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How to Start an Insurance Business
These tips for starting an insurance business should keep you on target for success.
Opportunity Is Not Experience
Your experience in insurance brokerage or sales is not the “opportunity” for your company. The opportunity you must look for is an unmet need in the market for the service you can provide as an insurance broker. Better yet, you should be able to provide service in a way that your competitors cannot to be more assured of getting clients.
Licensing requirements vary by state, but every independent insurance sales agent (insurance broker) must have one. Getting your insurance sales license generally involves taking insurance-related coursework and passing exams. You should be able to show evidence of your insurance sales license in your business plan, as it may worry investors to hear just that you “plan on getting your license”.
The business plan lays out this opportunity, your experience, the marketing and operations plans, and the financial projections for your business. Before creating this document, consider how you will create it. Will you outsource the development of this plan, undertake it yourself, or find some answer in between? Business plan writing services and consultants can bring management consulting to bear throughout the writing process to make sure that you have thought through the business concept fully. However, you must be able to execute the plan personally - the consultants aren’t launching the business for you. For that reason, you cannot lock the plan away and ignore the expectations it sets for funders. For that reason, you need to have an intimate knowledge of what your plan says, even if you work with others to create it.
Achieving funding for your insurance business is not the end - it is just the start of the “real” work of launching the business. Whether you are seeking loans or equity capital, carefully undertake relationships with your funders and seek their trust and support for the long-term. You never know when you may have to call on those funders if unexpected difficulties arise. You had better not have an adversarial relationship with your funding partners when that time comes.
Want more tips? Here's a related article: Insurance Business Plan
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