Posted: Tue Nov 13, 2007 3:17 pm
Leaving the academic knowlege requirement aside, and the school of hard knocks experience requirement aside, (both of which are huge issues on their own) I have to believe anyone attempting to go solo, from a pure 0 starting point, has to have existing financial resources to see themselves through the first 4-5 years.
Building a client base, getting the airplane off the runway, to build a sustained income, takes long hard hours of work and dedication across a few years. Going solo without that kind of cash in the bank, and without the necessary knowledge and experience, looks to me like a recipe for high risk activity is probably the best way to describe it.
In 2005, after 18 years on a payroll / salaried basis as a manager with direct writers and large brokerage firms up here in Canada, I decided to go on my own, so to speak, by joining a brokerage firm, in commercial lines, where my commission dollars were split, (more on the renewal side vs new business) but I had the experience and knowledge. Started with no xdates, no prospects, and no book of business and no switchboard leads were handed over (none were asked for or expected either). Ultimately what I didn't have was enough cash to get past that first year, and didn't land enough new accounts in that first year, to generate enough renewal income. A lot of hard work went down the drain when I had to throw in the towel, but some good lessons learned.
I'm now back on the salaried side, working for a supplier to the industry, but I know what I'll do different next time if the opportunity were to present itself again.
Good luck to the individual just starting out. You've been given a huge amount of advice by lots of veterans here.
Building a client base, getting the airplane off the runway, to build a sustained income, takes long hard hours of work and dedication across a few years. Going solo without that kind of cash in the bank, and without the necessary knowledge and experience, looks to me like a recipe for high risk activity is probably the best way to describe it.
In 2005, after 18 years on a payroll / salaried basis as a manager with direct writers and large brokerage firms up here in Canada, I decided to go on my own, so to speak, by joining a brokerage firm, in commercial lines, where my commission dollars were split, (more on the renewal side vs new business) but I had the experience and knowledge. Started with no xdates, no prospects, and no book of business and no switchboard leads were handed over (none were asked for or expected either). Ultimately what I didn't have was enough cash to get past that first year, and didn't land enough new accounts in that first year, to generate enough renewal income. A lot of hard work went down the drain when I had to throw in the towel, but some good lessons learned.
I'm now back on the salaried side, working for a supplier to the industry, but I know what I'll do different next time if the opportunity were to present itself again.
Good luck to the individual just starting out. You've been given a huge amount of advice by lots of veterans here.