The other day, I had discussion with a potential recruit agent. She asked the question, “how many fail in this business?” It was a great question in which I answered, 96% of all businesses ultimately fail. It mostly because of their mental approach towards succeeding.

I got to thinking on that over the past 24 hours and decided that was not a good enough answer and set out to get to the real reasons why people fail and if what I was stating publicly ringing true. To my chagrin, I found out on a couple levels that I was factually wrong and I am going to set the record and the data straight.

Then I am going to apply the facts and make the case why being in my field in the best play to being in a business.

First the stats from the Small Business Administration (SBA):

30% of new small businesses fail in the first 2 years

50% fail in the first 5 years

66% fail in the first 10 years

25% make it the first five years

According to Investopedia*

Reason #1: Not Investigating the Market

So you’ve always wanted to open a real estate agency, and you finally have the means to do so. But your desire to open the agency blinds you to the fact that we’re in a down housing market and the area you want to cover is already saturated with realtors, making it very difficult to This is a mistake that will cause you to fail from the beginning. You have to find an under serviced or unmet need within a market and then fill it, rather than break into the familiar field. It’s a lot easier to create, and then satisfy, a new demand – rather than compete in an already-crowded pack

At Myagentsays we say:

We are not guided by trends in real estate. There is always a need for people to protect their families. They also need to be saving for their futures. We are ALWAYS positioned to take advantage of helping people making great choices.

Our market is under served already. In 1980 there were nearly ½ million life insurance agents working with an average age of 42. They served a population of 266 million Americans. By 2017, they dwindled down to 212,000 agents with an average age of 59. That’s a 57% drop in the number of agents. During that same period of time, the population has grown to 326 million which is a 57% increase.

There are huge opportunities to not only being in the businesses and helping these people but also a great opportunity to recruit and train these agents and you could be a huge part of that with our agent building and marketing system.

Reason #2: Business Plan Problems

A solid and realistic business plan is the basis of a successful business. In the plan, you will outline realistic goals for your business, how your business can meet those goals and possible problems and solutions. The plan will figure out if there’s a need for the new enterprise through research and surveys; it will figure out the costs and inputs needed for the company; and it will outline strategies and time lines that should be implemented and met

At Myagentsays we say:

We already have a 350 year old industry with great experiences on how to market and to service people properly. In addition, Myagentsays has created a “How To Succeed” manual called the “Myagentsays Fast Start Guide” which sets the road map on how to succeed both in the insurance arena and the Virtual Arena with our virtual social media marketing and appointment process system.

If you follow our instructions and execute each one, you will more than likely succeed and build a great business.

Reason #3: Too Little Financing

If you have started a company and things aren’t working out – you’ve got little capital and a struggling business – you’re really not in a good position to ask for another loan. Be realistic at the beginning, and start with enough money that will last you to the point where your business is up and running, and cash is actually flowing in. Trying to stretch your finances at the beginning may mean that your business never really gets off the ground, and you’ll still have a lot of cash to repay.

At Myagentsays we say:

Our operating cost are ridiculously low. If you have a room at home, a computer and a phone, you are in business. If you have to step into a car once in a while, that would be expected of any business you are in.

In most places for under $500, you can get your license and be ready to market and get customers. You will have other expenses such as Errors and Omissions insurance, your phone bill, your own URL and a Microsoft 365 account and suite for all of the products you will ever need to do this business. You are spending less than a $200 a month for these tools. Then you have your marketing and advertising cost which you would have anyway if you operated any other business. You would simply be putting it into the business. Most agents don’t. That adds to their failure rate. You must advertise. We show you how.

Reason #4: Bad Location, Internet Presence and Marketing

Location, location, location is everything if your business relies on foot traffic. Just as important, however, is internet location. These days, your web and your social media presence can be just as important as your company’s physical presence. People shop, search and research online for everything these days. So if the need is already there, the virtual availability and visibility of your business is crucial.

At Myagentsays we say:

Investopedia is exactly right. Most agents have no idea how to create a internet presence. They just want to be in front of a customer. We here create that presence for you and we do it through your own personalized website that is an identical one to MyAgentSays but customized for you. The sites can be further customized for you based on your personal preference. A fee is charged to make these changes.

Our social media marketing program will consistently put your business in front eye balls and give them reasons why they should visit you and want to learn more.

Reason #5: Rigidity

Once you’ve done the planning, established your business and gained a customer base, don’t get complacent. The need that you’re fulfilling may not always be there. So monitor the market and know when you may need to alter your business plan. Being on top of key trends will allow you lots of time to adjust your strategy so that you can remain successful. One must only look at the music or video industry to know that successful sectors can undergo huge changes.

At Myagentsays we say:

Insurance companies are always responding to market demands and creating innovative products for customers. The have been successfully doing this for over 350 years.

We are responding exactly how we should as more and more people find ways to shop and take care of their financial instruments needs online. They still also want to have a personal relationship with their agents. Our system allows you to accomplish both and set up your teams to operate on the same belief. We are poised for the future. We are ahead of the curve.

Reason #6: Expanding Too Fast

Now that your business is established and successful, it’s time to expand, but you must treat the expansion like you’re starting all over again. If you are physically growing, make sure that you understand the new areas and markets into which you’ll now be reaching. If you’re expanding the scope and focus of your enterprise, make sure you understand your new products, service and intended consumers as much as you do with your current successful business. When a business expands too fast and doesn’t take the same care with research, strategy and planning, the financial drain of the failing operations can sink the whole enterprise.

At Myagentsays we say:

Our business model is deliberately build fast. It is set up so that each agency that is created has the blue print and the same identical marketing and agency building blocks. We are very careful as to introducing new concepts and products. There is already a huge demand for the services and products we already have.

Myagentsays has created the latest and most innovative web and social media development tools in the market today. We will continue to strive and to focus on areas that we know will help each and every agency builders and serve the best needs of our customers. That you can have confidence in.