How To Start An Independent Agency
Starting an agency from scratch is possible, but can be very challenging. Owning an agency gives you the ability to be your own boss, have the satisfaction of helping people protect their valuables and investments, as well as provides you with good income potential for many years to come.
Join IIANM! We can help you with all of the below considerations, as well as provide extensive networking and education for you (and your employees). Associations advocate on your behalf to create a better sales and service environment for the insurance community.
Plan to Succeed
There are things that you will need to consider when starting an agency from scratch, from a business plan to financing and investment to education. Visit the Small Business Adminstration for help with understanding if being an entrepreneur is right for you, questions to ask, steps to starting a business, data development, and more.
You will need startup capital to cover things such as office space, equipment and furniture, E&O insurance, and marketing. And, don't forget that you have to pay yourself. Visit InsurBanc for assistance with business financing and cash management.
Insurance License & State Regs
In all states, you need to be licensed in order to sell insurance. In most states, you will need a license for each type of insurance you want to sell. IIANM can help you get prepared to take your exam and give you guidance along the way. Click here to see the steps you need to take to get started, as well as purchasing study materials.
Access to Insurance Companies
After you are licensed, you will need to have access to insurance companies to have insurance products to sell. In order to get an appointment to sell insurance with many companies, you will need a marketing plan, some background in sales, and a solid business plan. Research your anticipated client base and know what companies will best serve them.
Developing Great Management Skills
You need to excel at sales, marketing, and administrative management in order to operate a successful insurance agency at the start-up level. You will have to wear many hats and will need a variety of skills to ensure success. As an IIANM member, you will have access to the Big "I" Virtual University. It offers members an area dedicated to this topic.
- Get help understanding today's market and consumer base: Market Resource Snapshots
- Review available management products: Best Practices
- Let technology work for you and see the complete picture through the Agents Council for Technology.
- Train employees through the Big "I" VU's Basics and Beyond new agent training program.
- See how Big "I" Professional Liability can protect your agency, including cyber coverage.
- Develop talent and support the future of the industry through IIANM's Young Agent's program.