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Being in the food media industry for over 10 years, I have worked with countless small-medium sized advertising and PR agencies. Many of them I never hear from again after a short period because they go out of business. This isn't because of a lack of talent or business sense because most of who I have worked with are brilliant women with massive creative ideas and true entrepreneurial sense. 

Some agencies fail because there is just not enough demand for the services they sell, at their particular price point. -Marketing Agency Insider

One of the top key success factors is having the demand for your services. With social media marketing and advertising becoming more accessible and easy to implement for the average person, the demand for agency services have shifted. 

Work-life integration 

When you're a in public relations, marketing or advertising it's not uncommon to have to visit clients, work at events, extend hours during the weekend to meet the client's needs. For women with families, what was once a dream job becomes something that majorly takes them away from their children and spouses on the times that the family needs and wants them. 

Anyone who has been through a recession knows that businesses can experience a rough patch at any time. Agency owners who fail to create a rainy day fund will have big problems if they suddenly lose a large client or important employee. Unplanned events like new competition and lawsuits can also spell disaster. - Marketing Agency Insider

These are just a few examples of why even if it sounds sexy to own a PR agency, the failure rate is high. Now, let's talk about a recession-proof marketing agency that every PR, advertising or marketing pro needs to consider. And that is to build a marketing agency in financial services in the sector of insurance. 

Here are the top reason to consider:

Recession Proof Business

The business of insurance, particularly life insurance is recession proof. In fact, it even GROWS during the recession when individuals and small business owners are desperate to take their money out of the stock market and into vehicles that will never lose money and where they can experience tax-free incentives. 

"...insurance is fairly recession-proof, because insurance companies tend to be fiscally conservative and Americans need insurance whether the economy is up or down. And since insurance firms are often mutual companies (meaning they answer to policy holders rather than Wall Street), they can launch sophisticated and aggressive information technology strategies, routinely support safety education and tend to have close ties to their local communities," - Monster

Client Retention

One of the hardest things in owning and running a PR agency is that clients usually sign on for only a period of time during their particular campaign push. This means the agency continually has to find brand new clients to onboard and work on their marketing and many are short-term. This is a dilemma because business sales become unpredictable. 

As an financial marketing agency, your client retention is very high when small businesses and families keep their policies in place for their entire lifetime. Read that again. ENTIRE LIFETIME. 

"...the average customer retention rate within the insurance industry of 84%." - AgencyBloc

Passive Income

This magical thing called passive income is the new American dream. Making money while you sleep. Making money while you vacation. Making money while you spend time with your family. Is this real?? In the financial services industry, it absolutely is and we call it override. 

When you build your financial services marketing agency, you are recruiting agents in your business much like you do for any agency. The key difference in financial marketing is the way you build passive income where you can truly make most of your income on pure override. 

What is override?? 

Overriding commission is commission that is earned by the field office manager and is based upon the business that is created by the agents in the office. For example, in the insurance industry, it is a commission paid to agents who have exclusive territorial or class-of-business agreements with an insurance company, for all policies written in their territory or for that class of business, even if the business is written by other agents. -US Legal

Basically, the insurance companies will pay you a portion every time a licensed agents protects a family or small business even if you had nothing to do with the case simply because these agents are part of your organization. 

Helping Your Community

Being in the life insurance agency business is truly one of the most noble businesses and careers you can do. Protecting a family from financial ruin, securing retirement income, helping families create generational wealth, securing small business owners with powerful financial solutions they wouldn't otherwise be able to afford is so rewarding. You are actually giving your community exactly what they need - FINANCIAL PROTECTION. 

Have you ever considered building an agency in financial services?? Email info@mommacuisine.com to attend a business opportunity meeting near you or join our free master class and enter MOMMACUISINE for a free business 1on1 with me!