Need replies from new agents starting
Posted: Mon Feb 25, 2008 7:34 am
It would be nice to have comments from new agents who have started new agencies and the good & bad experiences. It would help those of us looking to start a business.
You asked for it....
After a career as a surety underwriter for a large nationwide company, 20 years to be exact, I decided to venture into the agency side. I started a nationally licensed Surety Brokerage with a very good friend of mine. We have been at it for 6 months and the business is finally starting to generate a small amount of income. It is no where near enough to cover expenses or pay any kind of payroll though. We have partnered with a few of the top surety companies and have taken a very technological approach with our business in order to minimize overhead.
Bottom line is that if you are thinking of making the switch, be sure that your overall personal debt is low or non existant and that you have sufficient savings to hold you over well past the expected return period on your business.
Nothing kills a business start up faster than being underfunded! Always plan for the unexpected and then double that amount!
If I can be of any help to anyone, I will be glad to respond to your questions.