Women-owned businesses make up a fast-growing market in every community. One way to reach the owners of those businesses is to lead with long term care insurance.
By tapping into family dynamics and stressing that LTC insurance will enable the woman business owner to protect her family, youll press her hot buttons and make more sales.
The size of the women-owned business market is already immense.
Women own an estimated 10.6 million firms, some 48% of all privately held firms in the United States. These firms generate $2.5 trillion in sales, employ 19.1 million people and spend $54 billion annually on employee benefits, according to the Center for Womens Business Research, Washington.
In the past 12 years, the number of women-owned businesses has more than doubled, employment has increased fourfold and sales have grown fivefold. The largest share of women-owned businesses is in the service sector, but the greatest growth is in industries such as construction, wholesale trade, transportation/communication, agriculture and manufacturing.
Women entrepreneurs are more likely than male business owners to place value on business relationships and on factual information, according to CWBR researchers. Women business owners are more likely than their male counterparts to seek out the opinions and input of otherswhich is good news for advisors.
Womens interest in hearing about new ideas is especially good news for advisors who can talk about LTC insurance.
Women business owners are usually more receptive to hearing about LTC insurance than businessmen because theyre more often caregivers for aging parents and other relatives. Many have experienced firsthand the burden of care and have seen the financial devastation a long stay in the nursing home can cause.
Because women live longer than men, they realize theyre more likely to need long term care. Businesswomen want to remain financially independent and not become a burden on their children. When you ask a woman business owner, “What are the plans for when your health changes?” they understand the question. Men tend to deny that anything bad will ever happen.
If you ask the right questions and go about your initial fact-finding the right way, youll find a receptive audience among women business owners for LTC insurance.