Hitting 1MM In Business

[AdvisorsIns]

DGA. I couldn't say in the non standard market. You have higher premiums but higher service. I think a great producer should be able to write 40-50k in new business per month. 1 million from scratch 1 man shop would be a doable goal in 2 years.

Best way to launch your business is to hire another producer.

 

[DGA22]

AdvisorsIns, thank you for the reply. Non-standard is not what my goal is for the agency. I'm also doing about 25% standard as well. Its just good low hanging fruit for now and like you said, its good premium.

Hiring another producer has been a thought lately. I actually had one lined up but after taking the licensing exam 4 times unsuccessfully, she decided to bag it. She was going to be commission only and work from the home.

Commission only would be the only way I can hire someone at this time. Not enough revenue yet to pay a salary.

 

[indienoise]

DGA your situation is very similar to mine. Established agency 3/23/15. I'm actually IN a dealership, so NSA is low hanging fruit also. Also wrote 100k in the past 6 weeks. 6 month premium, not annualized. Nature of tax season business is expect only 50% retention though. A fair few won't have cars in another month or so, lol.
I just picked up my first direct standard market in January and working on my second. Have homeowner marketing starting next month and targeting some light commercial as well. Also trying to get a commission-only producer. Just keep at it.

 

[DGA22]

Right on brother!

 

[HCCIA]

You should have one csr for every million on the books. I am the only producer and I have a staff of 7!

 

[ovidiubolun]

I hit 1MM a couple of months ago which was my first major goal when opening my agency 2 1/2 years ago. How did things change for you guys after this point? It's been oddly busy (service and new business) and I can't make out if its the time of the year or I'm no longer able to captain this ship by myself.

Hi ,
What you accomplished is impressive. Congrats !!!!!
I'm licensed in P&C in California. Started just few months ago. Working from home. Unfortunately my life turned upside down. We are fortunate to have a new addition to our family but since my wife quit her job I have my hands tied . Working hard to support the family at the same time trying my best to build a book of business . I target contractors for now but is so frustrating that I'm almost ready to give up. Nothing works for me here in California. What is your advice , what should I focus on? Where to start? I'm ready to reinvest everything I'm making. The start is very frustrating though! Highly appreciate your advise!!!

 

[AdvisorsIns]

Ovi- What kind of markets/carriers do you have? Who are you appointed with? This will help to know what kind of clients you should be going after Read through some of my posts I wrote a year or two ago about Mtg. Brokers.

 

[insurance1822]

Hey...ovidiubolun...LISTEN HERE.

This business takes time to pay off, BUT...it pays off BIG TIME. Go through these forums & DON'T EVER GIVE UP ON YOURSELF. Your post sounds like you're struggling. WE ALL STRUGGLED AT SOME POINT. How dare you even consider quitting?????????????

Man up. Give yourself more credit here. you got this

 

[AZDave]

I target contractors for now but is so frustrating that I'm almost ready to give up. Nothing works for me here in California

Then your not doing it right. Are you quoting and not writing it? With contractors you need to have the markets. I have always done well with a direct mail hit and phone call follow up. If your limited on carriers, target the artisan guys that you know have good rates. Man, I just looked at the CA State License Board. They have a daily posting of new license applications. You should be hitting these guys. They need insurance now and are more willing to get quotes. BTIS with these new guys are unbeatable. Not sure about their appointment process in CA, but you should have them.

Good Luck!

Dave

 

[nyc2phi]

I target contractors for now but is so frustrating that I'm almost ready to give up. Nothing works for me here in California Then your not doing it right. Are you quoting and not writing it? With contractors you need to have the markets. I have always done well with a direct mail hit and phone call follow up. If your limited on carriers, target the artisan guys that you know have good rates. Man, I just looked at the CA State License Board. They have a daily posting of new license applications. You should be hitting these guys. They need insurance now and are more willing to get quotes. BTIS with these new guys are unbeatable. Not sure about their appointment process in CA, but you should have them. Good Luck! Dave

BTIS's designated work endorsement worries me a bit. Their policies are super cheap but I think there are some holes in them