Becoming an Independent Agent: What You Need to Know
Becoming a business owner is a challenging, yet incredibly rewarding opportunity. While many new businesses fail within their first five years, having the support of an established brand helps significantly increase your business’ rate of survival. Even though there are tools available to help you every step of the way, there are a few things you need to know before opening your doors.
Before You Buy, Think
While many people become independent agents without thinking and become successful, the people who have the most success think before they act. Owning a business is hard work, and there are several details you will need to handle right away. Working out these details could mean spending several extra hours working, especially in the first few months. Before becoming an agent, think about all of the commitments you have and how owning a business may affect them. These thoughts shouldn’t discourage you from ownership. Instead, it should prepare you.
You Need to Write a Business Plan
A business plan is a perfect representation of your agency and its intentions on paper. While the importance of business plans have been discussed before, it is important to note just how much you will be relying on the plan in the near future. If you are planning on joining local business organizations, receiving advice from seasoned business owners, renting real estate, or securing outside funding, you may be showing off your business plan sooner than you think.
You May Need to Hire Staff
One of the biggest appeals of becoming independent is that you don’t always have to be around people in an office setting. Independent insurance agents can set their hours, control where they work, and most importantly, who they work with. However, this isn’t the industry to be in if you want to avoid having coworkers. Growing agencies often need people to help answer phones, process applications, make appointments, and handle finances.
Some Marketing is Required
Affordable American Insurance is a recognizable brand that people trust. While this can make potential customers seek out local agents, this isn’t enough to make a new business thrive. You will have to develop a marketing budget and learn the latest strategies if you want to succeed.
A Highly Rewarding Career
Becoming an independent agent can be an amazing experience, and Affordable American Insurance is here to help. Contact us today to learn more about what you need to open an agency, marketing tips, and more.