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Building a Solid Business Plan

By: Dan Mangus

Since we are in the insurance business, if you are an agent working independently, own an agency, or have a company either distributing or supporting insurance products, you are a business owner. Any business needs a solid foundation of business planning. You need it to start your business, but you also need to review and possibly adjust it periodically. Below are some resources that will help you build, maintain, and finance your business:

·       The U.S. Small Business Administration provides some fantastic online tools, including:

·      Market research and competitive analysis

·      Writing your business plan

·      Calculating your startup costs

·      Funding your business

·      And much more

Location: https://www.sba.gov/business-guide

·       The Carnegie Library of Pittsburgh has industry categories listed with sample business plans within that category.

Location: https://www.carnegielibrary.org/services/for-businesses/entrepreneurs-and-small-businesses/business-plans-index/

·       You can use the image below to determine your business structure, and the official site of the US Government, USA.gov, is your online guide to government information and resources. It has a special section for business owners. It includes links to information on:

·      Starting and financing your business

·      State resources that are available to you

·      Business taxes and incentives

Location: https://www.usa.gov/business

Building a solid business plan can take time and effort, but it will pay long term dividends. As you meet with your clients, you are promising to be there when they need you. You cannot do that if you do not maintain profitability and plan for your success. 

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