Working at an Agency & Owning an Agency at the same time

[Dreamiekid]

Just wanting to know if anyone has tried to do something like this before?

Here are a few reasons on why I am considering this:
1. Currently I have to split my commissions with the current agency I work at
- I get %70 NB and %0 renewal but $1750 monthly guaranteed for servicing another agents book
- I sell around 12 policies per month not trying to solicit any business because I barley have time to quote people coming in the door and have a book of at least $500,000
2. I don't get ANY profit sharing, trip incentives or bonus gift cards for issuing policies
- I don't really care about those if I will at least be able to get %100
3. If stuff hits the fan at the agency I am currently at, I want to be able to just roll my book over very easy and not have to worry begging someone else to take over my book and take an even bigger split than I already am.
3b. I would be able to roll any policies or books from agents in the office I work at in a worst case scenario where everyone gets "fired"
4. In my current situation I'm on pace to make $60K working my butt of where I could not do anything and make $50K off of my book.
5. Overall I want to be able to have more control over everything most importantly commissions which I have a good feeling are consistently incorrect.
6. I work 30 hours a week for someone else right now (yes there are benefits) but I started this trying to have my own business at the end of the day.
7. The moment someone in our office quits I would get a major workload put ontop of what I currently do and have even less time to sell and grow.

Is this even something that is possible? I would probably start off with hiring someone licensed or getting someone licensed to be the CSR/Main producer on the chance I can't be a producer in both agencies. I want to join some type of network to gain access to major carriers in the Midwest where I can start growing again and get %100 of what I sell.

If you have seen this done before or have seen I would appreciate any advice. Any suggestions on networks that give %100 commission?

Starting a agency is not easy. There is so much behind the scene. Find a mentor or do a lot of research before you talk to your boss. Look we started late in 2017 December 26 I believe. We didn’t get our first appointment until 4-5 months later. We were still paying rent and everything that goes to that (for those months in the 2nd floor in a closet office ). But here we are making it.

 

[Markthebroker]

Wow very insightful reply @BADTROUT . I will make sure to think very hard about this.

@adjusterjack I actually just looked at my "simple contract" and noticed it doesn't say anything about my clients being MY clients. I know that was not done on purpose but I will get that changed!

Usually everything that is or isn't in a legally binding contract is done very intentionally. I learned that the hard way.

 

[BADTROUT]

Ever thought of writing a book? I honestly like your straight forward honest opinion.

If I could straighten out all of my mixed thoughts into one chapter I would be amazed... That said, not a bad idea... Thanks for the compliment... on the internet they are far and few between!