Once you’ve gotten some experience as an insurance agent under your belt, the prospect of leaving being a captive agent behind and starting your own insurance business can be enticing. The freedom that can eventually come with being your own boss is a dream come true for those stuck in the 9-5 grind. However, like any business, there’s a lot that goes into building a successful insurance business.

Set Goals

If you’re going to succeed, you’ll need to have an understanding of what it takes to stay in business. This means figuring out how many clients you need to bring in based on how much they’re paying. Once you’ve figured out what it takes, set goals to enable you to accomplish that. Your goals should be specific, measurable, achievable, realistic, and time-based in order for them to be effective. You may find it helpful to set both micro and macro goals to help you make progress.

Learn to Market Yourself

With increased freedom comes a much greater degree of personal responsibility. Being independent means taking on more responsibilities because captive agents don’t have to worry about marketing. You’ll have to market yourself. Social media platforms are a good place to start. Optimizing your website for search engines is essential, especially when it comes to local searches. Use your networking skills and build relationships that you can gain referrals from. You can seek referrals from both existing clients and cross-industry connections. Keep in mind that you’ll likely have a pretty limited budget to work with, so it’s smart to focus your marketing efforts on strategies that will give you the greatest value for your money.

Managing Logistics

Setting up your own insurance business means that you are now responsible for managing the logistics. You’ll need to make sure that you are appropriately licensed, have adequate business insurance, and have chosen an appropriate business structure. You’ll also need to make sure you aren’t violating any valid non-compete clauses you’ve agreed to. Then there’s the day to day aspects of your business such as scheduling appointments and handling billing. Once you’ve hired your team, you can hand off some of these responsibilities. Until then, it’s all on you.

There’s a lot to do if you’re going to build your own successful insurance business. You’ll need to set goals and learn to market yourself, not to mention all the logistical concerns you’ll need to manage. It’s a lot of work, especially upfront, but the payoff is worth the effort if you become successful.

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