How to Write an Insurance Business Plan
- 1). Write a mission statement for your business. State why you decided to open and the goals you hope to achieve over the first few years.
- 2). Write an overview of the current state of the business. What type of insurance will you be selling? Are you opening a franchise or independent agency? Are you seeking financing, or funding it yourself?
- 3). Detail the market characteristics. Include a brief history of the industry, who your target client is and how you plan to make a dent in the local competition.
- 4). Write out a competitor assessment. Detail all of the other businesses selling insurance within a 25-mile radius. Create a detailed profile of each competitor, including their strengths, weaknesses, opportunities you have, and threats they pose to your business.
- 5). Create your marketing plan. Detail the specifics of the products you will be selling, the price points, and how you will be promoting the business.
- 6). Write out your operating plan. Describe how the internal organization of the business will be set up. Will you be alone or hiring agents? Do you need any special equipment or resources?
- 7). Write a financial plan. Describe your current financial state, then provide your estimated profit potential and projected earnings for the next 2 to 4 years. If you are using the plan for financing, describe the type and amount.
- 8). Write your executive summary. Provide the highlights of the plan in the summary, so that anyone reading it will grasp what the entire plan is about. Include goals, products, markets, management structure, funding and profit forecasts.
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