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Tips to Consider When Diversifying

Jul 5, 2013 2 Minute Read

Are you thinking of diversifying your business and selling a wider variety of life insurance products? We have some tips on diversifying that you may want to consider before you start the process.

Ask Yourself Questions

First, it’s important to determine whether or not your core business is stable and profitable. If it is not, reconsider diversifying as it may introduce too much risk and not enough financial stability into your company. Taking on new products may also take your eye off the ball of your core products, so it’s important that they are stable before you diversify.

It’s also important to consider what sort of investment is involved with expanding your product line. Financial costs to think about include:

  • The initial investment to get the new products up and running
  • Ongoing funds to support expansion and possible new employees
  • The time it takes from you and other employees
  • Other resources it may take to get the new line up and running

By determining whether or not your business is currently stable enough for expansion as well as considering costs of expansion, you should be able to clearly see if diversifying makes sense financially for your business.

Find New Products

You know the insurance industry as well as your business, so determining which products to add shouldn’t be difficult.  Consider adding new products like life insurance, annuities, non-medical and final expense insurance. Expanding your product portfolio can offer your clients security, convenience and affordability. If they are already your client for life insurance, they will be likely to purchase a second type of insurance from you Take a look at your competition, too. If there is something they offer you currently don’t, consider expanding into that product line.

Don’t Lose Sight

Expanding your business and diversifying is an exciting time for your business, but don’t lose sight of your core business. Make sure you are maintaining any and all of your current business. Successful businesses don’t run themselves!

Consider additional tools you can utilize to help serve your current clients better, like the Automated Life Insurance Sales System (ALISS). ALISS is a life insurance sales software and CRM solution that can help you do more better and faster at a minimal cost.

Start Getting Leads

Contact us today to learn more about the ALISS system or find out how we can help you grow diversify your business.