Untitled @lakshmikrishnaniyer - Tumblr Blog

My Progress Week # 13

§ What is working?

My passion towards business is increasing. Every time I talk to someone regarding financial security my prospects start thinking and I feel glad that I have helped them understand about savings. This passion is driving me to work more and talk to more people and find out different ways of advertising for my business. I have started using the social media for advertising and use technology to make my ad catchy and interesting.

§ What is not working?

At present I cannot say anything is not working since the thought of having financial security has been planted in the minds of the people that I talk to. They have not signed the contract right away but there is a strong possibility that they will return. I will continue the follow up with those prospects.

§ How do you feel the project is coming?

I am quite satisfied with the way my project is developing since I started getting calls from people that I spoke earlier about financial security and they want to know more about it and there are at least four businesses that are lined up for closing in the month of June. Meanwhile, I am also trying to make a team of people working along with me who can help in calling, doing paper work and also be a partner of my business by taking their own license.

§ What are you learning about running a business?

I am learning that consistency and perseverance are very important aspects of a business. The mindset of an employer is entirely different that of an employee. As a business owner, I can work round the clock for myself and take time off when I need. I have to reinvest in the business when I make a profit. In my business, reinvesting is again making more money by paying off debts, adding more money in the retirement funds. The cycle of prospecting, giving financial education, giving the clients a solution, closing a business and continue with client review every six months to keep in touch with the clients and start from the cycle of prospecting and get more business.

§ What are you learning about yourself?

I notice that I am becoming more passionate about my business and happy to help people in educating about personal finances and giving them a solution. As I am more focused on service than making a profit my clients understand my intention to help them and I get referrals too from them. I am happy being a business owner than an employee.

#successinbusiness

My Progress Week # 12

What is working?

The need for financial security is growing among the people. Since the insecurity regarding job and health is on the rise due to pandemic, people are interested to learn about saving and having a personal insurance to protect their families. My business pitch is working and I am talking to 3 prospects every day.

What is not working?

Though my prospects are understanding the importance of insurance and investment products they still want to take some more time to think and accept the product. Hence closing a business is taking time.

How do you feel the project is coming?

My project is service based and the mission of my project is to spread the financial literacy among the people. As a part of the literacy, I explain the need of the personal protection and savings and let them think about it. I am confident that my prospects are understanding the concept of my business and will get back to me. I maintain constant touch with my prospects and continue with follow up calls or messages.

What are you learning about running a business?

Running a business is challenging in the beginning since it is important to gain the trust and confidence of the prospects to make them our clients. After they become our clients it is important to maintain a good relationship with them to sustain the business with them and get referrals through them. Patience and consistency are important to establish a business. I make sure that I do business activities every day. Talking to prospects, giving business presentations, preparing different flyers to advertise and do follow up calls.

What are you learning about yourself?

I understand that I am working towards my goal and not ready to quit. I am ready to get up every time I fall. I accept rejections while talking to people and make sure that the rejections are not sending me out of my business. Instead they motivate me to work harder and think of new strategies to implement to inspire people.

#consistency

My Progress Week # 11

What is working?

People are eager to understand about financial security. When I talk to them about financial foundation, they are interested to get more details on that aspect. My family is supporting me in this business venture. I get prospects from my family’s friends list. I still keep giving business presentations to at least 2 prospects every day.

What is not working?

Still people have their doubts in their minds about personal protection and personal savings. They are uncertain about their jobs, health and do not feel secure to set money aside for future. Hence getting them to take personal insurance is challenging unless they start trusting me.

How do you feel the project is coming?

As for the project is concerned, it is my responsibility to explain the need of savings and protection and give them solutions. I am working consistently and gave 4 solutions last week. People take time to think about the solution and do their own research about the product before coming back to take the product. I am quite positive that my prospects will come back to take the solutions from me.

What are you learning about running a business?

Discipline and patience are the key components in running a business. I learn that following a discipline of making a prospect list (inventory), calling prospects, arranging for a presentation, closing a business should happen as an ongoing process. Any lethargy in the business will lead to a void which is very time consuming to fill in.

Patience is a great virtue and need to be implemented in the business. A customer may turn down the offer, but still we do not get upset and try to offer different ways or solutions to help the customer.

What are you learning about yourself?

I learn that I am developing social skills and able to converse with people easily. Consistency in following the business techniques and determination to pursue with my work relentlessly has become a part of my nature. I realize that the prospects may not always buy the product, in my case it is the solution. With perseverance, patience, and networking I can develop my business.

#consistency

My Progress Week # 10

* What is working?

I observe that people are interested to know about investment and savings in this pandemic situation. Hence my presentation based on managing finances is working. The business pitch is getting better and I was able to have 3 appointments last week with two of the clients booked for second appointment for financial solutions.

* What is not working?

Some people are still hesitant when it comes to personal insurance. They think it is too early or a waste of money to pay the premiums for a long time. Though I booked 7 appointments last week, only 3 of them turned up for the presentation.

* How do you feel the project is coming?

