What should I do if I want to become a Work Comp Consultant has been one of the most often asked questions I have received over the years (since 1996)? Interns, agents, claims adjusters, premium auditors, and reporters who were interviewing me for publications like Bloomberg News all asked me this question.
Since 1996, when I wrote a business plan on the proverbial kitchen table while still employed by a government organization, I've made a lot of blunders. Let me try to steer you clear of a couple of them.
Do I want to be a generalist or a specialist in a certain field?
One only needs to look at the medical field to know that there aren't nearly as many generalists as there once were. The challenge of being a generalist is great. Let's examine the 10 approaches to launch a workers compensation consulting business.
SEE Top 5 Parts of A Workers Comp Policy
- Do I want to be a generalist or a specialist in a certain field? – Welcome to the fine line you must tread; if you focus too much on one area, you will quickly go out of business. You won't ever be able to deliver the elevator speech, which is crucial at the beginning of your career, if you specialize too much.
- Do you work in the P&C sector? If not, becoming a workers compensation consultant can be more difficult for you, but you can still do it. If so, you'll need to consider when starting your practice what area of the workers compensation sector you want to specialize in.
- Although not necessary, designations will be quite helpful. It would be wise to start at the Institutes. Depending on your choice of career, the AIC, ARM, and other designations would be quite helpful.
- A business plan would be beneficial. In 1996, I created one that took two months to finish. That plan will change several times, as one mentor/advisor advised me; be very adaptable.
- Speak, write, and keep writing. You will conduct more research than ever before for presentations and publications you write. You will gain a ton of background by posting and sharing your ideas. Any of my articles may be used as references so long as a link is included.
- Mentors—always, always mentors. To continue our conversation with Tom, an SBA advisor, I had driven three hours. I also attended seminars for federal government contractors and spoke with a lot of insurance industry retirees. I didn't get any contracts. From the meetings, I did pick up a lot of information, including what not to do.
- Mentors—always, always mentors. To continue our conversation with Tom, an SBA advisor, I had driven three hours. I also attended seminars for federal government contractors and spoke with a lot of insurance industry retirees. I didn't get any contracts. From the meetings, I did pick up a lot of information, including what not to do.
- It matters how you present yourself visually, from how you present yourself at meetings to how your website looks. It's true what they say: first impressions matter. The visuals on your website, business cards, and other materials are priceless. Yes, people continue to exchange business cards. In this region, do not attempt to save money. If a website was just thrown together using a template, it is obvious within ten seconds.
- From the moment your head leaves the pillow, act professionally. You have six seconds to make an impact in addition to item #7 above. Due to cellphones, people's attention spans have decreased to just a few seconds from 20 minutes. A workers compensation consultant's speech may be monotonous. To learn how to remedy that, see Guy Kawasaki's blog.
- Rankings on Google do important. Google "Golden Triangle" to learn more. In 2007, a Facebook consultant introduced me to psychographics. My eyes were opened by her 30-minute presentation and our post-meeting conversation on how the Internet actually functioned 15 years ago, when there weren't many workers' compensation consultants.
- Attend conferences and meetings in person. The one-on-one talks, even if they only last a short while, during social occasions are what matter the most to me. It is ten times more successful to speak with someone face-to-face than to use a video conference. (Post-pandemic). At the NCCI conference last week, I had the opportunity to speak with Roger Ferguson, one of the Fed VPs (in person).
- Bonus: There is nothing wrong with returning to employment. You didn't mess up. 90% of companies fail during the first year.
- Double Bonus: The secret to seeing your ideas succeed is to stay committed to them. You might have to wait longer than you'd like to attain success. If that happens, look at #11.
