For as long as I can remember I have always wanted to work for myself. The closest I’ve been to that is a straight commission sales job in college selling yellow book ads, and I loved it.
After college I worked my way up the insurance food chain (or so I thought), getting an MBA along the way. My plan was to start something of my own, but had previously written off starting at agency (not “prestigious”, not “big enough”)
My experience has included:
6 years in the military
2 years as a call center life and health agent
4 years at indy agency managing P&C book
4 years at a large corporate broker as a subject matter expert in a specialty line
2 years consulting experience
I’ve realized that an agency might actually be the most logical and lucrative way to start something of my own.
So the big question is truly independent, Smart Choice, MGA, etc?
The other big question is what advice do you old sages have for me?
I’ve laid out what I think are my strengths and weaknesses below, which will inform the creation of my soon to be written business plan...
Strengths
My time at the large broker was all about coverage, knowing my markets, and carrier relationships. I’m good at all three and enjoy that side of things. Although my coverage expertise is very deep in a specialty line that isn’t really purchased by small/medium businesses, and not so deep elsewhere.
The technology side of things doesn’t scare me. Website, marketing/SEO, keeping back office streamlined, etc.
Weaknesses
I was basically an account manager at the indy. I was paid a large base to keep renewals. The majority of my sales were walk ins. If I do this I’m going to need to sell, and my assumption is that I will be motivated when put in a position where I need to kill to eat. I probably have work to do in this area.
The luxury I have now is that during the pandemic I can do a lot of leg work getting this started while doing my day job. I might even be able to start the thing.
So that’s my story. Rip me to shreds!
After college I worked my way up the insurance food chain (or so I thought), getting an MBA along the way. My plan was to start something of my own, but had previously written off starting at agency (not “prestigious”, not “big enough”)
My experience has included:
6 years in the military
2 years as a call center life and health agent
4 years at indy agency managing P&C book
4 years at a large corporate broker as a subject matter expert in a specialty line
2 years consulting experience
I’ve realized that an agency might actually be the most logical and lucrative way to start something of my own.
So the big question is truly independent, Smart Choice, MGA, etc?
The other big question is what advice do you old sages have for me?
I’ve laid out what I think are my strengths and weaknesses below, which will inform the creation of my soon to be written business plan...
Strengths
My time at the large broker was all about coverage, knowing my markets, and carrier relationships. I’m good at all three and enjoy that side of things. Although my coverage expertise is very deep in a specialty line that isn’t really purchased by small/medium businesses, and not so deep elsewhere.
The technology side of things doesn’t scare me. Website, marketing/SEO, keeping back office streamlined, etc.
Weaknesses
I was basically an account manager at the indy. I was paid a large base to keep renewals. The majority of my sales were walk ins. If I do this I’m going to need to sell, and my assumption is that I will be motivated when put in a position where I need to kill to eat. I probably have work to do in this area.
The luxury I have now is that during the pandemic I can do a lot of leg work getting this started while doing my day job. I might even be able to start the thing.
So that’s my story. Rip me to shreds!
