On average, we spend one-third of our adult lives at our jobs. However, considering the time spent commuting, traveling for work, or simply thinking about our work, this figure significantly increases. So, it is essential to understand our “workplace non-negotiables” and the essential requirements of our workplace and employer. These non-negotiables help us to set clear boundaries and expectations to enable us to achieve job satisfaction. When these are not met many people rightly explore alternative career opportunities or consider self-employment.
Over the last 13 years, we have helped many individuals to consider the merits of self-employment to achieve their expectations. In the past seven years alone, Momentum has provided support to over 100 new insurance broker start-ups. An impressive 98% of these have successfully grown into established businesses. In comparison, the UK’s average for start-ups surviving their first three years is less than 40%.
What makes these start-ups successful? Alongside a well-thought-out business plan and a clear vision of their objectives, I believe the secret lies in four qualities which you might say are the “Self-employment non-negotiables” in the insurance broking world:
🔹 The expertise and knowledge to effectively advise your clients: In the financial services sector, diving in without expertise is not an option. You must have a firm grasp of your field and a history of working with clients in your target market.
🔹 The ability to attract and retain clients: It’s common for those starting out to worry about whether their clients will follow them. However, remember that people do business with people they trust, regardless of the business name or insurer involved. Clients want someone who they believe has their best interests at heart.
🔹 Being capable of working independently: Launching a business can sometimes be isolating, especially for those who enjoy office environments. At Momentum, our team becomes your team, offering support and encouragement every step of the way. Additionally, it’s essential to tap
into your network of family and friends to help you through the challenges and successes.
🔹 Demonstrating the desire and motivation to succeed: While the internet is full of entrepreneurial advice, the reality is often different. Success requires commitment, not necessarily round-the-clock work that jeopardises your well-being, but full attention rather than treating it as a part-time endeavour.
Surprisingly, money, capital, and funding do not top the list of priorities, despite being the primary concern for many, there are numerous funding options available.