My project being service based is gaining momentum after learning more about business. My business pitch has improved and the customer showcase advertisement is making a positive impact in the prospects that see the post. I have already started getting a couple of calls enquiring about the services. I was able to provide financial solution to a friend last week and closed a business. Though the marginal profit is small, I am glad I made it.

* What are you learning about running a business?

Consistency and speed is important in a business. I learned that I should keep making a prospect list, call the prospects, book appointments, give presentations and provide solutions and close a business. In the entire process there may be obstacles in between or the process could stop in the middle. But consistency to continue the process is very important to run a business.

* What are you learning about yourself?

I learn that increasing my knowledge on the products that I provide is very essential to do my business. I am getting more organized with respect to time and maintain a calendar to write down my appointments, calls to be made and the follow ups that need to be done. Apart from becoming a good listener I am also able to understand the needs of my client and provide different solutions for them to choose for their savings and investment.

#myprogress

My Progress Week #9

Ø My Progress Week #9

v What is working?

My business presentation is working. The clients to whom I give the presentation are interested in the services that are provided and always want to know more or at least one of the service like knowing about the credit cards, estate planning, wealth management etc.

v What is not working?

I am still working on how to close the business in an effective way. With an employer mindset I am looking for hiring people in my team to work along with me and that needs more of my time and attention to work upon. I am working on making business presentations which are attractive and interesting for the prospective clients to join my team.

v How do you feel the project is coming?

I feel my project is getting a better shape since I am able to talk to at least 2 people a day and got 3 appointments last week to show my presentation. I have booked second appointment with them to give them financial solution and for one client I am waiting for a document to close the business. If my business proceeds in the same way, I can make a profit as expected before the course ends.

v What are you learning about running a business?

A successful business need to have a mission and a vision statement. It should have short term goals and a long term goal to work on. Time and efficiency are the most important components of a business. To run a business successfully it is very essential to have a business mindset. Focus on inventory, client needs and satisfaction, time management and professionalism are the key factors to run a successful business.

v What are you learning about yourself?

I think I am getting to reach the employer mindset from the employee mindset. I have started to learn the techniques needed to give a better business pitch, improve on my presentations and trying to make a systematic schedule to get my sales going. My business is not a whole sale/ retail business. It is a client oriented service and so before I connect to a client I try to understand the person and find out how I can help the person. I have started to observe people and become a better listener now.

#businessmindset

My Progress Week #8

o What is working?

Ø I started using social media as a platform for my business advertisement. I am getting some responses from people asking more details about my service.

o What is not working?

Ø Using the cold market, that is getting the trust of totally new people is quite challenging. They are quite skeptical about the service and need some endorsements.

o How is the project coming?

Ø I feel it is gaining some momentum since I am dedicating at least 3 hours everyday in calling people or making prospects, spend 2 hours in advertising, getting online training and learning about the products (financial) that I am selling.

o Learning about running a business

Ø I understand that business is not a 9-5 job. As an employer I can just work for 8 hours and then relax. I have learned that as a business owner cannot work with fixed time and need to focus more on establishing the business at the start-up level. The support of family and friends is also very essential in running a business.

o Learning about myself

Ø I feel that I am becoming more out-spoken since communication is a very important aspect of business. I am now more open minded to understand the needs of my prospective clients and also looking forward to help the people with my service.

#gaining momentum

"My Progress- Week # 7"

What is working?

For my start-up venture, I have business pitch to talk to people. My speech is working and I am able to get to talk to my friends. I have ideas on how to make them understand about their personal insurance. I have made presentations on guiding the people about insurance.

What is not working?

What is not working is the closing of my business. I can advertise and explain but I have to work on how to close the business and sell the insurance. I think I need to improve upon my advertising techniques.

How do you feel the project is coming?

I feel that the project is shaping up in the right track following the guidelines. I have the necessary advertising materials, prepared my inventory, identified the target customers, and have started my business campaigning.

What are you learning about running a business?

I have started realizing that running a business is a task by itself. It needs a lot of preparation, underground work on knowing the clients ,more than the product itself, where should I start my business, who do I talk to for getting loans, any kind of insurance and tax formalities that I need to know in advance to take my business forward, the location of my business. After getting a client, I learned how to retain the client and develop more clients. I understand the importance of inventory, the team of people that can work with me, how good I can be a leader to take my business forward with my team.

What are you learning about yourself?

· I am understanding that I still need to learn a lot in the business and put my time and effort to get some trainings in my field to increase my market potential. I need to focus on talking the right way to people to take my service across. I also learn that I need to be a good listener to be a good entrepreneur since I will know what the customer needs only when I understand him.

#my progress

Future business start-up

I would like to start my own insurance agency after I make some profit with my initial business. I start my business at home with an initial investment of $500 for licensing exams, internet charges, telephone bills etc. Moving forward I will need $ 10,000 to expand my business. This will include applying for registration of my company, paying insurance for the company, rental charges, office equipment, and hire a part-time employee. I am applying for a loan of $ 10,000 in my bank.

