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Insurance Business Plan: 3 Ways to Stand Out
Insurance brokerage businesses are rather common as new businesses go. To make your business plan stand out from others that funders have seen (or are even currently considering), consider one of these three strategies.
Proving you have found an opportunity that is more than the garden variety is a first step to knock the socks off of readers. This means that there is a new or existing customer need in a certain market which competitor brokerages aren’t yet filling. For example, if retirement communities have recently opened in a town, the existing life insurance brokers may not have the capacity to handle the needs of this new market. If the market is expected to grow in the years following launching your brokerage, so much the better. Your practice can continue to grow with the customer group.
If you and your team have designed a specific and unique of marketing, selling, or operating that can dramatically increase revenue or decrease costs, and you can capture this method well in the plan, you can stand a better chance at getting funding. Ideally, this method should be difficult to imitate, either because it is a process which can be patented, or because the specific combination of management resources your business brings together make it possible.
Finally, simply by having an excellent team in terms of experience and the complementary skills they bring to the table can set your business plan apart. If you will be a manager within the company, this starts with showing your experience in the sales, insurance, and especially insurance brokerage businesses. Showing management experience, financial experience, and marketing experience are all important for an entrepreneurial team as well. It is difficult for any one person to have all of the needed skills and experience, which is why the focus is generally on the team assembled.
Want more tips? Here's a related article: How to Start an Insurance Business
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