Thinking about opening a group insurance business? We tell you what you need to know to get started.
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Successful Business Plans for Group Insurance Businesses
As a startup small business owner, you need to have a business plan you can rely on for both external and internal purposes.
Although there are a lot of tasks screaming for your attention, cutting corners on your business plan can be a precursor to disaster. Even though it takes time to write a high quality plan, there are a lot of arguments why your company can't succeed without an effective business plan.
As a rule, don't exit the business planning process until you are completely satisfied with the scope and content of your business plan.
Check Out the Competition
Prior to launching a group insurance business in your area, it's worthwhile to determine how many competitors you have. Try our link below to get a list of local competitors in your city. After following the link, enter your city, state and zip code to get a list of group insurance businesses in your area.
Is the local market large enough to support another group insurance business? If not, you had better be sure that you are doing things much better than the competition.
Talk to People Who Are Already in the Business
As part of your due diligence on opening a group insurance business, it's essential that you have a conversation with someone who is in the business. Local competitors are not going to give you the time of day, mind you. It'd be crazy for them to teach you the business.
On the other hand, an individual who has a group insurance business in a different city may be willing to share their entrepreneurial wisdom with you, as long as they don't view you as a competitive threat. In that case, the business owner may be more than happy to discuss the industry with you. Our estimate is that you may have to contact many business owners to find one who is willing to share his wisdom with you.
Want the scoop on finding a group insurance business manager in another city who you can speak with?
It's easy. Here's a link you can use to find a mentor outside of your area.
Advantages of Using a Business Broker
Startup group insurance business and group insurance business acquisitions each come with their own benefits and drawbacks. For group insurance business entrepreneurs, there are many reasons why a purchase is more logical than a startup.
Although you could navigate a business acquisition on your own, most prospective group insurance business owners enlist the services of a business broker.
Top quality brokers with an industry track record understand the nuances of group insurance business acquisitions and are equipped to make your transition to group insurance business ownership as easy as possible.
Franchising May Be a Better Way to Go
The probabilities on your thriving in your new business zoom upwards if you go the franchising route and benefit from the prior work of others and their lessons learned.
Before you consider starting a group insurance business, you should check out whether buying a franchise could be the right move for you.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
These additional resources regarding starting a business may be of interest to you.
If you currently own a group insurance business, these resources will come in handy:
If you sell to group insurance businesses, you're in the wrong place. Try these resources instead:
If you are interested in starting a different kind of business, please browse our directory of guides below.