Business Plan Outline

[32fever]

I've read some posts on business plans but wanted to ask the question about the layout/outline of the plan.

If anyone could provide just topic/heading/subject material, that would be helpful. No detail information is necessary, I just want to make sure I address all points I should, but I'm not on that will use some online program that gives me a worthless 900 page mess. I'm just concerned with not forgetting a topic or someone may have something I didn't think of that may help.

Thanks in advance.

 

[pcbinsurance]

What type of business do you plan to operate? You might be overthinking this.

 

[DHK]

Based on his other post, he's looking at State Farm.

Forget 900 pages. Your business plan will consist of one word: SELL

Your 2nd year and onward goal is also one word: MORE

Now, for details... try answering questions like these: who, what, when, where, why, and how.

 

[32fever]

Sorry, if you are an independent agent, what is your plan outline? Topics like marketing (types of marketing, budget, etc.), employee structure, operations, staff, etc. Those might be topics one puts in a plan as an outline to drive into.

State Farm helps you through a plan, but I have other intitatives. When you go to XYZ corp to be assigned, what outline of a plan are they usually expecting? Are there certain topics? Certainly "Sell" isn't going to get you many appointments. Not even SF will look at you with a plan that is not well thought out and also has to be presented to their leadership.

I think most clusters help people with plans, but wouldn't one want to try to be direct first?

I suppose the main question I'm driving at is what topics is a Company going to want to see on a plan for those IA's that have gone through this?

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Or maybe I'm overthinking and the plan is about sell. And how. But it seems there would be more to it. Or maybe 75% is about sell and 25 is about a,b,or c topics, whatever those may be for you.

If it is 75-90% sell, are there subtopics under that to thoroughly define (e.g., sell might be types of selling or marketing, or location info, or target customer info, etc)

 

[DHK]

I cannot speak for the P&C world. But the insurance business is all about producing premium. That means to sell.

Who are you going to sell to?
- homeowners or renters? Small business owners?
- Age range?
- Income range?
- Where do they live? etc.

Why are you picking that demographic? What is your logic behind that criteria?

What needs does this demographic have that you can offer them?

How are you going to differentiate yourself in the marketplace compared to other agents?

What are you going to sell this demographic?

How are you going to approach them?

Why would they listen to you?

Remember: Your primary objective is to sell as much of your company's policies as you can, while being legal, moral, and ethical in your dealings. You won't be asked to leave the company if you're selling on a regular basis and producing sufficient premium.

If that is not your #1 objective in the insurance business... you're going to have a hard time.

Now, if they want to see a "year 1, year 2, and year 3" type of objectives, then you'll want to talk about various objectives or hurdles to achieve... and expanding your staff, getting an office, etc. I know State Farm is also big on Financial Services, so getting your Securities Series 6, 63, and 65 licenses may need to become a part of your business plan... and then how you plan to incorporate those services in your process.

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If you think about it... State Farm already HAS a business plan.

What they want to see... is if your MINDSET and YOUR PLAN is compatible with THEIR plan.