Do You Have a Business Plan?

Do You Have a Business Plan?

When you decide to open your own insurance agency, it’s crucial to start with a business plan, even if you have worked in the industry for years. Your plan will serve as a blueprint for success and a reminder of what it is you hope to achieve by launching your own agency.

In 2014, every business plan should include a section on marketing that includes social media as a major component. This will help you avoid falling into the trap of thinking marketing, and social media in particular, are superfluous aspects to running a business, and help you keep an edge over your competition.

When writing your plan, focus on your return on investment goals. This goes well beyond cost control to include long-term cash flow and annual profit goals. This aspect of the plan can help you decide which primary and ancillary products to offer your clients based on commissions. Even if you have been in business for decades, it is important to revisit your business plan each year to ensure you are on track and to tweak it to suit changing technology and consumer trends.

For more information, contact American Agents Alliance today. We're a national insurance association for independent insurance agents dedicated to helping you thrive through advocacy, education, and networking.

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