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How to Go From Employee to Entrepreneur — Self-Employed Skills for Insurance Agents

Being an insurance agent or broker is a fulfilling career. And when you’re ready to take your skills to the next level, you may consider opening your own agency. Learn how to go from employee to entrepreneur in this helpful blog.

How to Go From Employee to Entrepreneur as an Insurance Agent

Try some of these steps to help you go from employee to entrepreneur: 

Develop a new mindset.

Being an entrepreneur requires a different mindset from that of an employee. You will have different responsibilities and concerns — and new benefits and opportunities to explore. Entrepreneurs tend to have lots of ideas and are often trying new ways of working. You will need to learn to prioritize and act decisively while managing many different things at once. This exciting switch requires you to think and work differently.

Work with a career coach.

Everyone can benefit from coaching. That’s why seasoned professional athletes and beginner players alike take classes and work with a coach. Coaches can spot things you can’t and point out gaps and weaknesses you can improve. Try meeting with a career coach to help you start making the shift from employee to entrepreneur. 

Develop new skills to prepare yourself to be an entrepreneur.

Take some time to assess your skills and abilities before starting your entrepreneurship journey. Consider taking assessments to learn more about your strengths and weaknesses. You may want to work on skills that will help you as an agency owner, like:

  • Networking
  • Resilience
  • Communication skills
  • Persistence
  • Self-motivation
  • Leadership

Create a safety plan.

As an insurance professional, risk management is likely on your mind. Creating a Plan B, or a safety net, to help you while establishing your business and during the lean times will reduce some of your stress. Knowing you have options to rely on will let you focus on growing your agency and building a successful business — instead of worrying about keeping the lights on. 

Find the right opportunity.

While this sounds too easy to be true, finding the right opportunity to move from employee to entrepreneur can be about being in the right place at the right time. Position yourself in places where opportunities are available. This could mean networking in your local area and at regional and national industry events and telling others about your intentions. Some opportunities aren’t advertised, but once you start talking about your interest, you may surprise yourself with what you learn. You may find the right partnership, mentorship, or acquisition opportunity.

Explore the compliance and regulatory requirements of owning an agency.

Talk with other seasoned agency owners and read up on compliance and regulatory concerns. In a highly regulated industry like insurance, finding the right mentors to help you as you establish your agency is critical. Avoiding expensive missteps as you start out will help you find long-term success. The NAIC and your state’s insurance department are helpful places to start your research.

Become a Member of the American Agents Alliance

The American Agents Alliance strives to empower independent agents and brokers to thrive — and we can help you with your goals, too! Become a member today for valuable discounts to help you run your agency, as well as access to the best network of insurance professionals around the country.

Join the American Agents Alliance today.

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