There are lots of reasons you might want to step away from being an employee and launch your own business.
Maybe you’re tired of working for someone else and you want to become your own boss. Perhaps you feel stifled in your current job and you’re looking for an opportunity where you can reach your potential. Or you may want more control over your schedule so you can strike a better balance between your work life and your personal life.
Whatever the reason, you might be ready to make a leap toward a vibrant future as an insurance agent with Farm Bureau Financial Services. Your first step? Knowing the answers to these top questions people ask before becoming insurance agents.
1. Do I Have What It Takes to Start a Business?
Who you are and what motivates you are the most important keys to success. As a successful insurance agent, you’ll need to be high-energy, self-motivated and entrepreneurial, and have the business acumen and people skills to use these traits to build a business. You can’t be afraid of taking risks when you see an opportunity.
You’ll need to genuinely want to build relationships and forge connections in your community. You’ll need a passion for helping your neighbors protect what matters most to them.
If this sounds like you, then your drive and skills will create a solid foundation for success as a Farm Bureau agent.
2. Will I Earn Enough Money to Sustain My Insurance Business?
One of the biggest fears of starting an insurance business is stepping away from a steady paycheck and the uncertainty about your income. Building long-term success requires a solid business plan and revenue streams. It’s only natural to have concerns about maintaining positive cash flow when owning an insurance business.
As a Farm Bureau agent, you’ll earn competitive commissions from selling our full suite of insurance products. On average, our first-year agents make 49% more than other insurance agents. Plus, as your business grows, your income potential increases.
Your earning potential is unlimited. Here’s what our top agents earned in 2023:
- The top 50% of agents earned at least $225,793. Their average income was $586,170.
- The top 25% of agents earned at least $448,246. Their average income was $859,263.
- The top 10% of agents earned at least $794,975. Their average income was $1,269,892.
With other products and services to offer clients, you’ll have multiple revenue streams to help grow your business. You’ll also be eligible for cash bonuses and incentive travel to sought-after destinations — those are some of the ways Farm Bureau will recognize and reward your hard work.
3. What Are The Upfront Costs of Starting an Insurance Business?
While there are some startup costs associated with starting an insurance business and becoming a Farm Bureau agent, unlike many other small businesses, there are no franchise fees or long-term financial commitments. Upfront expenses may include state licensing fees and business structure setup costs. However, these are small business expenses that provide long-term value.
We take pride in offering a low-cost startup opportunity, especially compared to the typical upfront costs you would face if you were starting a business from the ground up.
4. Will I Have to Work Around-the-Clock Running an Insurance Business?
The simple answer is no. As a Farm Bureau agent, you’ll have the independence and flexibility to set your own hours, work from home and grow your business at your own pace. Many of our agents arrange their schedule so they can drop off and pick up their children, coach youth sports or spend time on activities they enjoy.
That said, while working in insurance sales offers a greater level of freedom compared to a typical 9-to-5 job, they must be available to provide products and services to clients when needed. There are times when you may need to commit more time and energy. You’re not just selling insurance — you’re providing a service to your community. So, your office may never be truly closed.
5. How Do I Find Clients When Starting an Insurance Business?
One of the biggest things to think about when starting a business is how to build your client base. As a Farm Bureau agent, you’ll need a solid understanding of customer acquisition and business marketing strategies to communicate the value of insurance products to your community. You’ll also need to have the resources to help those people meet those needs, protect what matters most and prepare for the future.
We understand that building your personal brand and growing your insurance business can be challenging. That’s why we provide the tools, resources, support and ongoing training that you need to succeed. By combining your knowledge about your community with the insurance training and education you receive, you’ll be well-positioned to build your client base and focus your efforts on cultivating, maintaining and growing your business within your community.
6. What Resources Are Available to Help Me Succeed in the Insurance Industry?
When you sell Farm Bureau insurance products, we provide you with a comprehensive, blended approach to your development, which sets you on a course for success in a matter of months. Here’s what you can expect:
- Earning commissions while training
- Online and one-on-one training
- Exclusive sales system
- Turn-key marketing programs
- Personalized agent webpage
- Customer Relationship Management (CRM)
- Sales support call center staffed by industry professionals
- Customer service support with online claims reporting, e-payments and a wealth of information and tools on our company website
7. Why Should I Trust Farm Bureau to Start My Insurance Business?
For over 85 years, Farm Bureau Financial Services has gone above and beyond to help independent insurance agency owners and communities achieve and protect important life goals. When you combine that with our dedicated support resources, long-standing relationships with state Farm Bureau organizations and a solid reputation for doing what’s right for our customers, we believe you’ll agree that our agent business opportunity is second to none.
Make Your Dream a Reality
Becoming a Farm Bureau insurance agent is about leveraging our industry skills so you can kickstart your small business dream into a successful, rewarding venture. To learn more about the opportunities we offer to grow your income, build and run your business and make an impact in your community, reach out and discover what becoming an agent could mean for you.