to sell
This figure will help determine your estimated price per product in order to meet your revenue goals.
Evaluate your competition
The last piece in determining how to price your insurance information is by simply looking at your competition.
The best way to do this is by finding like-minded businesses that offer product(s) with similar perceived value. Then, you can compare prices of the different businesses and determine where your insurance information fits best in the marketplace.
All of these factors play an equal part in pricing your insurance information, so it's important you evaluate each one individually to come up with an accurate price that will help optimize your business from the start.
Rate Calculator: How to Calculate The Price For Your Insurance Information Services
Our calculator is designed to be simple and easy to use.
The goal is to help you set realistic expectations and understand the hourly rate you should be charging to make your desired profit.
Please input below:
Identify Target Customer
A very critical piece in building insurance information business is to identify your ideal target customer.
- Develop a niche and create a consistent brand that reflects your target customer.
- The colors, logo, content, and overall website should resonate with your target customer and should draw them in by helping them solve their specific "need".
Building an MVP (Minimal Viable Product)
When building a insurance information business, it's critical that you first validate your product/service rather than rushing to build it right away.
This could save you months, if not years of building the wrong product/service.
If you're hoping to decrease any sort of risk that comes with launching your insurance information business, designing a prototype can be a great way to de-risk your situation.
The point of your insurance information prototype is that it doesn't have to be perfect.
In the beginning stages, it doesn't matter how rough V1 of your prototype is, it's more important to just get started and you can always refine from there based on feedback from your network and most importantly your customers.
How To Build A MVP
Here are several different ways of building a prototype/MVP:
- Start by building a landing page to see if customers actually need your product and if they are willing to pay for it
- Build a very basic version of your idea and ask for immediate feedback from potential customers
- Present a problem and solution via Facebook/Instagram Ads and see what the response is like
🚀 How To Launch Your Insurance Information Business
Build A Website
Building a website is imperative when launching your business, and with the right tools in place, this can be a simple task to check off the list (without having to hire someone).
- Pick a domain name that's easy to remember and easy to type
- Choose a Web Hosting Plan (ie. Shopify, Squarespace)
- Make sure you choose the right theme and design
- Implement the proper page structure (ie. about page, contact page, pricing etc)
To learn more about how to build a stellar website with little stress, we give you all the details on this step-by-step guide.
Best Website Platforms To Use For Your Insurance Information Business:
There are a variety of websites platforms out there, and it's important to choose the right one that will set you up for success.
Here's everything you need to know about the two most common platforms for your insurance information business:
Free and open-source content management system based on PHP and MySQL.
Free to use/open source but you will need to pay for the hosting.
Businesses using WordPress:
The all-in-one solution for anyone looking to create a beautiful website.
- Personal Plan: $12/month
- Business Plan: $18/month
- Basic: $26/month
Businesses using Squarespace:
Once you have chosen the domain, web hosting, and platform, it's time to get started with the design phase.
Themes are a great way to produce the fundamental style and identity of your website - this includes everything from your font design to your blog post styles.
One of the best ways to get started is to simply explore the various themes (free or paid depending on what you're looking for) and test them on your site.
If web-design really isn't in the cards for you, you may want to consider outsourcing a web designer to help bring your vision and brand to life.
Traditional Launch Strategies For Your Insurance Information Business:
There are various different ways you can launch your insurance information business successfully.
Here are a few different strategies to get customers excited about your insurance information business:
- Set up a Facebook page for your business. This is a great way to establish an online presence
- Host an event in a fun location with drinks & food. This is a great way to get exposure in the local community.
- Get Press! Pitch your story to the media and you may just land in an amazing publication
- Live sales to get customers excited
- Send a hand-written letter in the mail with a discount on your services to the local community/neighborhoods.
Emenike Emmanuel, founder of Entrepreneur Business Blog dives deep into the process of launching the business:
The first thing I did when I finalized I was going to launch my blog, Entrepreneur Business Blog was to come up with a unique domain name.
Seeing that I had no money to pump into advertising, I decided to choose a domain name that will be easier for me to rank for. This was necessary because millions of people were already searching for either, “Entrepreneur,” “Business” or “Blog” so combining the three made a great choice I have never regretted till date.
I didn’t have the resource to hire a professional web designer, so I turned to YouTub vidoes like this and other blogs (specifically, WPBeginner - but I didn’t use their recommended Bluehost - I used Siteground instead) to learn how to set up a self-hosted WordPress blog.
A couple of things went wrong like the permalink I chose and duplication of my blog using another subdomain because I was an amateur in the game and I had no one to turn to.
🌱 How To Grow Your Insurance Information Business
🏃🏼♀️ How To Run Your Insurance Information Business
How To Retain Customers For Your Insurance Information Business
Retaining customers is one of the most effective ways to grow your insurance information business.
Oftentimes, it's easy to find yourself focusing on generating new customers, vs retaining your current ones.
Look at it this way - you are 60-70% more likely to sell a new product to an existing customer than you are a new customer.
That's not to say that finding new customers and revenue streams is not important, however, the easiest (and most inexpensive) source of new revenue is right there in front of you.
