Thinking about opening a foreign insurance business? We tell you what you need to know to get started.
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Creating a Business Plan for a Foreign Insurance Business
One of the worst mistakes you can make as a new business owner is to launch your company without having written business plan for your startup foreign insurance business.
A good business plan defines the game plan. If you don't have a business plan, your leadership will be handicapped, choosing short-term opportunities at the expense of long-term benefits.
Start by defining your business mission. The process of writing a mission statement doesn't have to be complicated. Once you're satisfied with your foreign insurance business's mission, it's time to initiate the hard work involved with writing the rest of your foreign insurance company's business plan.
Check Out Competitors
Prior to launching a foreign insurance business in your area, it's worthwhile to find out how you will fit in the competitive landscape. We've provided the link below to help you get a list of local competitors in your area. Complete the form by entering your city, state and zip code to get a list of foreign insurance businesses 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
As part of your due diligence on opening a foreign insurance business, the next step is to have a conversation with someone who is in the business. If you think owners of nearby foreign insurance businesses will give you advice, think again. What's in it for them?
Thankfully, an owner of a a foreign insurance business on the other side of the country may be willing to share their entrepreneurial wisdom with you, after they realize you reside far away from them and won't be stealing their local customers. Many business owners are happy to give advice to new entrepreneurs It can take a while to find an entrepreneur who is willing to talk, but it's well worth the effort.
Where does one find a foreign insurance business owner who is willing to talk to you but doesn't live nearby?
Simple. Let your fingers do the walking by using the link below.
Benefits of Buying a Foreign Insurance Business
On a percentage basis, more entrepreneurs intend to enter foreign insurance business ownership through a startup than through a business purchase. But the harsh reality is that startup foreign insurance businesses experience a high failure rate compared to entrepreneurs who buy existing foreign insurance businesses.
There are a lot of factors that need to be considered in buying vs. starting a business. By buying a profitable foreign insurance business, 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.
Is Franchising the Right Option?
The probabilities on your thriving in your new business zoom upwards when you choose to franchise rather than going it alone.
Before opening a foreign insurance business, a smart move is to investigate 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 foreign insurance business, these resources will come in handy:
If you sell to foreign insurance businesses, you're in the wrong place. These resources are more appropriate for you:
If you are interested in starting a different kind of business, please browse our directory of guides below.