Thanks Fred and his wonderful software and support network here on this board. This board and everyone’s feedback gave me inspiration and ideas when I needed them the most. I bought into this business in March and have slept, thought, dreamed and breathed “home inventory” ever since. I now understand the principal of small business owners that they live and breathe work. I truly have found a passion that inspires me to get out of bed and make a difference. My story is a bit long, but informative. Here is my experience over the past 3 months to help the new people and share my trials and tribulations of starting a new company that is so new and unique.
After purchasing my software, I setup my books as I knew tax writoffs were 1st on my list, and then came the laptop and web software. Every dinner or lunch I had with friends I now was talking shop…and writing off the meals. While still working my fulltime job, I found it harder to concentrate as my new research and interest in insurance was spilling into my everyday life. Every chance I get, I was combing the books and internet for more information to answer my many questions. Why does Canada not have flood insurance? What are perils? Networking and Sales techniques, earthquake planning. You name it; I have researched many related topics for this business. I have spoken with claims adjusters, lawyers, and people to get their input on this type of service. I also spent many hours reading as many "home inventory" company websites to find a pattern in pricing, services, and lingo. It seems that with every new person I talk to, there was yet another piece of information I need to research. It was very overwhelming at first (and still is) and through all, I have learned a great deal about the insurance industry, claims, policies and emergency planning. Knowledge is power.
All this 12 hour a day research was the basis of defining my target market, business plan, advertising and marketing timelines and website. You don’t need and MBA to start this business, just drive and determination. I have also just sent in my registration form to NAHIP as I support this organization and know it will be a great frontrunner in promoting this service in the future. My website is now active www.takestock.ca and would love your feedback. On my website, you can also view my brochure that I had professionally developed by a friend. Funny story about my brochures. I ordered them from Vistaprint.ca. Fabulous special price! $349.00 for 1000 tri-fold brochures. When I received them, they were all folded the wrong way...they sent me another 1000 folded correctly for FREE! True customer service here. I also ordered my business cards from Vistaprint. I don't recommend ordering 1000 off the bat, as when I got mine I found the font was smaller than I wanted. Order 50 and see how you feel about them first. I also bought a couple of shirts with my logo on it and yes people notice and ask. Maybe because its pink and I am rather large chested. Whatever works!
In our area of British Columbia, fire, floods and theft are primary concerns for residents. My target market is high end homes in Vancouver and fire prone areas in our central region. That would account for 400,000 homes. I have just sent letters, brochure samples and business cards to 120 insurance branches across British Columbia and 7 press releases went out on Friday to the editors of each paper in my area. Next steps…well I can’t let you in on all my secrets now can I, but I will let you know the results.
Lastnight was my first networking group. Highly recommended! I read the book “how to work a room” by Susan Roane before I attended. I met many new business owners in my area, swapped cards and met a mortgage specialist and real-estate fella who asked me to partner up and speak at their upcoming seminar on “owning your own home”. A reporter from our local paper was there, so I made sure I was having a good conversation with him. He won’t forget me anytime soon. He commented on what an interesting business I was in and he thanked me for listening about his trip to the Cook Islands. This unique service we are in is all about relationship-building. Of the 10 people I spoke with, I got 3 solid good follow-ups…not just for sales, but for opportunity to educate people. If you have a true passion for your service the sales will follow. Right now, I am spreading the word with people and volunteering with our local emergency planning groups as we are about to be flooded out here in BC.
The feedback has been very positive, but is right now is a hard sell to the average consumer. This is why I have taken the “education” approach in my marketing campaigns. Many people aren’t aware that if they file a claim, the insurance company will ask for proof or a statement of loss. Every insurance company has a written statement on their website about the importance of a home inventory. I hear so many stories of people who didn’t have an inventory when their home were robbed or burned and they spent months trying to recall their items. The stress and financial loss was devastating in some cases. People take it for granted that if your have a $30,000 replacement policy for content and your house goes up that they pay up…this is a large claim and you don’t get a lump sum cheque. The insurance company is a “business” and will replace your item based on their replacement cost, not yours. You need to prove to them you owned a 42 inch Samsung plasma TV that will cost $900 to replace. No proof…you get an average 32 inch TV. This scenario varies from one company to another and is based on the total value of you claim. Small claims, they just pay out. With Insurance fraud being more prevalent in today’s society and insurance companies demanding proof, this is more reason to have an inventory.
I hope my story will educate all that are involved with this unique service.
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