Stepping up from being just one agent in the crowd to running your own successful insurance agency is like climbing a mountain.
You’re looking at this steep incline, thinking about all those emotional hurdles, strategy sessions, and the relentless push to keep improving.
That’s a lot, right?
Well, I’m here to tell you, from someone who’s been right where you are, that scaling up your agency is not only possible but it’s something you can start working towards today.
In this blog, I will unpack 3 steps to scale from agent to agency owner, guiding you through each transformative step of starting an insurance agency.
Let’s dive in!
Step 1 – Learn to be a Top Performing Agent
Alright, let’s kick things off with the most important step of starting an insurance agency: becoming that top-performing agent yourself.
Find a Mentor
Finding a mentor genuinely changed the game for me. I was lucky enough to sit down with folks who had already mastered what seemed like a labyrinth to me.
They broke it down so simply, making me realize I was my own biggest obstacle. The advice was consistent: ‘John, keep it simple.’
Consider a goal, such as how much you want to make, say 100k, 500k, or 1 mil, and learn it from someone doing it.
Finding someone who has navigated the path with success is more than just a shortcut; it’s a lifeline that can dramatically accelerate your growth.
Do Not Overcomplicate Things
In my early days, I was the king of making mountains out of molehills. But here’s the truth: the moment I started to simplify my approach to this business, everything changed.
I learned this not just from my mentors but also from being in the trenches. You see, I attended a meeting at Integrity’s corporate office, surrounded by partners who thrived on simplicity.
This business, at its core, is straightforward.
The lesson? Stick to the basics. Understand your products, know your market, and communicate effectively. That’s the bedrock of success in this industry.
Focus on Doing More Activity
Here’s the formula: more activity equals more learning, which in turn equals more earning. It sounds simple because it is. But the application is where many falter.
I adopted this mantra early on, committing to a volume of work that initially seemed daunting. Whether it was making calls, setting meetings, or just pounding the pavement, I was relentless.
Reflecting on my journey, the periods of highest growth always correlated with spikes in activity. It’s a universal law in sales: visibility and volume are your best friends.
Only once you have mastered doing activities in volumes can you go out in the wild and teach others how to do the same.
The reasons? You can find them in my blog, ‘Why Activity Matters More Than Talent in Insurance Sales – The Ultimate Action Plan for Sales.’
For anyone just starting out or looking to brush up on the basics, make sure you check out my blog, ‘’The First Steps to Becoming an Insurance Agent.’’
Step 2 – Teach Agents to Overcome Emotions
Your emotions change your tonality and your personality. So, it’s a must for agents to overcome their emotions and manage the risks while doing sales.
Minimize and Normalize
Early on, I learned a tough lesson from Shawn Meaike about the cost of letting emotions run wild. It wasn’t just about feeling upset or frustrated; it was about how those feelings translated into lost opportunities and stalled progress.
Watching the industry veterans, I was struck by their ability to shrug off setbacks that would have derailed me for days.
They treated challenges as just another part of the game. This was a game-changer for me. It’s also crucial to teach your agents this mindset.
Make it clear: Setbacks are normal, even expected. Minimizing and normalizing them is not about indifference but about maintaining momentum.
Intentionality
The concept of intentionality was something I grasped over time, especially in interactions and decision-making. It’s about making a conscious choice to stay positive and solution-focused, regardless of the circumstances.
The lesson here is profound yet straightforward: teach your agents to be intentional in their actions and reactions.
It’s not just about what happens to you but how you choose to respond to it. This mindset shift can significantly impact their success and, by extension, the success of your agency.
Victim Mentality
Perhaps one of the most pivotal shifts was moving away from a victim mentality. It’s easy to fall into the trap of blaming external factors for your failures.
I’ve been there, blaming everything from lead quality to market conditions. However, embracing a mindset where you take ownership of your success transforms everything.
I emphasize to my agents that they control their destinies. If they made a million bucks, a bad batch of leads wouldn’t phase them.
It’s about focusing on what you can control, learning from every situation, and moving forward.
Instilling this mentality in your agents empowers them to overcome obstacles more effectively and paves the way for their growth and success.
Step 3 – Scale Your Insurance Agency
And for the grand finale, we’ll dive into how you can take your insurance agency marketing strategy to the next level by teaching others to teach.
Learn Something
I immersed myself in every aspect of this business, learning the ins and outs not just for my benefit but so I could pass that knowledge on.
You’ve got to be willing to be a student of the game first if you’re going to lead others.
Teach Someone What You Learned
After mastering the basics and then some, I started teaching.
I had about 30-40 people directly selling under me, but there were a select few, about five, who really took what I taught and ran with it, building significant portions of the business.
We were doing alright, selling about $400k a month by 2017, and by 2018, we had doubled that to $800k. I had managers in place, but I was still deeply involved in the hiring and teaching.
Teach Someone to Teach Others (Scale)
Here’s where the real magic happened: I realized that to scale truly, I had to do more than teach—I had to teach others to teach. This mindset shift was pivotal.
I started focusing on empowering my top performers to take on teaching roles and sharing their knowledge and skills. We weren’t just selling insurance; we were cultivating leaders.
By the end of 2019, this approach tripled our business to $2.5 million a month.
It all boils down to this: there are only so many hours in the day. If you want to scale, you need to leverage your time wisely. That means teaching and then recruiting others to do the same.
It’s about duplication, not just in sales but in the ability to teach sales and leadership. This isn’t just about growing your business; it’s about expanding your impact, creating opportunities for others, and building a legacy.
To learn more, read my article, ‘How I Improved My Insurance Team’s Sales Performance – [10 Proven Strategies].’
Bottom Line
As we wrap up this exploration of starting an insurance agency, remember that the journey from agent to agency owner is both challenging and rewarding.
The strategies we’ve discussed—finding a mentor, simplifying your approach, increasing your activity, managing emotions, and teaching others—are more than just steps; they’re the foundation of a thriving agency.
Implementing these strategies requires commitment, resilience, and a willingness to evolve. But the results?
They speak for themselves. As you embark on this path, keep these insights close at hand and let them guide you toward not just scaling your agency, but truly transforming it.
For additional insights, you can have a look at, ‘Insurance Agent Training: Start Your Insurance Career in 2024.’
FAQ
How do you master sales in insurance?
- Be Intentional: Approach every client interaction with a clear purpose and focus.
- Minimize and Normalize Setbacks: Learn to handle rejections and setbacks as part of the sales process.
- Focus on Activity: Increase your client interactions and outreach efforts.
- Seek Mentorship: Find a mentor who has succeeded in the insurance industry.
- Utilize Technology Wisely: Use technology to enhance efficiency but keep the human element central to your sales strategy.
- Value-Driven Approach: Always lead with value. Show your clients how choosing the right insurance policy can add value to their lives and protect what matters most to them.
How profitable is an insurance agency?
Alright, let’s talk numbers and give you a real peek into what an insurance agency can pull in, from my own journey.
By the end of 2019, we skyrocketed to $2.5 million a month after getting a solid strategy in place.
And guess what? We kept pushing. Now, we’re not just talking millions per month; we’re doing about $4.5 million every week.
That’s the kind of growth and profitability we’re looking at in this business when you play your cards right and scale up strategically.
For a more detailed breakdown, you can swing by my blog, ‘How Much Does an Insurance Agent Make? [2024 Updated].’
