Hi everyone, I am currently a stay at home dad. I am lucky that my family doesnt need me to work at all and we get by comfortably. I used to work for a captive company and I am starting to get the urge to start working again.
I have been looking into starting a small indie business from home and it seems like I can do it for a lot cheaper than I originally thought. I have 5 years insurance experience so I was quoted $175 a month for E&O (P&C). I could write my business through Superior Access (mostly because they allow home offices) for $110 a month. Add about another $50 for a second phone line, bond, and other small expenses and I could run my business for under $350 a month. I have a huge list of family and friends at the captive agency that are willing to switch so I wouldnt need to pay for any marketing for a few months until I get some commissions rolling in.
Am I missing something? Even if I only net $100 a month thats more money than I'm making now, not to mention the tax benefits my family will get from having a home office and small business. My #1 job would still be watching my daughter, this would be a part time job but she sleeps for 2-3 hrs a day and will be going to a day care for 2 days a week. Also, I wont have the stress of needing to make a certain amount to cover the mortgage, cars, ext...
I'm just kinda throwing this around in my head and I think I have already made up my mind but I would like to know what you guys think who have already gone through the process.
I have been looking into starting a small indie business from home and it seems like I can do it for a lot cheaper than I originally thought. I have 5 years insurance experience so I was quoted $175 a month for E&O (P&C). I could write my business through Superior Access (mostly because they allow home offices) for $110 a month. Add about another $50 for a second phone line, bond, and other small expenses and I could run my business for under $350 a month. I have a huge list of family and friends at the captive agency that are willing to switch so I wouldnt need to pay for any marketing for a few months until I get some commissions rolling in.
Am I missing something? Even if I only net $100 a month thats more money than I'm making now, not to mention the tax benefits my family will get from having a home office and small business. My #1 job would still be watching my daughter, this would be a part time job but she sleeps for 2-3 hrs a day and will be going to a day care for 2 days a week. Also, I wont have the stress of needing to make a certain amount to cover the mortgage, cars, ext...
I'm just kinda throwing this around in my head and I think I have already made up my mind but I would like to know what you guys think who have already gone through the process.