DT1970
Expert
- 57
I've been reading these forums with a great deal of interest over the past few weeks. I am extremely impressed with the business acumen of many of you...as well as your creativity in nuturing your respective businesses.
I am contemplating the potential of starting an agency and would like input on preparing myself. I want to make sure I have enough tools to increase the odds of success. My "dream" is a business that my son (he is 12) could be involved in after he finishes college. Assuming he would want to of course. The other condition is that I want to own my own book of business...which rules out something like State Farm for instance.
So...that being said, here is where I'm at in life.
- no bills...house paid for, cars paid for, 50k in the bank, no credit card debt, wife works part-time (earns enough for groceries for the month)
- I am middle-aged with about 20 years of consultative sales background (industrial mfg rep)
- I am almost finished with my undergrad degree (nightschool)
- I am currently unemployed
My thinking is...
- start out of my home office to minimize cash outlay
- obtain the appropriate study materials to obtain the pertinent state licenses
- as my core classes are done in school, I'm thinking I should take electives that may be beneficial (business law, etc)
- I am planning on going for an MBA in finance
My questions are...
- are there any particular classes you would recommend for this field? (my major is business administration...all the core classes are done ie finance, accounting, marketing, etc)
- is there a recommended company to purchase study materials from (cost/value) for my state tests?
- If you had to pick ONE insurance to start with, which one? life, health, p&c, etc? I'm thinking I should choose a single specialty and focus on that until I learn the business
- in conjunction with the above question, is there a particular carrier(s) I should consider?
- ancillary purchases? computer software, certain subscriptions to websites (credit reports, etc?)
- I will need E&O (?) insurance I think?
I've read where many of you advise to work for any independent agent to learn the ropes and/or work for a captive company like NYLife etc...I'm not adverse to doing this, but I'd much prefer to go it alone if at all possible...I really hate the idea of building a book of business then walking away...also with a captive like NYLife or Met etc are there possibilities of working there and then going independent but keeping your book of business and the ability to sell that particular product?
Lastly, my personal views are that I will never solicit business from my family or friends. If they wish to use me, I would help them of course. But I'm a firm believer that money and friends/family don't mix well (at least for me). I've read where some of the companies want you to start off by listing everyone you know and contacting them to buy a policy to start off....I won't do this. Nothing against this model, but it's not for me. So if you recommend a company to me, would you tell me if you feel this would be a requirement?
I understand that I am asking YOU for your valuable time and information and I'm definitely not seeking to be arrogant or restricting in what you provide me...and I am very grateful for any wisdom that any of you would care to impart.
Lastly, I am wondering what the possibilities are for ancillary opportunities with an agency...if I picked up a CPA designation (schooling and training)? CFA? association with someone like Raymond James or Edward Jones?
Thank you in advance
I am contemplating the potential of starting an agency and would like input on preparing myself. I want to make sure I have enough tools to increase the odds of success. My "dream" is a business that my son (he is 12) could be involved in after he finishes college. Assuming he would want to of course. The other condition is that I want to own my own book of business...which rules out something like State Farm for instance.
So...that being said, here is where I'm at in life.
- no bills...house paid for, cars paid for, 50k in the bank, no credit card debt, wife works part-time (earns enough for groceries for the month)
- I am middle-aged with about 20 years of consultative sales background (industrial mfg rep)
- I am almost finished with my undergrad degree (nightschool)
- I am currently unemployed
My thinking is...
- start out of my home office to minimize cash outlay
- obtain the appropriate study materials to obtain the pertinent state licenses
- as my core classes are done in school, I'm thinking I should take electives that may be beneficial (business law, etc)
- I am planning on going for an MBA in finance
My questions are...
- are there any particular classes you would recommend for this field? (my major is business administration...all the core classes are done ie finance, accounting, marketing, etc)
- is there a recommended company to purchase study materials from (cost/value) for my state tests?
- If you had to pick ONE insurance to start with, which one? life, health, p&c, etc? I'm thinking I should choose a single specialty and focus on that until I learn the business
- in conjunction with the above question, is there a particular carrier(s) I should consider?
- ancillary purchases? computer software, certain subscriptions to websites (credit reports, etc?)
- I will need E&O (?) insurance I think?
I've read where many of you advise to work for any independent agent to learn the ropes and/or work for a captive company like NYLife etc...I'm not adverse to doing this, but I'd much prefer to go it alone if at all possible...I really hate the idea of building a book of business then walking away...also with a captive like NYLife or Met etc are there possibilities of working there and then going independent but keeping your book of business and the ability to sell that particular product?
Lastly, my personal views are that I will never solicit business from my family or friends. If they wish to use me, I would help them of course. But I'm a firm believer that money and friends/family don't mix well (at least for me). I've read where some of the companies want you to start off by listing everyone you know and contacting them to buy a policy to start off....I won't do this. Nothing against this model, but it's not for me. So if you recommend a company to me, would you tell me if you feel this would be a requirement?
I understand that I am asking YOU for your valuable time and information and I'm definitely not seeking to be arrogant or restricting in what you provide me...and I am very grateful for any wisdom that any of you would care to impart.
Lastly, I am wondering what the possibilities are for ancillary opportunities with an agency...if I picked up a CPA designation (schooling and training)? CFA? association with someone like Raymond James or Edward Jones?
Thank you in advance
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