Episode 11Should I start an Insurance Agency with Dave Jackson
4 decades in the insurance industry, an agent for 2 different captive companies, started his own independent insurance agency, founded IAOA which is a group of over 5,000 independent Insurance Agency Owners..…I think Dave Jackson knows a thing or 2 about what it takes to start an Insurance Agency. Thinking about starting an Insurance Agency? Then this one’s for you!!!
Welcome to Episode 11
As Dave drops knowledge bombs for anyone considering starting an Independent Insurance Agency his main point is this…make a business plan. Not because someone said they needed one in order to give you an appointment or a loan, but because you NEED one. Why? Because a business plan forces you to face the realities of the challenges that await you. They make you think through the obstacles and come up with solutions to combat them.
- How much money will you need the first 6 months?
- How are you going to get access to Insurance Carriers?
- Do you need a physical office?
- How do you intend to prospect for business the first year?
- And on, and on, and on……
It’s not easy to start an insurance agency. That’s why the road to the top is littered with failed agencies that couldn’t cut it. If you don’t want to be one of those agencies then this is for you
My 2 biggest takeaways from this interview are:
- A solid business plan is key for starting any business plan.
- When starting out stay LEAN. You don’t need all of the shiny objects. Focus on the tasks that make you money.
“The most common answer I get from newbies when I ask them about their business plan is a glassy eyed look.” (Dave Jackson – Founder IAOA)