L
LittleBuddha
Guest
Hello All...
I'm currently a licensed health/life agent in Pennsylvania and I work for an independent broker.
I'm bogged down on a daily basis with the adminstrative/service work, (for several years now). I'm not meeting my potential, but believe me, I've gotten very good, and very efficient at the service end; which is a plus.
There are other boring details, but the main thing is that I'm itching to get SELLING! I'm considering parting ways and doing this on my own. I just don't see it turning into a reality with my current employer.
I know that I'd have to get my own E&O coverage. I can probably work out of my home to start out, so it would eliminate the need to pay for an office. I know I'd have to register an agency name, etc. Aside of that, I'm not sure what else I need to do.
For instance, some of the questions I'm researching:
1 - What is an approximate start-up cost for an independent agent/agency?
2 - What is a realistic sales volume goal for the first few years, etc.?
3 - I have some potential, private backers for funding the venture. How much of a financial "cushion" would I need to give myself?
I know there are other things, but it's the end of the day/week, and I'm rushing because I don't have internet at home currently.
As you can see, I'm rather naive about the start-up of a business. However, I have motivation, a good network, and creative marketing plans. I cannot/will not try to take any of my employer's clients away from him. So I'd be starting this agency without a current book of business, which is a little scary. But that's why I want to research everything thoroughly.
Any suggestions, help, ideas would be greatly appreciated. Thank you in advance for your time!
Regards,
LB
I'm currently a licensed health/life agent in Pennsylvania and I work for an independent broker.
I'm bogged down on a daily basis with the adminstrative/service work, (for several years now). I'm not meeting my potential, but believe me, I've gotten very good, and very efficient at the service end; which is a plus.
There are other boring details, but the main thing is that I'm itching to get SELLING! I'm considering parting ways and doing this on my own. I just don't see it turning into a reality with my current employer.
I know that I'd have to get my own E&O coverage. I can probably work out of my home to start out, so it would eliminate the need to pay for an office. I know I'd have to register an agency name, etc. Aside of that, I'm not sure what else I need to do.
For instance, some of the questions I'm researching:
1 - What is an approximate start-up cost for an independent agent/agency?
2 - What is a realistic sales volume goal for the first few years, etc.?
3 - I have some potential, private backers for funding the venture. How much of a financial "cushion" would I need to give myself?
I know there are other things, but it's the end of the day/week, and I'm rushing because I don't have internet at home currently.
As you can see, I'm rather naive about the start-up of a business. However, I have motivation, a good network, and creative marketing plans. I cannot/will not try to take any of my employer's clients away from him. So I'd be starting this agency without a current book of business, which is a little scary. But that's why I want to research everything thoroughly.
Any suggestions, help, ideas would be greatly appreciated. Thank you in advance for your time!
Regards,
LB