Three Steps To Opening Up An Insurance Agency With Friends

Starting a business venture with friends can be either a cautionary tale, or it can be a major success. If you and your core group of friends all have the same desires for your career, going into business together can be a good idea. Business ventures with friends lead to more money in the pot as a startup, which provides you with better tools, marketing, and education. If you and your friends want to open up your own insurance agency, here is how you can get it started. 

Take your insurance tests together

Every insurance agent will need to be properly licensed in order to operate. Each state can have its own separate rules about licensing, but they generally require passing the examinations. Find a course for budding insurance agents to get the education that you need in order to ace your exam. Since all agents for the business will need to be insured, it is best to go into the classes with your other friends who will co-own the agency. Those who have a license for insurance sales should take continuing education classes to brush up on the rules before the agency opens for business. 

Provide every agent with a core audience

The best part of being an insurance agency with a number of agents is that you can divide and conquer to produce more income and better quality services for clients. A casualty insurance company is a type of insurer with a large umbrella. Casualty insurance agencies can provide car insurance, property insurance, homeowner's insurance, and more. In order to make sure that someone at the agency has a good grasp of each of these branches, you should assign each agent to tackle in-depth learning about one or two of the branches. This way any client questions can easily be referred to the person whose specialty the type of insurance falls under. 

Divide up scouting events

Introducing yourself around town as the new insurance company can help to get you new clients. If your insurance agency is growing from the ground up, assign every agent a mixer or event to go to. The extra networking can quickly spread a buzz about your new agency around town. Dividing up the network events will make things easier for everyone and it will mean that you can cover more ground. On foot scouting around neighborhoods can also be broken into teams so that you get just what you need.