Self-employment in the UK is at its highest level since records began almost 40 years ago, according to a report by the Office for National Statistics.
Plus a record number of new businesses were created in 2013 says StartUp Britain. Over 526k businesses were registered in 2013 compared to just over 484k in 2012.
While this is an involuntary move for some, for many it is a life choice to break out from the restrictions of corporate life or the ambiguity of working for an owner-operated business. Especially when it comes to starting your own insurance brokering business.
Self-employed people tend to be older, with an average age of 47, compared with an average of 40 among employees.
Before starting down this journey, before even figuring out what you need to earn and how you’re going to fund your new business. You need to consider if it is the life for you.
The reality of running your own business means long hours and a test of your self-reliance. Do you have the drive to make your broker business a successful one?
How To Be A Successful Insurance Brokerage Owner
- Persistence – never give up. Ask anyone that has started their own business and the first thing they will tell you is that tenacity really does make a big difference. Don’t give up before you make your break through.
After all, how can you lose if you never stop trying to win? When everyone else despairs, you will have a smile on your face.
- Passion – will this get you out of bed in the morning? You will need the energy and the drive to do one more thing. You will need to drive your business and continue to communicate this passion to everyone you know – even when you are exhausted. Passion enables you to dig deep.
- Manage uncertainty – “No battle plan survives the first shot”, which means you will need to adapt to whatever you face. If this thought doesn’t fill you with dread and you cheerfully think to yourself “Something will come up, it always does!” Then you can manage your fears and see beyond this to the next good thing, entrepreneurship is for you. You need to view uncertainty as the next step in your big adventure.
- See the future – you will need to know what you are working towards. Your plan will drive you forward and your company and all of its employees. That’s not to say your plan isn’t going to be flexible. You will be constantly adapting and revising your future plans to take stock of changes in your sector and personal and business circumstances? With a mission in mind, you will know how to arrive at that final destination of success.
- Confidence – know that you are good at what you do and believe it. You will need to instil this air of confidence and self-belief in all those that you meet and interact with. Your attitude will rub off on your staff and clients. You always need to have calculated the risks, know what is at stake and know exactly what you need to do to succeed. By continually doing this, no matter what the situation, you will always be a winner.
- Flexibility – be prepared to do what it takes to reach your goals and those of your company. You should be able to adapt and change in a chameleon like way according to the market conditions and the requirement of your customers. By being inventive in this way, you will never get left behind.
If this sounds a lot like you and you know you can improve with practise, maybe you are ready to take that next step onto the ladder of business ownership and calling yourself an entrepreneur.
The going will get rough at times, so choose your support network carefully, and go for it.