Opening Independent Agency in Florida and Need Guidance

[newindy]

Hello everyone. First time poster long time follower here.

I am looking for some constructive guidance here. My current situation is that I have been working for a captive agent for around 4 years now, and have come to the conclusion that I want to now open up my own independent agency. I have been getting mixed responses from colleagues and family as to whether or not this is the right decision, so I am looking for everyones feed back in this matter. I have the experience and knowledge, as well as I have been saving up the funds to finance it on my own. I will be working with a cluster, so they will be helping me to get the valuable appointments with the different carriers.

Starting out I plan on keeping my overhead as low as possible (i.e. executive suite/no employees to start).

I do understand that the first few years will be VERY difficult and I am prepared to eat nothing but Ramon noodles and peanut butter and jelly sandwiches.

Am I jaded in thinking that if I have a solid business plan, great cluster to work with, good appointments, experience and motivation that I can make this thing work and be successful?

Also, if I am busting my butt everyday, what can I expect to produce (premium wise) within the first year? I will be focusing primarily on personal lines for the first couple of years in order to build my book up.

(Agency will be on the coast in FL.)

Any advice would be greatly appreciated.

Thanks in advance!

 

[FL P&C Broker]

Welcome to P&C in Florida. The good news is that because none of the big name companies don't want to write much property anymore it can be easy to be successful. Hopefully the cluster you are working with can get you the appointments you need. What part of the state are you in?

 

[newindy]

I am on the west coast of FL.

 

[xrac]

Hello everyone. First time poster long time follower here.

I am looking for some constructive guidance here. My current situation is that I have been working for a captive agent for around 4 years now, and have come to the conclusion that I want to now open up my own independent agency. I have been getting mixed responses from colleagues and family as to whether or not this is the right decision, so I am looking for everyones feed back in this matter. I have the experience and knowledge, as well as I have been saving up the funds to finance it on my own. I will be working with a cluster, so they will be helping me to get the valuable appointments with the different carriers.

Starting out I plan on keeping my overhead as low as possible (i.e. executive suite/no employees to start).

I do understand that the first few years will be VERY difficult and I am prepared to eat nothing but Ramon noodles and peanut butter and jelly sandwiches.

Am I jaded in thinking that if I have a solid business plan, great cluster to work with, good appointments, experience and motivation that I can make this thing work and be successful?

Also, if I am busting my butt everyday, what can I expect to produce (premium wise) within the first year? I will be focusing primarily on personal lines for the first couple of years in order to build my book up.

(Agency will be on the coast in FL.)

Any advice would be greatly appreciated.

Thanks in advance!

I think you will do just fine. Do not let the negative responses discourage you.

 

[moonlightandmargaritas]

I have been getting mixed responses from colleagues and family as to whether or not this is the right decision, so I am looking for everyones feed back in this matter.

Other than a spouse (critical to have their support), ignore what your family tells you (probably better to tell them nothing at all). They are way too emotionally close to the situation to give you any input that's near objective.

I have the experience and knowledge, as well as I have been saving up the funds to finance it on my own.

Would be nice if this was enough, but you need more.

Am I jaded in thinking that if I have a solid business plan, great cluster to work with, good appointments, experience and motivation that I can make this thing work and be successful?

Not so concerned about your business plan as I am your marketing plan. What is your strategy, and what tactics will you use to meet it?

Also, if I am busting my butt everyday, what can I expect to produce (premium wise) within the first year? I will be focusing primarily on personal lines for the first couple of years in order to build my book up.

If you don't have reasonable expectation and goal in this area, you don't have a "solid business plan" as you posted above.

 

[newindy]

Welcome to P&C in Florida. The good news is that because none of the big name companies don't want to write much property anymore it can be easy to be successful. Hopefully the cluster you are working with can get you the appointments you need. What part of the state are you in?

The cluster I am working with does have most of the top appointments. I will still be responsible for obtaining my own direct appointment with each company, but I will have the support and connections of the cluster. Do you think it will still be difficult to obtain the proper appointments even with the backing of the cluster?

 

[moonlightandmargaritas]

Do you think it will still be difficult to obtain the proper appointments even with the backing of the cluster?

If you don't have an effective strategy and tactics for attracting potential new clients...it won't make any difference!

 

[newindy]

I appreciate you taking the time to provide feedback. I do have reasonable expectations and goals in mind... I should have worded it differently. From your experience's of starting scratch, what were you able to produce within the first year. I am looking to gauge how my "reasonable expectations and goals" stack up to reality.

 

[FL P&C Broker]

Sounds like SIAA. I have heard different things about them in different parts of the state. As long as you have the competitive carriers then you will be okay.

If you are only doing personal lines P&C I would set a monthly goal of $50k in premium a month. It can be done but expect to work 7 to 7, 7 days a week for the first 90 days.

 

[jazoo]

I am new agent inn Tampa area
Please get in touch

jazoo