Are you thinking about starting an agency? There are a few questions you should ask yourself before taking the leap.
are you ready to start an agency?
According to The Brokerage Inc.’s David Ireland, a true expert on how to start and scale an insurance agency, seasoned agents make the best candidates for building an agency. He says it’s important to already have a solid book of business before creating an agency. In this case, renewal income is your salary so you need to have an income before you start so you are in a position to support agents in your agency.
Where do you start
Once you have decided you are the right candidate to start an agency, you should ask yourself a few questions. What are my goals? How will you structure your agency? Who are you going to recruit to be in your agency?
- Set goals on what you are hoping to achieve with having an agency
- How will you grow your income?
- Where will you start recruiting to build your agency?
3 Takeaways from Today’s Episode:
- Building an agency is an incredible way to scale your income as an insurance broker, but before you get started, make sure you have built up your own book of business that can support your lifestyle. This gives you enough experience and time flexibility to be a good agency principal.
- Growing an agency isn’t a get-rich-quick business. It’s a long-term approach to building wealth that compounds with time and effort. We’ve seen a lot of people achieve massive success, but they don’t do it overnight.
- If you think you’re ready to build an agency – or you already have one and you’d like to scale, make sure you’re partnered with the right organization. At The Brokerage, we’ve helped countless agencies start and scale through our unique approach to marketing and recruiting.
And remember we have a complete library of podcasts to help you grow your business. You can listen to all of our Broker Link episodes in our Podcast library here!