It’s not uncommon for energy brokers to start their business by working for someone else. Whether it’s another broker, a supplier, or firm, getting your start by learning under someone else’s wing can be beneficial.
But you probably started your business with the goal to one day become your own boss. So eventually, most successful brokers will choose to go off on their own and begin their own firm.
Being your own boss is exciting but it comes with a lot of challenges. Here are four of the biggest obstacles most independent brokers face and how to overcome them:
1. Getting bogged down with administrative tasks
Administrative work is a necessary evil when it comes to running your energy broker business. It’s necessary but at the end of the day, it doesn’t pay the bills.
Getting out, networking, and selling your services is what will help grow your business. Here are a few ways you can keep administrative work from taking over your life:
- Get instant pricing for smaller deals.
- Use a contract creation software to cut down on the time you are spending revising contracts.
- Ditch printing off paperwork and use digital signatures to close deals more quickly.
2. Building relationships with suppliers
As an energy broker, you need to be able to offer tons of supplier options to your customers. This is the best way to begin building your business and establish a solid reputation with your customers.
But building relationships with suppliers takes time and unfortunately, many suppliers are hesitant to take on new energy brokers. So most newly independent brokers find themselves in a bit of a catch-22.
There are really two options you can consider. You can accept that you’ll have to build your business slowly and take the suppliers you can get.
If that option sounds less than satisfactory, you can partner with a company like BOX. Our brokers gain instant access to top suppliers in the country.
3. Crumbling under the weight of your own success
When you’re just getting started, it can be hard to imagine a day when you won’t be struggling to find customers. But your business can take off quickly so you need to have a strategy for growth.
Failing to plan for growth can cause brokers to crumble under the weight of their own success. When you are planning for future growth, there are a couple questions you should be able to answer:
- When will you begin hiring employees?
- How will you hire employees?
- When and how will you begin to expand into new territories?
This is a complex topic so if you’re interested in exploring it further, feel free to download our free e-book.
4. Finding equal partnerships
Many companies will promise to help you access more suppliers and streamline your business. But how do you know which ones will follow through on that promise?
It’s important to understand the company’s history, their pricing terms, and their procedures before signing on with anyone. And always make sure that’s company’s motives are aligned with your company’s interests.
Broker Online Exchange is the best resource for independent brokers looking to grow their business. We offer upfront payment plans and instant access to the top suppliers on the market. Contact us to learn more about partnering with BOX.