Franchise?

[BigLag]

I'm extremely interested in selling P&C .. I have spoken with several franchise companies and there's only one that seems to be a good fit so far because of their low startup costs and lower splits. I'm not 100% sure of the benefit of going with a franchise other than what I perceive to be a benefit. I perceive that they will hold my hand getting started and help coach and guide me thru my beginnings. They do have an aquisition team that helps get the carriers.
Splits are 85/15 but I'd still be doing the servicing.
Do y'all say it's a mistake to give up 15%? I'm brand new and I know the advice is to work for someone else for a few years but I really just want to be my own boss. Thanks

 

[fed up]

Go to work for an agent and learn from your mistakes before sailing into the unknown in a boat you have never traveled in

 

[marindependent]

I'm brand new

Don't do it.

 

[BigLag]

Don't do it.

Dislike

 

[Travis Price]

Dislike

I would take the advice.

It's not a don't do it at all. It's a don't do it when you're brand new to the industry.

Here's why:

Most of those franchises put you through a grinder and you don't know what you don't know. It's also YOUR money that your spending, depending on your contract.. you may be paying out all this money for them to take your book because you're not vested yet.

Take a few years and learn your trade on someone else's dime. FFS, you may hate P&C and insurance after you do it. It's exponentially better than trying to learn an entirely new industry and market on your own.

It's your money though.

 

[BigLag]

I would take the advice.

It's not a don't do it at all. It's a don't do it when you're brand new to the industry.

Here's why:

Most of those franchises put you through a grinder and you don't know what you don't know. It's also YOUR money that your spending, depending on your contract.. you may be paying out all this money for them to take your book because you're not vested yet.

Take a few years and learn your trade on someone else's dime. FFS, you may hate P&C and insurance after you do it. It's exponentially better than trying to learn an entirely new industry and market on your own.

It's your money though.

Thank you for the very generous explanation. Noted and will likely proceed with great caution. Thank you.

 

[Markthebroker]

I'm brand new and I know the advice is to work for someone else for a few years but I really just want to be my own boss.

Ugh. That's a pretty flimsy excuse to do something ill advised by experts and veterans. I know you want to be your own boss, but this is one of many sacrifices you will need to make if you want to be a successful franchise owner.

Suck it up and go work as an employee to learn the industry before you become a business owner. This is sage advice for any type of business. Especially something as complicated and dynamic as insurance.