There is no easy answer as to whether you should make the leap into the unknown and set out on your own.
Here are some considerations to take before you setup your own insurance brokerage:
1. Hard work
You may be the most talented broker in the UK but its going to take more than just talent to run a successful insurance brokerage. In the early days, experience will be replaced by determination and above all else, hard work. You need to give your business the best chance of being successful by making a personal commitment to put in the hours. Eventually, the workload will decrease but there is rarely any substitute in the early days for hard work.
Our experience is that most brokers have that moment where they question the very decision to venture out on their own. You should prepare yourself for this test of your own abilities and ensure you have the will to persist and make a success of your brokerage. It’s often one of the hardest decisions of your career, leaving a secure job and setting out on your own. However, it’s worth remembering that the rewards can be equally great. Once you set out on your own path, make sure you give it the best chance of being successful by developing an iron will to succeed.
3. Financial opportunity
Starting an insurance brokerage is hard but it’s even harder when you haven’t arranged your personal finances to withstand a period of reduced income.
Most brokers who join us have some unavoidable bills. We recommend you build up a minimum of 6 months buffer to ensure you have enough time to win some clients and for the period of collecting money and receiving your commission. It cannot be overstated how important arranging your personal finance is.
“At the Movo Partnership, we support new start up insurance brokerage with more than just a trading platform but also with good advice and lending support when needed”.
4. Being a great broker
Ultimately, clients use brokers as they want expert advice when arranging their insurance programs. Unless you are a large new venture who is hiring a team, it is likely you will be relying on yourself to win and service clients. The key to being an owner/manager is that you must provide great service and be liked by your clients.
These are some of the considerations you should make when deciding whether to starting an insurance brokerage, there are many others too though, and at the Movo Partnership we will happily help you make the best decision for you and your future career.
We have many models available to suit different individuals and businesses, so please do get in touch for a confidential discussion.