Posted: Sun Apr 24, 2005 5:08 pm
Need some feedback for a present situation that I am facing as follows:
I am a life underwriter and have been for 5 years. I have never sold insurance before. I have sold though. Before underwriting I was in sales for a cellular company and was promoted to manager over 3 stores. Was hired to start a new market from the ground up.
Anyway, I now have an opportunity to start an insurance agency (P&C). The agency will be funded by an investor with partial ownership. I would be put up in a nice facility (paid) and start up cost would be taken care of also. This 'backer' would pay me base salary for the first 12 months.
Whatever profit I make during the first 12 months would be on a draw off of the salary. I absolutely trust this backer and I know what's in it for him. (He funds his organization to build churches and orphanages.) He's already started several other businesses for
I have to meet with him (and his board) when I have a 5 year proforma showing numbers of what it will take to start the business and how it will increase in revenue and profit each year.
Before I ask a few questions, I feel I should mention that I am not a flake and this is serious. I am an extremely hard worker and I am not afraid of new challenges or opportunities. I've always wanted to own my own business and this is something that really appeals to me.
QUESTION: How does a guy who's never sold insurance, started an agency get the numbers he needs to build this proforma.
QUESTION 2: How does a guy who's never sold insurance get companies to offer contracts to sell their company's products.
QUESTION 3: How would a guy who's never sold insurance before
find a company to sponsor him to get his license - with the understanding that he would sell multiple for companies.
I understand this is a HUGE question. But any information would be greatly appreciated.
I am a life underwriter and have been for 5 years. I have never sold insurance before. I have sold though. Before underwriting I was in sales for a cellular company and was promoted to manager over 3 stores. Was hired to start a new market from the ground up.
Anyway, I now have an opportunity to start an insurance agency (P&C). The agency will be funded by an investor with partial ownership. I would be put up in a nice facility (paid) and start up cost would be taken care of also. This 'backer' would pay me base salary for the first 12 months.
Whatever profit I make during the first 12 months would be on a draw off of the salary. I absolutely trust this backer and I know what's in it for him. (He funds his organization to build churches and orphanages.) He's already started several other businesses for
I have to meet with him (and his board) when I have a 5 year proforma showing numbers of what it will take to start the business and how it will increase in revenue and profit each year.
Before I ask a few questions, I feel I should mention that I am not a flake and this is serious. I am an extremely hard worker and I am not afraid of new challenges or opportunities. I've always wanted to own my own business and this is something that really appeals to me.
QUESTION: How does a guy who's never sold insurance, started an agency get the numbers he needs to build this proforma.
QUESTION 2: How does a guy who's never sold insurance get companies to offer contracts to sell their company's products.
QUESTION 3: How would a guy who's never sold insurance before
find a company to sponsor him to get his license - with the understanding that he would sell multiple for companies.
I understand this is a HUGE question. But any information would be greatly appreciated.