Making Money #1 - Recruiting Insurance Agents As Referral Partners
The question is: “How do I make money with this private label?”
Let's dive into answering that question:
Like any business you need traffic which in this case means completed business pre-qualification scans. The more scans you get, the more likely you are to fund small business owners. The more small business owners you fund the more likely it is that those funded business owners will want to become bankable and therefore the more money you make.
So, where do these business scans come from?
The best source is from referral partners. Where do you find these referral partners?
They are actually all around you. They are any business that has other businesses as their clients.
Why recruit business insurance agents as referral partners?
Any business that is going to lease office space or lease equipment, want to have a government contract or seeks an SBA loan will have to carry business insurance. There are more than 160,000 insurance sales offices in the United States. All those agents have a database of past and present business clients or business prospects they did not close.
This makes every insurance agent in the country who has ever dealt with business insurance an extremely viable referral partner for your private label. They want their business clients to stay in business and to continue to pay their insurance premiums. If they stop paying, then those agents lose commissions. Your private label can help keep their clients in business and assist their long term success by helping them become bankable.
Once you close one insurance agent as a referral partner and show to them the value of the free scan you can have all their business clients run, you can then leverage that one insurance agent referral partner into two, three or four.
How do you close referral partners?
First, ask them what linkedIn groups they belong to, what associations they are in, what conferences and trade shows they attend and get involved in those. Offer your finance and credit industry knowledge. Share with them what being bankable means and what it takes for their clients to get there. Show them how helping their clients to become bankable can be a new steam of revenue for them, how it can help them retain their clients and how it can help them recruit new clients.
