There was a time when it was possible to make loads of money as an energy broker. It might seem that if you hadn’t seized the opportunity at the time, then you might have missed the boat. But is that really the case?
The fact is, too many fly-by-nighters came to the party. The results were entirely predictable, with many dissatisfied clients and negative press reports. However, the fact that so many mishandled the opportunity has presented more ethical brokers with an opportunity for another bite at the cherry.
Be warned: the approach advocated here is not going to be a way to make quick, easy money. You’re going to have to do the job properly. If you recognise this fact, then there is every chance you could build up a good monthly income as an energy broker. However, you will first have to make a point of establishing a solid reputation for honest dealing.
Firstly, you must do your utmost to get the lowest rates for your clients. Don’t simply market the products of one energy provider, but have agreements with all of them. Representing only one company makes you a salesman, not a broker. You must be completely professional about it.
Undertake regular reviews of the various companies’ rates, and if necessary, move your clients to another supplier. Doing so will require you to keep track of your clients, so you know who they’re with and what they’re paying as well as any other relevant details which might affect the charges. A simple spreadsheet should be adequate. Do this check every time rates change – it shouldn’t take too long and will enhance your reputation
From the point of view of your clients, this sort of service is why they are working through you and what you are being paid for. Following this simple process will guarantee your bread and butter. Do a thorough job and you will be sure to prosper.
While you won’t make a fortune out of individual householders, they will provide a regular income every month. Any larger users of energy you sign will be a real bonus, and could potentially generate much more substantial monthly earnings. Doing a good job for the smaller clients will build your reputation and increase your chances of signing a bigger client or two.
Initially this brokerage business might have to be a part time occupation, until you have built up a substantial enough client base to justify making it your full time career. While getting to this stage might take a while, it should prove worthwhile in the end.
Once established, your business with its client base will become a marketable asset. Remember that you can easily continue for as long as you like, as it is neither strenuous nor exceptionally demanding occupation. You won’t need to retire unless you wish to or unless ill-health becomes a factor in your life.
Do join the Utilities Intermediaries Association and abide by the Code of Practice, which are actually basic requirements for keeping your clients happy. Doing so will assist your effort to establish a reputation for integrity and reliability. Without such a firm foundation, you are doomed to failure.
If you’re simply out for a quick buck, this approach is not for you. Here the tortoise will definitely beat the hare over time. Always remember you are paid to save money for your clients. Do your utmost for your clients, large or small. Make this maxim your absolute guiding principle and you will be well rewarded.
While this approach is very low-key, it has the merit of not requiring much capital. It would suit someone who is prepared to work steadily and persistently towards a goal. The end result nevertheless should be a very good living.