In short, the quality of your business plan can determine whether or not your small agency gets off the ground.Yes, business plans require a lot of work, research, writing, and careful review.Or will they compete with you on all products and all customer groups?Tags: Little Miss Sunshine EssaysEssay Writing For MbaEssays On School Starting LaterAp World Dbq Essay SilverResearch Paper Child Day CareUniversity CourseworkWebsite Thesis Introduction
If you’re looking to get investors, a business plan acts as a sales tool.
It can be a recruiting tool for attracting employees. One thing to keep in mind: your business plan should be dynamic. This could include your logo, insurance agency website, business cards, signage, marketing materials.
These objectives would help you toward your goal to be a top 10 agency. What is going to help you achieve those goals and objectives? Include an organizational chart to show who does what. Describe the products and services you will offer your customers.
This section should show off your industry knowledge, research and conclusions. (More on the different structure types.) Who are the owners and what is their percentage ownership? If you plan to have employees, you should detail the roles and responsibilities.
They may work as full-time or part-time employees of the company.
Independent agents on the other hand are not tied to any specific insurance company but work on their own.You should do a SWOT analysis evaluating the strengths, weaknesses, opportunities and threats for your agency. What is the extent of each owner’s involvement with the agency? What is their background, qualifications, expertise? Will you have an advisory board you meet with once a quarter? Describe the industry and what factors are affecting it. Build outlines or buyer personas for your most important groups. If you’re selling to consumers, use factors like age, gender, location, income level, social class, occupation, and education level. What do you want your agency to look like in the future? For example, your goal might be to become one of the top 10 agencies in your city. You will need to create forecasted income statements, balance sheets, cash flow statements, and capital expenditure budgets. Don’t assume everyone will know what an acronym stands for. Becky was named an Elite Woman in Insurance by Insurance Business America in 2016.Your objectives could include to quote 150 policies a month and close 30 percent of them. What does it cost, including rent, utilities, maintenance, and insurance? While you don’t set the price of the insurance policies you sell, you do need to describe your commission or fee structure. How are you going to reach potential customers and market your agency? (More on financial projections.) Detail the retention rates you expect to maintain. You need to show you understand the insurance industry. She has a master’s degree in integrated marketing communication from Emerson College in Boston and a bachelor’s degree in journalism from Texas A&M University. There are many business opportunities in the insurance industry and running an insurance agency is one of them.All his earnings would come directly from that company in form of salaries or commissions or sometimes both.But any time you start a business, you need to create a business plan.And even established businesses can benefit from having a written plan on hand.