How We Stand After Almost 2 Years

[INDY77]

Hello,

I am posting this to get a comparison of my agency to other agencies. Here is a little background.

- We have been open for about 1 year 8 months
- We sell primarily P&C
- Started as just myself in the office and just recently hired a CSR/Sales person
- In Florida
- Started scratch


We should be just over 1 million in premium after the 2 year mark. We write about 40-60k in premium a month (started doing these number starting the second year). I would like to know how this compares to other agencies/agents that started scratch. I am just trying to gage how we have been doing compared to other agents. As some of you know starting a scratch agency can be a rough road, so I would like some feed back as to how you all think we are doing so far.

I haven't really paid myself much over the past couple of years and now much of the commission is going to towards the new CSR. At what point did you see yourself really taking home a steady check each month?

Thanks for the feedback in advance!

 

[shawnmwalker]

40-60 k in WP per month in NBusiness or total. (Renewals and NB?)

 

[INDY77]

Sry. 40-60k in new business written premium per month.... Not including renewals from prior year.

 

[shawnmwalker]

It sounds good. But I am not a FL guru. I have heard that an agency can explode in growth down there and I have heard numbers significantly larger than yours.

But take FL out of the mix. If you are writing 40-60k in WP a month you are on the RIGHT PATH! There will be different opinions on when to hire your first support staff. If you just started to write 40-60k in the last few months then you might have a 600k agency so far. Give or take. Some might say you hired too early, some might say you hired too late and it cost you some growth.

I think you are right on track!

 

[INDY77]

Thank you for the feedback Shawn.

 

[F150]

how can you be that big and "not really paying myself"

 

[INDY77]

I have paid myself a little here and there, but have tried to put as much of what I make back into the business. I don't want to start paying myself to early and not have enough in reserves for the business or my new hire.