So you’ve decided to strike out on your own and become an independent energy broker.
You’re now your own boss. You now have the freedom to sell energy the way you want to whom you want, and to keep the lion’s share of your commissions.
But before you can really get going, there’s still so much to do: build up your supplier list, get some good customers, develop regular cash flow–it’s very time consuming and challenging to really get off the ground.
That’s why we’re going to cover 3 essential tips to help newly independent energy brokers supercharge their business growth. They’re meant to help you get over the initial hurdle of independence and into consistent energy sales.
1. Identify Your Commissions Payments Requirements
Many newly independent brokers want upfront commissions early on so they can build a strong financial foundation for themselves.
Once they’ve become more established, they often turn to residual payments with better splits.
But during the time they need upfront commissions, energy brokers will usually have a very limited selection of suppliers, if any at all, who will offer them these beneficial payment terms. Trying to obtain favorable commission plans from top tier suppliers is virtually impossible.
This leaves brokers at a disadvantage: they’re stuck with fewer options to offer their customers and many times the options are not strong enough to close a potentially game-changing sale.
Finding enough suppliers who offer upfront payment plans is one of the toughest challenges for newly independent energy brokers.
And that’s why Broker Online Exchange now offers upfront payment plans for all 75+ suppliers with whom we work. It’s meant to give energy brokers a better opportunity to establish themselves in the retail energy market.
2. Build Strong Supplier Relationships
That brings us to the next important tip for newly independent energy brokers: building stronger supplier relationships.
The benefits of building a strong supplier relationship are numerous – from gaining better payment options to getting better service and opportunities – but actually building that relationship is more difficult that it sounds, especially for brokers still getting established.
A strong supplier relationship requires tons of sales. The problem is that you’re trying to build the strong relationship so you can make tons of sales. It leaves many energy brokers stuck in a loop.
Again, part of what makes Broker Online Exchange so beneficial to energy brokers who are still getting established is that you effectively gain our exceptional supplier relationships with 75+ suppliers. That means you get all the benefits of a strong supplier relationship without investing tons of time and cash to achieve it.
3. Develop Powerful Partnerships
The key to really getting off the ground is a solid business partnership.
There’s so much to do when selling energy: expand your supplier network, stay up-to-date with pricing, write contracts, close deals, negotiate. It’s too much, even for a small team. If you’re on your own, may not even stand a chance.
As an energy broker, you should be doing what you do best—selling energy. Not pushing papers or making support calls.
That’s where a partner comes in. A partner can help you with all the paper-pushing and backroom support.
At BOX, for example, we empower all of our brokers by setting them up with a business manager who can help brokers effectively communicate with suppliers and close deals faster. Our supply team is always working to back you up so you can spend time on what matters most—closing sales.
When you’re looking at partners, make sure they’re truly a partner to you, not just running you around. Ask questions like:
- Is this partner affiliated with a supplier or are they completely independent?
- Do they sell direct to consumers? Are they also your competitor?
- How do they make money? Do they earn commissions even when you don’t?
- Are their motivations aligned with yours or are they completely independent from you?
Newly independent energy brokers face many challenges in today’s deregulated energy market, but with the proper relationships and preparation, they can still break through and establish themselves in today’s increasingly competitive market.
At Broker Online Exchange, our business is to help energy brokers grow their business. That’s why we offer our broker-partners access to more suppliers and more upfront payment plans than any other broker network.
Most importantly, we’re a true business partner for energy brokers. We’re not your competitor. We’re not owned by a supplier that has its own motives. And we don’t win when you lose.
We are a partner, which means we only succeed when you do too.