Need some Professional Advice

[LostDollar]

most don't, but none of them have minimum sales quotas, requires office hours (tell me i can open three days a week if I want as it's my business and that can be sat and Sunday as two). I also have my wife who is not working right now that could go in with me to "technically" work it full time.

I think you need to hear more from the agents on this one.

It seems to me like having 65% of your "open for business hours" on the weekends could place some restrictions on your potential prospect base which might have some negative implications for the success of your business.

 

[rousemark]

Thanks. Yes, my current job I could honestly do in 20-30 hours a week max. It ebbs and flows and it's feast or famine. I have a lot of downtime and working from home would make wearing two hats less noticeable and more palatable I think. It wouldn't be a long term plan (to do both), but just long enough to where I can replace about 50% of my current income.

good points otherwise. I've always been a top producer in banking so I know what it takes to be successful particularly with a new venture like this (grind, grind and then grind some more). I know it does take time after you plant seeds for you to harvest.

And wait, you mean all those advertisements on Facebook of all high quality leads and systems aren't real? Hahaha

If you current employer thinks you are now working 40+ hours per week, how are they going fell when they find you mare actually only working 20+ hours per week?

 

[Longtimelurker]

If you current employer thinks you are now working 40+ hours per week, how are they going fell when they find you mare actually only working 20+ hours per week?

if my production and numbers don't change, then it doesn't matter if I work 10 or 50 hours to them. Bottom line is that they leave me alone as I'm a top producer. Yes, if my numbers and production drop then there might be some questions raised and conversations had them. But over the past 20 years that's never happened.

 

[whatyouwantfinally]

if my production and numbers don't change, then it doesn't matter if I work 10 or 50 hours to them. Bottom line is that they leave me alone as I'm a top producer. Yes, if my numbers and production drop then there might be some questions raised and conversations had them. But over the past 20 years that's never happened.

As long as you're crystal clear on what you're getting into, I think you should go for it. People told me the route I took (started an indy agency with no experience) was iffy too and it worked out.

Just heed my warning about getting prospects, it's really 90%+ of it. And if you're looking at the buying leads route, expect to run in the red for 1+ years.

 

[Longtimelurker]

As long as you're crystal clear on what you're getting into, I think you should go for it. People told me the route I took (started an indy agency with no experience) was iffy too and it worked out.

Just heed my warning about getting prospects, it's really 90%+ of it. And if you're looking at the buying leads route, expect to run in the red for 1+ years.

thanks for the insight. I will say I have the Capital to start it and the Capital to run it in the red the first year if needed. I Just don't have the ability to walk away from the sizable salary I'm making now to go cold turkey into insurance making $0, especially with a year 1 in the red. Just too much risk for me at my age and the responsibilities I have financially with my family etc etc.

 

[EugeneM]

Sup, I was a commercial and l&h broker for years on the wholesale/ga side. I'm at a capital firm now debt finance 5m+. I can see why your getting out of real estate. Feds are on a roll. Frankly you should move over to the non bank capital side. Developer relationships with insurance brokers so when you lease equipment/acquisition/m&a naturally you insure it and get a fee. It's typically 1% on a 1m is 10k. Leverage your already developed skills, no need to reinvent the wheel imo.

 

[Longtimelurker]

Sup, I was a commercial and l&h broker for years on the wholesale/ga side. I'm at a capital firm now debt finance 5m+. I can see why your getting out of real estate. Feds are on a roll. Frankly you should move over to the non bank capital side. Developer relationships with insurance brokers so when you lease equipment/acquisition/m&a naturally you insure it and get a fee. It's typically 1% on a 1m is 10k. Leverage your already developed skills, no need to reinvent the wheel imo.

somewhat agreed. Hard to jump jobs in finance (mentally) right now as I have a huge amount of job protection if the real poop hits the fan.

I can see your recommendation for the money piece if it and totally agree. The problem is that even when the Fed was killing the market, I was just bored and really have no fire left. I'm burnt to a crisp and going through the motions. No more a challenge and no more a fire for what I do. Going through the motions is not really something I want to do for the next 15 years until retirement.

But a good suggestion nonetheless

 

[Matthew Labb]

Yes I think its absolutely worth trying out if you are only working 20-30 hours per week at your full time gig.

That said, many insurance agencies don't want to bring on part time producers because they put the same amount of time into training and assisting those producers, and get less production (all other things held equal)

What type of business are you most interested in writing?

Is there an opportunity to write insurance with your banking clients or would your boss see this as a conflict of interest?

Either way I don't think you have much to lose here. Like you pointed out, you are a top producer despite only working 20-30 hours per week.

 

[Longtimelurker]

Yes I think its absolutely worth trying out if you are only working 20-30 hours per week at your full time gig.

That said, many insurance agencies don't want to bring on part time producers because they put the same amount of time into training and assisting those producers, and get less production (all other things held equal)

What type of business are you most interested in writing?

Is there an opportunity to write insurance with your banking clients or would your boss see this as a conflict of interest?

Either way I don't think you have much to lose here. Like you pointed out, you are a top producer despite only working 20-30 hours per week.

right now probably just p&c. As far as clients, yes probably somewhat of a conflict (although our bank doesn't have an insurance division). I could probably write some commercial business with clients, but that would be way down the line.

I'd just get my feet wet with p&c as it's probably the easiest to learn etc etc.

As a biz owner I wouldn't hire a part timer exactly for your points.

 

[Matthew Labb]

I feel personal lines is exponentially easier to do part time than commercial lines.

Like you, I wouldn't want to hire a part timer to insure my business. Why? Commercial lines is complicated and sometimes requires time sensitive communication.

I think you've got the right idea here.

Now the question becomes, do you want to work for yourself or someone else?