Hello everyone. First time poster long time follower here.
I am looking for some constructive guidance here. My current situation is that I have been working for a captive agent for around 4 years now, and have come to the conclusion that I want to now open up my own independent agency. I have been getting mixed responses from colleagues and family as to whether or not this is the right decision, so I am looking for everyones feed back in this matter. I have the experience and knowledge, as well as I have been saving up the funds to finance it on my own. I will be working with a cluster, so they will be helping me to get the valuable appointments with the different carriers.
Starting out I plan on keeping my overhead as low as possible (i.e. executive suite/no employees to start).
I do understand that the first few years will be VERY difficult and I am prepared to eat nothing but Ramon noodles and peanut butter and jelly sandwiches.
Am I jaded in thinking that if I have a solid business plan, great cluster to work with, good appointments, experience and motivation that I can make this thing work and be successful?
Also, if I am busting my butt everyday, what can I expect to produce (premium wise) within the first year? I will be focusing primarily on personal lines for the first couple of years in order to build my book up.
(Agency will be on the coast in FL.)
Any advice would be greatly appreciated.
Thanks in advance!
I am looking for some constructive guidance here. My current situation is that I have been working for a captive agent for around 4 years now, and have come to the conclusion that I want to now open up my own independent agency. I have been getting mixed responses from colleagues and family as to whether or not this is the right decision, so I am looking for everyones feed back in this matter. I have the experience and knowledge, as well as I have been saving up the funds to finance it on my own. I will be working with a cluster, so they will be helping me to get the valuable appointments with the different carriers.
Starting out I plan on keeping my overhead as low as possible (i.e. executive suite/no employees to start).
I do understand that the first few years will be VERY difficult and I am prepared to eat nothing but Ramon noodles and peanut butter and jelly sandwiches.
Am I jaded in thinking that if I have a solid business plan, great cluster to work with, good appointments, experience and motivation that I can make this thing work and be successful?
Also, if I am busting my butt everyday, what can I expect to produce (premium wise) within the first year? I will be focusing primarily on personal lines for the first couple of years in order to build my book up.
(Agency will be on the coast in FL.)
Any advice would be greatly appreciated.
Thanks in advance!