Things to Consider When Starting an Insurance Brokerage

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Things to Consider When Starting an Insurance Brokerage

Nothing is more exciting (or Daunting) than venturing out on your own for the first time.

As a starting point for setting up your own insurance brokerage, we will assume you have a good knowledge of broking as the FCA will expect you to be able to carry out your duties competently. 

To help you in the process, here are 3 things to Consider When Starting an Insurance Brokerage

1. Financials
A detailed budget of how you are going to live in between the period of winning your first clients and managing your own household budget. This may seem obvious, but this is one of the most crucial elements that the FCA and/or your selected principal firm will look for. It’s hard enough running a business for the first time but the added pressures of not being able to make ‘Ends meet’ may be the difference between surviving and failing early on.

2. Familiarise yourself with the basics
Probably the most overlooked element of running a business is familiarising yourself with obligation like how company accounts work, when tax needs to be paid and which professional advisors you need. Plenty of research before you launch will mean you have a good knowledge base and are better able to deal with obligations as and when they come up.

3. Have a marketing plan
This can be as simple as picking five known clients to go and knock on their doors and ask for their business. After all, your brokerage wouldn’t be successful if it didn’t have any clients, so you really need to give some thought as to how you are going to get clients on board. The moment you sign your first client will be a major milestone in your business’s journey from ‘Plan to reality’.

 

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