BKB Consulting Agency | Application Preview
BKB Consulting Agency is seeking government grants to expand its marketing efforts and enhance its operational capacity. The funding will be allocated to creating advertisements across billboards, television, and social media, as well as hiring staff to manage daily operations and social media engagement. Additionally, the funds will cover monthly subscription services related to email marketing, text messaging, landing page management, and website maintenance.
The business aims to tap into the growing life insurance market, which is projected to see significant revenue growth in the coming years. BKB expects to generate $100,251 in revenue during its first year, with plans to introduce digital products such as training programs, eBooks, and establish a community that educates the public about life insurance.
The rationale for funding approval emphasizes the importance of disseminating life insurance knowledge to ensure families are prepared when the time comes. BKB stresses the need for effective marketing to reach its target audience, highlighting that everyone will eventually face this reality.
In terms of competition, BKB identifies two main competitors: Loyalty Insurance Marketing Group and Bouvier Insurance. BKB plans to differentiate itself by leveraging strong social media engagement to reach a broader audience, especially given that a significant portion of its demographic spends time on these platforms. Furthermore, BKB intends to focus on educating underrepresented communities, particularly emphasizing diversity, as there is an increasing demand for life insurance among African Americans.
Overall, BKB Consulting Agency seeks to establish a competitive edge through robust marketing strategies and a commitment to inclusivity in its educational approach.
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General Information
Business Registration Number: 920767789
Location: New Britain, CT, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: Less than $100k
Annual Gross Expense: Less than $100k
Open to Loans: NO
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Funding Usage
The funds will be used to market the business throughout the state via billboards and commercials, as well as on all social media platforms. We want to reach as many people as possible. We also need to hire staff to help us with day-to-day operations and managing our social media platforms. Since the business is a digital based business, we have several monthly subscriptions to manage email list, text messages, landing pages, and websites and the funds will be used to pay for these monthly expenses.
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Business Plan
According to 52411A Life Insurance – Annuities in the US iExpert Report, the insurance industry revenue is expected to increase by over $1 trillion is the next five years to 2027. Our projected revenue for the first year is $100,251 with a 4% increase the next year. We intent to serve this growing industry with knowledge and education of all things life insurance. Our plans to grow the business include the creation of online digital products - trainings, ebooks, and building a community where I teach everyday people how to be prepared with their life insurance. We plan to grow beyond our platform within the next 5 years and bring these teachings to small insurance companies, small business owners, and those who support them like investors and CDFI's to share this information with their audience as well. Investors should invest in my company because we all have an expiration date and it's important that the knowledge I have be shared with all. I can only share this information with others if I properly market the business and get in the face of my target audience. And I need money to do so. Help me share this information with as many people as possible. I want to ensure that when people pass away, which will happen to us all that their family is prepared and equipped with the information needed to receive their life insurance check and grieve in peace.
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Self Identified Competition
1. Loyalty Insurance Marketing Group: Address 1224 Farmington Ave West Hartford, CT 06107 Hours Monday – Friday, 9am – 5pm Products Medicare Insurance, Life & Final Expenses Insurance, Retirement & Get out of Debt Plan Strengths Very knowledgeable, great customer service, bilingual Weaknesses Low social media presence and engagement Synopsis Loyalty Insurance acts as a third party in shopping around for insurance for their clients. First, they gather some information (online or by phone) and based on the answers they will find coverage (Medicare, life insurance, retirement plan) to suite their client’s needs. Their clients have said they have exception customer service and they’re always willing to go above and beyond. By providing great service, their clients are purchasing multiple services while also referring them to family and friends. What BKB will do differently (per the highlighted weakness) At BKB, we intend to market our business on billboards, news ads, but most importantly social media. We know that our audience is amongst the largest age group (31.2%) on social media for about 30 minutes daily. So, it’s important that we are present and in the face of our customers. 2. Bouvier Insurance: Address 29 North Main St West Hartford, CT 06107 Hours Monday – Friday, 8:30am – 4:30pm Products Personal, commercial, life & health insurance Strengths Quick response/turnaround time, knowledgeable, longevity, great customer service, multiple locations Weaknesses Low social media presence and engagement and diversity Synopsis Bouvier Insurance offers several different insurance options. From auto and boat insurance to life and homeowners’ insurance. As a family-owned business with over 50 years, in multiple locations across the state, their agents are equipped with a wealth of knowledge. Most of their clients have utilized them for all their business needs (personal & professional) for many, many years. What BKB will do differently (per the highlighted weakness) According to the National Center for Health Statistics, Black Americans have suffered the highest death rate per 100,000 people than any other group due to the coronavirus. Now, 56% of African Americans have purchased life insurance within the last year. We’re here to educate them. At BKB, we want to be intentional about establishing diversity within our company. With an increase of black and brown faces having life insurance, it’s important for the culture to feel represented by people who look like them and can relate to their situation. We want to educate all individuals with an emphasis on the underrepresented. See above
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