Starting your own broking business

Starting your own broking business can be an exciting and rewarding endeavour. However, it is not without risks. Studies show that businesses are more likely to succeed with proper planning in place. At Momentum we are well placed to understand what makes a good business plan and what businesses are likely to succeed which helps to give surety that you are making the right decision and have the support needed to ensure success.

Prepare for Success

Many of the start-ups we work with go on to become successful and profitable businesses that deliver long-term value to their owners. Make sure you properly plan, conduct market research and secure adequate funding to increase your chances for success.

How to Start

Most businesses get their start from a single idea. This idea must be turned into a product or service that people will want to buy. The following steps will help you:

1.

Research Your Market

Market research involves identifying and contacting potential customers to determine whether your idea meets a need in the market. You want to make sure that there is a real demand for what you are planning to sell and that you have a ready made client base who will support you with your new venture. Researching your market allows you to address problems before wasting too much time, effort and money. Make sure you:

  • Identify and talk to potential customers about their specific needs and how you intend to support them
  • Determine what makes you stand out from competitors. Are you providing something better than or different from what is already available?

You need to work with others in order to develop and sell your idea. Many businesses start with just one person, but starting your own brokerage will involve FCA authorisation and making sure you have the right partner is essential to ensuring success both in the short and medium term.

  • Having the right partner allows you to access different skills and expertise with whom you can share responsibilities and help provide you with the time to focus more on your clients and generation of new business.
  • Ensure you do due diligence on your chosen partner and speak to their members about your needs/wants and ensure that you share common values
  • Medium term ambitions for the business should be taken into account as a change of business partner can result in substantial impact to the business and reduce your ability to focus on your clients.
2.

Find the right FCA Principal

Download the full toolkit and get access to all the information below:

  • Starting Your Own Business
  • Creating a Business Plan
  • Conducting Market Research
  • Setting up a Limited Company
  • Funding Your Business
  • Assessing Your Business’ IT Needs
  • Forecasting Cash Flow Problems
  • Growing Your Business