Wondering how to start a car insurance agency? We take you step-by-step from start to success.
(article continues below)
Business Plans for a Car Insurance Agency
One of the worst mistakes you can make as a new business owner is to not create business plan for your startup car insurance agency.
The key benefit of writing a business plan is that it defines the game plan. Without it, you'll be flying blind, choosing short-term opportunities at the expense of long-term benefits.
Before you make another business decision and before you start writing a business plan, you need to create a mission statement. Once you're satisfied with your car insurance agency's mission, it's time to initiate the hard work involved with writing the rest of your car insurance agency's business plan.
Check Out Competitors
Long before you open a car insurance agency in your town, it's a smart move to determine how strong the competition is. We've provided the link below to help you generate a list of competitors in your city. Complete the form by entering your city, state and zip code to get a list of car insurance agencies that are close by.
If there's too much competition, it may be wise to consider starting the business in a less competitive marketplace.
Finding a Non-Competitive Business Mentor
If you are seriously contemplating launching a car insurance agency, it's a wise move to talk to somebody who is already in the business. It's very unlikely that the local competition will talk to you. Why would they want to educate a future competitor?
But, a person who owns a car insurance agency outside of your community will be much more likely to talk with you, as long as they don't view you as a competitive threat. In fact, they are often very willing to share startup advice with you. If you are persistent, you can find a business mentor who is willing to help you out.
How does one quickly and easily locate a car insurance agency entrepreneur on the other side of the country to talk to?
It's easy. Here's a link you can use to find a mentor outside of your area.
Benefits of Buying a Car Insurance Agency
As a would-be car insurance agency owner, the impulse to build a company from scratch is in your blood. Yet car insurance agency startups aren't easy - many fail within the first year.
There are a lot of factors that need to be considered in buying vs. starting a business. By buying a profitable car insurance agency, you'll shorten the amount of time it takes to achieve a return on your investment because you'll have the advantage of a proven operation and an existing customer base.
For many entrepreneurs, franchising is an attract alternative to starting a business from ground zero. Franchises are popular because they are based on a business model that works. The nation's leading franchisors know their way around the industry and are now passing their learnings on to the next generation of business leaders. Today's franchises offer a range of opportunities for ambitious startups.
Just click the link below to learn more about insurance franchise options.
These additional resources regarding starting a business may be of interest to you.
If you sell to car insurance agencies, this isn't the right place for you. Try these resources instead:
If you are interested in starting a different kind of business, please browse our directory of guides below.