The insurance space is notoriously competitive, but that doesn’t mean you can’t break into the market with the right plan and plenty of hard work. So here are some of the primary points related to getting started with a new franchise insurance business.
Leaning On a Network
As a starting point, it may be essential to use your existing network of friends, especially those in the insurance industry already, to get this business up and running. Without any existing client base to use, those you know personally will likely make your best options in the early going. Then, as you gain some steam, those people may start to tell other people about what you offer, and the network can grow from there. All along the way, you need to provide excellent service and competitive pricing to give people a reason to refer you to their friends. Referrals are essential in this industry, but they aren’t automatic –you must earn them.
The Right Training
Some franchise businesses allow you to jump right in with virtually no experience or training, but that’s not the case with insurance. You don’t need to have decades of work behind you to start as a franchise owner in this space, but you will need to understand the market and pursue the required licenses in your local area. Research this part of the equation in advance to prepare for when you hope to open your business.
Consider a Specialty
Every car owner needs auto insurance, but every insurance agency offers that kind of coverage – and you might struggle to compete with some of the discount carriers. However, you may find a niche serving a specific segment of the insurance market. For example, your niche could be in commercial insurance or an area of personal insurance that isn’t targeted as heavily by the big players. Finding a specialty can help you get started and find clients that may not have otherwise looked your way.
