Thinking about opening a homeowners' and renters' insurance business? We tell you what you need to know to get started.
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Best Practices for Writing a Homeowners' & Renters' Insurance Company Business Plan
As a startup entrepreneur, you're learning that small business ownership can be a lonely career path. That's especially true when it comes to writing a business plan – the seminal document that will shape the direction of your new homeowners' and renters' insurance business.
Fortunately, you don't have to tackle your homeowners' and renters' insurance company's business plan by yourself. These days, there are tons of great resources and solutions available to support the business plan writing process.
For more information, take a look at our Business Plan Help section.
Long before you open a homeowners' and renters' insurance business in your area, it's worthwhile to see what the competition looks like. Try our link below to generate a list of competitors in your city. Complete the form by entering your city, state and zip code to get a list of homeowners' and renters' insurance businesses that are close by.
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
After you've evaluated your local competitors, it's a smart move to speak with 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.
Fortunately, somebody who runs a homeowners' and renters' insurance business in another town may be more than happy to give you a few tips, once they realize that you are not going to directly compete with them in their community. In that case, the business owner may be more than happy to discuss the industry with you. If you are persistent, you can find a business mentor who is willing to help you out.
How does one go about finding a homeowners' and renters' insurance business founder outside of your area who is willing to talk?
Here's one way to do it. Just use our link below, find somebody and call them.
Pros & Cons of Buying a Homeowners' & Renters' Insurance Business
An acquisition can be a great way to enter homeowners' and renters' insurance business ownership. But it's important to evaluate the benefits and drawbacks of buying a business before you decide on either an acquisition or startup approach.
PROs: Existing companies have proven business models and a history of profitability. They should also have some degree of brand recognition and an established customer base.
DRAWBACKS: On the downside, homeowners' and renters' insurance business acquisitions can be difficult to adapt to your unique business philosophy so it's important to make sure the business is capable of achieving your ownership goals before you initiate the buying process.
Explore Franchising Options
Not looking forward to creating work routines and policies from scratch? Maybe you need to consider a franchise startup. By tapping into a franchise, startup entrepreneurs eliminate the guesswork and gain the advantage of established business processes.
Narrowing down the list of prospective franchisors can be confusing. There a lot of factors to consider, so you'll need to take your time and explore all of your options. Our insurance franchise directory will get you started in finding a homeowners' and renters' insurance business franchise startup that matches your business outlook and financial parameters.
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 homeowners' and renters' insurance business, these resources will come in handy:
If you sell to homeowners' and renters' insurance businesses, we've got better information for you elsewhere on our site. Try these resources instead:
If you are still exploring all of your options, please browse our directory of guides below.