Business Idea #186 – Workers’ Compensation Calculators for Every State

by Byron on September 24, 2012

The Problem:

Injured workers needing workers’ compensation often want an estimate of their benefits.  It’s difficult to provide the estimate and it varies from state to state.

The Business

A workers’ compensation calculator for every state.  The algorithm varies by state.  You need to be intimately familiar with the workers’ comp laws in each state in order to put forth a reasonable approximation of benefits.  (You cannot do any better than a gross ballpark estimate without speaking to the potential claimant.  Even then, even the most experienced workers’ compensation lawyers, can’t do better than a rough estimate.  The claimant must go through the entire process, including doctors, treatment, hearings, and negotiations.)

An online workers’ comp calculator is an excellent tool for attracting potential workers’ comp clients.

Doableness

The idea is doable if you know that comp laws and formulas in that state.  I proved that with Maryland. I think the business is actually in selling these websites to comp attorneys throughout the country.  If you would like to go into business with me on this one, please get in touch.  You would need to bring the demand generation and sales.  You can do operations and buildouts or I can.

My Thoughts

I own the code.  I know what needs to be built.  I know how to make it perform in search.  I have a proven success.  I know who the target market is.  I know how to reach the target market.  The idea is not a fortune maker or a life changer, but it is a solid idea that could produce a million bucks or so over the course of about two years.  Why then, do I not pursue the idea myself?

Sales, marketing, and demand generation.

You can have everything it takes for a business to succeed, but if you aren’t willing to live and breath it, you aren’t going to make it.  You need to sell at every opportunity.  You need to keep working relationships until your prospect buys what you’re selling.

The process is harder still when you need to invent demand, as is the case with this business idea.  No one wakes up one morning and says, I need an online workers’ comp calculator to build my practice.  Where can I find one of those?

Prospects hear your idea and say, “Why would I want that?  I’ve got something else that works fine.  That won’t really work.  That sound like a pain.  Where’s the ROI in that?  I don’t think so.  Maybe later.”

Most people who hear your idea won’t even hear it.  Most people don’t give a shit.  And it’s not because they’re mean or selfish or think you’re stupid.  It’s simply because their world is a busy place.  They didn’t ask for you in it and now that you’re in it, you’re in their way.  And all of this is okay.

Because if you’re ready to get up every day and chip away at the mountain you need to climb, eventually you will get to the other side.  Some prospect will say, “I need to increase business.  What was that guy trying to sell me that he said would bring more clients?”

And your job is to still be there, still with the same message, still with the same desire to sell him the solution that he now knows he needs.  That is demand generation and its cousin sales.

Sometimes, the product is the marketing and no demand generation is necessary.  Most of the time, however, you succeed or fail because of sales.

 

 

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