Insurance is one of the most important industries in the United States. The Insurance Information Institute (III) estimates that the American insurance companies take in approximately $1.3 trillion in premiums each year. While the industry is full of opportunities for entrepreneurs, it is also hyper competitive. At Suivant Consulting, we provide a comprehensive range of business consulting services to entrepreneurs in the insurance industry. Here, our business consulting team highlights four key steps you need to take to start up an insurance business in Atlanta.
Four Steps to Start an Insurance Business in Georgia
1. Lay the Groundwork: Craft a Business Plan
No matter the industry, successful business formation starts with a comprehensive plan. In the insurance industry, a well-thought out business plan is especially important. It will be crucial in helping your business/agency secure funding, develop relationships with partners, and obtain clients. Among other things, your business plan should address the key players in the company, the opportunities, the business environment, and the short-term and long-term strategies.
2. Satisfy All Legal Criteria—Including Choosing an Entity and Obtaining Licenses
To start an insurance business in the Atlanta metropolitan area, you must satisfy all applicable federal, state, and local legal criteria. This part of the process starts with choosing the appropriate entity for your insurance business. Is it going to be set up as a corporation, an LLC, a partnership, or a sole proprietorship? A business consultant can help you understand the most effective entity for your business. Additionally, you will also be required to obtain the appropriate license(s) to sell insurance.
3. Put the Proper Business Infrastructure in Place
You will only be able to rely on smooth and efficient business operations if you have the right infrastructure in place. A business infrastructure is about more than selecting the right legal entity. It is about the people and processes together to ensure that your company runs the right way—no matter what unexpected challenges might arise. Among other things, insurance industry entrepreneurs need to consider regulatory compliance, financing, sales & marketing, process management, payroll, human resources (HR)/personnel matters, and tax compliance.
4. Develop a Brand for Your Insurance Business
As noted above, the insurance industry is a competitive business environment. There are many companies and organizations (large and small) looking for insurance. To successfully grow an insurance business or insurance agency in Georgia, you need a strong brand. Our marketing consultants and branding consultants help business owners and entrepreneurs develop strategies to effectively grow their company.
Get Help From Our Atlanta, GA Business Consultants Today
At Suivant Consulting, our Atlanta business consultants have the skills, real world experience, and expertise to serve business owners and entrepreneurs in the insurance industry. If you have any questions about starting an insurance agency, we are more than happy to help. Contact us today by calling 770-874-9951 to find out more about how we can help. From our office in Atlanta, we provide consulting services to insurance businesses throughout the region, and nation.