· My professional profile

I have my license taken already and have got 2 customers. I have made a commission of $4,000 with my first business and I am ready to invest that money on my business. I have been with the business for the last 6 months, getting my license from the finance service commission, and training on the products from financial institutions.

· My project’s viability

I see a good future for my business since I have started my business with my friends. I give a good service to them and maintain a good customer relationship with them. I am expecting to close a minimum of 5 business every month, which can give me $5,000 and more. My expenses for the business including the basic needs such as internet, phone charges, gas, online apps is approximately $1,000. This can give me a profit of $ 4,000 a month.

· My financial strength

I have a backup of $ 4,000 and $ 1,000 from my savings which I want to reinvest in my business. Since this is a part- time business, I have enough money to withstand even if I do not make business for more than 3 months. I have another part- time job that helps me pay my other bills

· My guarantee

My spouse is working full time and supports me in my business. We both own a home and have built some equity on it. I can sign my personal guarantee and can invest $1, 000 which is 10% of the loan that I am applying for.

#futurebusiness #savingyourfuture

My Biz Presentation

Business operation plan

My business is to sell financial products and here I focus on selling Universal Life Insurance policies. I have prepared a Power point presentation that tells people about the importance of saving for their future and I talk about protecting their lives as the foundation of their financial building.

For now, I have started to do myself. However, I am willing to have team members with whom I can share my ideas and we can work together to make a good business and earn well in the coming 6 weeks. The product is already available in the market. It is my duty to take it to the people. The employers offer insurance for their employees based on their eligibility. It may not be enough for their life coverage if they lose their job. Life insurance is also needed for the self-employed people, entrepreneurs, home makers, children, and seniors as well.

I have made a presentation to take the importance of life insurance to all the people that I know and I have taken the license to sell the product. I will need to take the presentation to the social media to bring the awareness to more people which can lead them to take the insurance policy. On understanding the need of personal insurance I take an appointment with the prospective clients and explain in detail how much license coverage is needed for them. Depending on the age and pre-existing health conditions the premium might be different for different people. The tools I need to sell the product is my laptop with the policy forms, details of the clients, and an identity proof. When their insurance is approved with or without medical under writing, the insurance begins and the payment is done by the customer.

#diamond teamjoinmyteam

Here is my customer persona. My business is focused upon the above mentioned type of customers mostly from the hot and warm market, friends/ relatives and friends of friends. On identifying the prospects I talk to them and give a business presentation and move forward

#financialsecurity

Creative Advertisement Exercise

What are some good, simple, very basic creative concepting exercises for advertising students (i.e. "pre-junior.")?

Creativity as a definition means producing and using original or unusual ideas (from Cambridge English dictionary). In my opinion, this can be done by following some steps.

1. Think of the concept that you have in your mind. If nothing has come up, just look around and there could be some simple ideas that can make our life easier.

2. On getting the concept, work on what materials could be used to make the product. If the product is already available in the market you can think of making it using a different material or changing the way it can work easily.

3. Next, will be putting the idea on a paper (real image). Even a person who is not very artistic it is possible to at least draw an outline. If you can work in the computer with graphic tools it can be done with little effort.

4. Now is the question of who can benefit from the product. If we can identify the potential customer then making an advertisement like how the product can be used needs to be done. We can use the computer graphics to create emojis or animated pictures. If not the traditional method of drawing on a paper using crayons, markers, and/or paint can be done.

5. Improvisations of the drawings or even the concepts can always be done since creativity has no limit and we can start all over from step 1.

#creative advertising

Local Competition

Competitor 1. Primerica

Strength : Offer lower cost of insurance

Weakness: Not many insurance products are available

Competitor 2. The Bulfinch Group Insurance Agency

Strength They have been in business for a long time

Weakness: The rate of interest is lower in the investments.

Competitor 3. Manulife Insurance

Strength The companies offer insurance at the workplace

Weakness : When the employees lose their jobs they do not have any more personal insurance.

#competitorssuccess

Mind mapping

#makeyourfuturesafe

My strengths and weaknesses

I am an Ontario certified Math teacher and had been a teacher for almost 2 decades. There had always been a thought of starting my own business in my mind for a long time, a child care or a tutoring centre. I did for some time and was quite successful but I could not take it in a bigger way.

Reflecting on myself, I consider that marketing is my strength since I can talk to people on any new product and convince them to buy it. However, depending on the need and the quality of the product that I sell, it is successful. I realised that while taking up a business I need to know about the product well before I take it out to the market.

I think I need to be assertive while negotiating with a deal or selling the product and this is my weakness. To be assertive, I should be more confident with the product and be convinced with it myself to sell it to others. It is also important that in a business, I need to be working smart more than working hard. Having a group of trained people with me in my business I can be a successful entrepreneur. For doing this I need to have a proper business plan and a strategy to take my business to the people. My first step will be gaining knowledge of the product, the target customers, my initial investment, and designing a plan to market the product. Using my strength of marketing, I think I can be successful with giving enough time and effort.

#destinationfuture

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