Here are some ways you can retain customers for your insurance information business:
- Responding to comments on social media
- Send discounts (or freebies) to loyal customers
- Provide valuable content, for free
- Write a hand written thank you note
- Provide awesome customer service and build relationships with customers
To find out more tips and tricks on retaining customers, check out this article ➜ here
Emenike Emmanuel, founder of Entrepreneur Business Blog dives deep into the process of attracting and retaining customers:
In today’s world of blogging, to stand out, you must choose a niche and focus on it squarely.
Several times I was tempted to write about a lot of things that came to my mind but I was quick to understand that this was not about what I want but what the audience I’m trying to reach want.
The biggest mistake I made which I still regret till date was failing to start building an email list immediately the blog was launched. As a result of this, it was difficult to reach people who had visited the blog in the past.
I focused on creating content for people with a higher purchasing power than the level where I was. As the snowball effect trickled, people began to accept my articles; I began to receive pingbacks showing that other blogs are already linking to mine and from there, I took it to a whole new level on Facebook by building a Facebook community called The Excellent Entrepreneurs’ Network where I attract and engage with readers of my blog and those who are interested in the world of entrepreneurship.
Two years later after we launched, precisely on May 22, 2018, I was invited to join Facebook Community Leadership Circles. This became a booster to my blogging business both in terms of income, impact, and influence.
A cross-section of Facebook Community Leaders with Some Facebook Employees in Lagos, Nigeria
Emenike Emmanuel, Founder of EntrepreneurBusinessBlog.com and Member, Facebook Community Leadership Circles
For the first year, I was barely managing to survive because it was becoming more and more expensive to fund a blog that wasn’t making direct income. As a result, I didn’t use any form of paid advertising. Instead, I focused on creating highly search engine optimized articles.
The biggest mistake I made which I still regret till date was failing to start building an email list immediately the blog was launched. As a result of this, it was difficult to reach people who had visited the blog in the past. But after the first year, I set out to build our Email and Messenger bot lists.
To bring back customers who have visited my blog in the past, I use the following: email marketing, messenger bot broadcast, Facebook ads (retargeting) and Google ads.
Email marketing is a form of permission marketing where your target audience explicitly agrees in advance to receive marketing information from me.
When people come to my blog and sign up to receive my free eBook like SELL MORE IN LESS TIME or weekly roundup posts, they get added to my email list. From my MailChimp dashboard, I send out emails (known as campaigns) to them from time to time.
To ensure I have a good open rate, I try to give valuable piece of email while reminding them of a product I’m promoting at the same time.
Messenger bot broadcast
Messenger bot broadcast is very hot right now. I use Chatfuel and it’s free for the first 5,000 subscribers. When you generate your messenger bot URL from your Facebook page, it will look like this, m.me/ebusinessroom where “ebusinessroom” will be your unique page username.
You can install it on your blog so that your blog readers can connect with you directly.
One of the most interesting features is the ability to schedule broadcast and they will be sent out as scheduled. Using this feature, you can always have returning readers from time to time.
Facebook advertising is rocking now. The sweetest part is the retargeting power and the ability to target audience of a specific demographic with a higher purchasing power. It’s also a great platform for creating awareness for your brand.
Many people have thought that Google ads is dead but the truth is, it is very much alive. If you are in a niche that is very competitive, the best you can do is to support your search engine optimization strategies with paid ads from Google so that you will stand a chance of being seen on search engines.
Often times, I also send out emails to those that sponsored a post on my blog in the past to know if they have more articles they might want to promote on my blog. This has proven to be an effective strategy.
Diversify Your Product Line
Adding new products to your business is a great way to expand into new markets and grow your business.
It's important to note that adding new products and diversifying may not be in the cards for you right this moment, and that's okay. You can always consider it down the road.
Here are some reasons you may want to considering adding/diversifying your product
- Meeting the needs of your customers
- Establish yourself as a top provider in your industry and stay ahead of the game with competition
- Resistance to downturns/trends fading
- Create new revenue streams
We put together the best resources on the internet to help you start your insurance information business.
- Platform tools such as Shopify
- Email tools such as MailChimp
- Social media tools such as Facebook, Instagram, Twitter, YouTube, Pinterest, LinkedIn, Buffer or Reddit
- Advertising tools such as Facebook Ads, Instagram Ads, Google Adwords or Google AdSense
- Design tools such as Canva
- Analytics tools such as Google Analytics
- Productivity tools such as Dropbox, Trello or Evernote
- Payments tools such as Paypal
- Blog tools such as WordPress
- Accounting tools such as Wave
- Freelance tools such as Fiverr
- Affiliate tools such as ShareASale
- Education tools such as Udemy
- Stock images tools such as 123rf
- How To Start Your Own Successful Insurance Agency
- How To Start An Insurance Company In 6 Steps - Thestreet
- How To Start Your Own Insurance Business - The Simple Dollar
Hey! 👋I'm Pat Walls, the founder of Starter Story.
We interview successful business owners and share the stories behind their business. By sharing these stories, we want to help you get started.
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