Why You Need to Write a Business Plan
Cutting corners lead to failure
One of the biggest mistakes that captive agents make when they take a leap of faith and become independent agents is to think that past industry knowledge allows them to skip important steps. Like writing a business plan.
You may feel it in your soul that starting your own agency is the right step for you, but it’s so much more than freeing yourself from your boss and doing things “your way.” Starting an agency, no matter how many years you’ve spent in the insurance industry, is like starting any business; it requires thought and research.
Should you go independent or just look for another job
You may have a laundry list of reasons for leaving your old job and going independent, but you need focus when you start a business. It shouldn’t be an emotional decision. It shouldn’t be because you don’t like your boss, your coworker, your commute, etc. If these are your reasons, you may just be looking for another job at another company, not starting your own agency.
Sitting down to write a business plan will help you focus your thoughts. It will give you clarity and insight into the reasons for going independent.
A business plan is your guide to success
It is the clear-cut path from zero to that “three comma club” that all entrepreneurs aspire to join. It’s not a to-do list, it’s a list of instructions that you give yourself to make sure you stay organized and on the right path. Your business plan is like your GPS system. It figures out where you are right now, and then it finds the most efficient path to your destination.
A business plan will help define your purpose
A business plan can keep you accountable and help you define your purpose. It may change over time. As the industry grows and changes, so will your plan of action. However, the reason for starting your agency, the reason you want to be an independent agent, your mission should remain the same.
Colorado network for independent insurance agents
Starting a business is hard, overwhelming work. Even in an industry you think you know well. A business plan will help keep you grounded when you’ve got a million balls in the air.