Building a brokerage: the importance of self-belief

Building a brokerage: the importance of self-belief | Insurance Business

Building a brokerage: the importance of self-belief

When it comes to building your own brokerage, there’s one crucial but often overlooked factor which can be instrumental in how you present your business – and that’s your own personal assessment of the value you bring, and the amount of confidence you have in your own proposition.

Psychology and mindset is a key component of former broker James Veigli’s 10X Broker Plan, and is composed of three key ideas: your level of self-belief, whether or not you have a ‘business mindset,’ and how well you understand client psychology. Veigli says getting to grips with all three is crucial if you want clients to respond to your offering, and if you want to create an efficient, long-term business.

“One of the biggest issues for many brokers is that they don’t truly realise how much value they bring to the marketplace,” Veigli explained.

“This leads to a lack of confidence, and that’s reflected in how they’re perceived by their customers. It’s almost like a chicken-or-egg situation – do you first need to gather that confidence, or does the customer first have to recognise your worth? But the issue is that if you’re not valuing yourself, people will smell that a mile away.

“But if you can follow a framework that allows you to back yourself, then your customers will also back you.”

The 10X Broker Plan comes with a set of frameworks that brokers can use to give themselves a confidence boost, and these consist of nine different components with self-improvement exercises which help build internal momentum.

They also teach brokers to focus on understanding their client on a deeper level, and on seeing their career as a business rather than a job.

“The main difference here is that if you treat your career like a business, it becomes about doing something beyond yourself – something that can make you money without you having to handle every part of it,” Veigli explained.

“And when it comes to clients, if you don’t understand what makes them tick on a deeper level than simply ‘they want to save money,’ then how do you expect to market to them? You need to understand what makes them say ‘yes’ or ‘no’, what their thoughts and needs are, what drives them, and why. This is vital if you’re going to lead and influence them for the better.”

“You need to work on yourself in order to grow, because you can’t outperform your own mindset,” Veigli concluded.

“If that mindset is limited in some way and you treat what you do as just a job, then that’s going to hold you back.”