Thinking about opening an estate planning insurance business? We tell you what you need to know to get started.
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Characteristics of a Good Estate Planning Insurance Company Business Plan
Your estate planning insurance company's business plan should be tailored to your business's unique traits and goals. However, the most effective business plans do address specific sound business plan elements:
- Mission Statement – Your description of your estate planning insurance business's reason for existing.
- Goals & Objectives – The end results of your company's business activities.
- Financial, Marketing & Action Plans – Each of these plans covers a specific aspect of your estate planning insurance business's strategy and direction.
Don't Ignore Competitors
Prior to launching an estate planning insurance business within your community, it's essential to see what the competition looks like. Try our link below to find competitors in your area. After following the link, enter your city, state and zip code to get a list of estate planning insurance businesses in your area.
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 want to open an estate planning insurance business it's a wise move to talk to somebody who is already in the business. Local competitors are not going to give you the time of day, mind you. The last thing they want to do is help you to be a better competitor.
However, a fellow entrepreneur who has started an estate planning insurance business in another town will be much more likely to talk with you, provided that you won't be directly competing with them. 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 an estate planning insurance business manager who is willing to advise you because you live in different cities?
It's easy. Here's a link you can use to find a mentor outside of your area.
Top Three Reasons to Buy an Established Estate Planning Insurance Business
At Gaebler, we think it makes a lot of sense to explore an estate planning insurance business purchase before committing to a startup.
You'll want to conduct a comprehensive due diligence process, but here are three arguments why you should think about buying instead of a startup.
- Initial Revenue. Startups struggle to bring in revenue right out of the gate while existing businesses usually have a steady stream of income.
- Operational Efficiency. When you're shopping for an estate planning insurance business, be sure to look for ones that have all of the necessary processes and systems to ensure seamless operations from your first day of ownership.
- Funding. Lenders, investors and other funding sources almost always prefer business purchases to startups.
Don't Forget About Franchising As an Option
As an entrepreneur, your chances making a success of your new business are much better if you decide to franchise and benefit from the prior work of others and their lessons learned.
Before you consider starting an estate planning insurance business, a smart move is to check out whether there are good franchise opportunities available that might be worth investigating.
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 getting started as an entrepreneur may be of interest to you.
If you already are in business and came here to learn about growing an existing estate planning insurance business, try these useful resources:
If you sell to estate planning 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.