Renovo Consulting LLC | Application Preview
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General Information
Business Registration Number: 872956793
Location: Leechburg, PA, 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: YES
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Funding Usage
We have reached a point where the foundation for the business is solid with regards to clear definition of services offered and a solid team of individuals prepared to handle the work load. The funding would go towards expanding our consumer division to reach more consumers in need. Our current workload keeps us operating at about 20% of our potential capacity with just the staff we currently have. We would like to be able to afford to market and reach more clients who need our services. The funds would go towards print and digital advertising, boosting our online presence, hosting and sponsoring local events as well as alleviating some of the financial burden of current expenses while we grow the company.
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Business Plan
Over the next 5 years we are looking to expand the business to have physical locations as well as staff operating in various states. Statistics suggest that 48% of Americans are in need of at least one of the services in our portfolio. Currently our agents are licensed in 13 states combined with the intention to be licensed in all 50 by fall of 2024. Our model allows for rapid expansion without significant expense. We are a small team of dedicated professionals who each understand the struggles of small business as we have owned and built our own businesses from the start without having someone there to help us with the questions that our company is offering to answer. We have also dealt with the loss of loved ones who did not have proper financial planning in place and have gone through the hurtles that everyone will inevitably face. We are hard working and know what we are doing. Bringing these services together in one house allows us to offer complete solutions to our clients.
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Self Identified Competition
There are not many competitors who bring all of the services under one roof as we do. Our biggest competitors would be estate and family law offices, accounting firms, and insurance firms. Each of them offer one leg of the services that we are offering under a single umbrellas. We set ourselves apart by not only offering a portfolio of services that encompass most of the needs of our clients under one roof but also in the pricing model and structure that we follow. Most competitors who offer one or more of the services we do are priced per hour or per service. Our model enables us to offer our services generally at a substantially lower up front rate and often with no cost to the clients directly. Through our appointment and partnership with 54 of the nations largest insurance companies we receive commissions for every client we onboard, we are also structured in a way that enables us to work for the clients while remaining independent with the insurance companies unlike most agents who are captive or contractually obligated to work for the insurance company. Beyond commission based revenue we also contract with our business clients to take 7.5% of profits. The industry standard average for the services we offer is about 10% of overall revenue so by taking 7.5% it saves our clients money and guarantees us revenue. With regards to consumers we are set apart because unlike attorneys who charge by the hours and only perform one service we offer the entire package generally at a significantly reduced price. Through our partnership with funeral homes, who are also our clients on the business side, we have a free and direct access to consumers who have already expressed the need for services similar to us and we are able to offer them solutions that work best for them. If for example an individual goes into a state farm office wanting burial or life insurance policies, the state farm agent is contractually obligated to offer them a solution provided by State Farm or a direct State Farm affiliate only, the agent has to put State Farm above the client. We, as independents, are able to put the clients needs out to our portfolio of 54 companies and select the policy that fits our clients needs directly and cost effectively. We are also able to facilitate services that most insurance centered companies are not such as the estate planning, wills, and trusts, eliminating the need for the client to seek out multiple businesses for the necessary services.
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