Most captive agents have toyed with the idea of starting their own business. For some, the thought is fleeting, but for others, the idea of starting an independent agency keeps nagging at the back of their minds. If you can’t shake the feeling that you should be running your own agency, go down this list and see if you’re ready to take the plunge and try your hand at being the boss.
Are you sick of your current job?
The thought of starting an independent agency usually begins with feeling unsatisfied with your current job. If you’re constantly frustrated by the work you are given and how you are told to do that work, take a minute to think about how you would do it differently.
People often start to feel unfulfilled at their captive agency job when they don’t agree with the way the business is being run, or they don’t feel like they are being utilized to their full potential. If you can see a way to become more productive and more efficient but your ideas are being shut down, it could be time to branch out on your own.
Do you have a brilliant business idea?
Of course, starting a business is more than just being able to streamline and delegate tasks so that work is done efficiently and effectively. Being the boss is not the same as being a team leader or a manager. You have to have a vision for the whole business and be able to look at the big picture while keeping track of the day-to-day. However, before we even get to big picture stuff, you need to have a single brilliant idea for how you think you can sell more insurance as an independent agent.
For many captive agents, the thought of going independent usually comes from feeling like you are not serving your clients to the best of your ability. Or, you aren’t able to provide them with the best product because you are dealing with sales quotas from the company for which you are producing.
If you think you have a better business model than your current job, then it could be time to test out your theory and start your own agency.
Do you understand the risks of starting an agency?
Before you hand in your two-week notice, do some research. Initial Google searches should provide you with enough information to see if it is something you should put more time and effort into developing.
Talk to other entrepreneurs, business owners, and independent agents to get their advice on pitfalls, detours, and roadblocks that could hinder your business idea.
Do you have the support of your family?
Before you cash out your savings to put up startup capital, make sure your family is on board. Starting a business will cost money, and it will cost time. If your family isn’t on board with you starting a business, then you should reconsider. Make sure everyone understands the risks and the commitment it takes to succeed, before taking the next steps.
Starting a business in Colorado, Arizona, and Utah
If you are interested in ditching your captive chains and starting your own agency, Affordable American Insurance will take the hassle out of the start-up process by giving you the tools, training, and the access to multiple carriers that you need to build a solid foundation for success.
We can help you maximize your potential as an independent agency owner.