How Do I Start a Business

How to Start a Personal Insurance Business

Here's some helpful information that is ideal for aspiring entrepreneurs who plan on opening a personal insurance business. Read these tips before you start!

Thinking about opening a personal insurance business? We tell you what you need to know to get started.

Creating a Business Plan for a Personal Insurance Business

A common mistake for a small business owner is to not create a business plan.

A good business plan defines the game plan. Without it, you'll be flying blind, making decisions that could be detrimental to your personal insurance business's values and long-term goals.

Start by defining your business mission. The process of writing a mission statement doesn't have to be complicated. From there, you can begin to build on it with goals, budget estimates, marketing plans and other elements that are typically found in startup business plans.

Take a Look at the Competition

Long before you open a personal insurance business in your area, it's a good idea to determine how strong the competition is. Use the link below to find competitors near you. After clicking on the link, type in your city, state and zip code to get a list of personal insurance businesses near you.

Is the local market large enough to support another personal insurance business? If not, you had better be sure that you are doing things much better than the competition.

Talk to People Who Are Already in the Business

If you are interested in starting a personal insurance business, you really ought to learn as much as you can from somebody who is already in the business. If you think your local competitors will give you advice, you're being overoptimistic. What's in it for them?

Fortunately, somebody who runs a personal insurance business in another town 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. Our estimate is that you may have to contact many business owners to find one who is willing to share his wisdom with you.

Where do you find a personal insurance business owner on the other side of the country to talk to?

Here's how we would do it. Try the useful link below and key in a random city/state or zipcode.

Advantages of a Personal Insurance Business Purchase

On a percentage basis, more entrepreneurs intend to enter personal insurance business ownership through a startup than through a business purchase. But the harsh reality is that startup personal insurance businesses experience a high failure rate compared to entrepreneurs who buy existing personal insurance businesses.

The decision of buying vs. starting a business shouldn't be taken lightly. While other startups are just getting on their feet, a business purchase dramatically improves the odds that your personal insurance business will be realizing net income from the outset of your ownership engagement.

Is Franchising the Right Option?

The probabilities on your growing your business are much greater when you join the ranks of franchisees and leverage their successful brand and track record.

Before you consider starting a personal insurance business, you would be wise to check out whether franchising might make sense for you.

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.

More Advice for Startups

These additional resources regarding getting started as an entrepreneur may be of interest to you.

Recurring Revenue Business Models

Characteristics of Successful Entrepreneurs

Share this article


Additional Resources for Entrepreneurs

Lists of Venture Capital and Private Equity Firms

Franchise Opportunities

Contributors

Business Glossary