This article is based on an interview with Simon Granner who is the founder of Thrivent, an insurance agency. In this article, Simon shares with us how he started and grew his business.
How To Start A Business That Sells Insurance
I chose to open an office in a location with good parking because my primary customers are baby boomers. I wanted to make sure that the office is accessible to them.
This type of a business is great because other than the rent for the office, I didn’t need any money to start. It just requires hustle and some creativity in how you promote the business.
In terms of the licenses and permits required to open an insurance agency or to sell insurance, I needed to get my Series 7, 66 and Life and Health Insurance License. Of course, you should also incorporate for liability protection.
The ongoing expenses are mostly for office rent, marketing, and technology costs.
To get clients, strategies that work are cold calling, holding educational events like workshops and seminars, word of month marketing, and professional networking.
When I started this business, I worked over 80 hours per week. After about a year it was 50 and at two years about 40 hours per week.
I started this business by my self, and hired a part time assistant. Then I hired a full time office manager. To make them more productive I give them incentives and goals to reach. That worked for me.
I don’t really monitor my employees. I judge the quality of the work based on results and outcome. I am not a micro-manager.
Selling insurance is a great business to get into. Many people need the help and it is a great career for those who succeed.