Here's something you can count on! We've assembled some pragmatic bits of advice on how to go about opening an actuary business.
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Tips for Creating a Great Actuary Company Business Plan
If it includes hard numbers, an actuary company business plan can become the catalyst for an executable business strategy.
In contemporary business culture, business plans are also litmus tests used by external interests to assess real world viability and marketability.
Early in the process, it's worth your time to learn how to write the market analysis section of a business plan. It includes the identification of your target market and in many cases, the inclusion of supporting research to back up your claims and sales forecasts.
Investigate the Competition
Well in advance of opening an actuary business in your town, it's worthwhile to see how you will fit in the competitive landscape. Use the link below to get a list of local competitors near you. After clicking on the link, type in your city, state and zip code to get a list of actuary businesses near you.
Gain a knowledge of how existing firms have positioned themselves in the marketplace, and then design your business in a way that sets you apart from the others.
Getting Advice from Experienced Entrepreneurs
If you are interested in starting an actuary business, it's a wise move to have a conversation with someone who is in the business. If you think your local competitors will give you advice, you're being overoptimistic. Why would they want to educate a future competitor?
However, a fellow entrepreneur who has started an actuary business in a different city may be more than happy to give you a few tips, provided that you won't be directly competing with them. Many business owners are happy to give advice to new entrepreneurs. Our estimate is that you may have to contact many business owners to find one who is willing to share his wisdom with you.
So, what can you do to find an entrepreneur who is running an actuary business in a different locale who can assist you?
It's easy. Here's a link you can use to find a mentor outside of your area.
Getting Started in Actuary Business Ownership
Would-be actuary business business owners can either launch a new business or acquire an existing operation.
Startup actuary businesses can be attractive because they allow the entrepreneur to have more control and greater influence. From a funding perspective, however, you may have a hard time finding lenders who are willing to take a chance on your actuary business concept.
Acquired actuary businesses are known quantities - and are less risky for lenders. On the whole, buying a business minimizes uncertainty as well as many of the objections lenders use to disqualify startup entrepreneurs from financing.
Explore Franchising Options
Going with a franchise opportunity doesn't mean you still can't fail but it can be a lower-risk way to start a business.
Prior to making the decision to open an actuary business, you may want to assess whether purchasing a franchise might help you on your entrepreneurial journey.
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 already are in business and came here to learn about growing an existing actuary business, these resources will come in handy:
If you sell to actuary 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.