As strange as it may sound, make sure your business is legitimate on paper. It’s part of being and doing business when you are starting out with your insurance agency. That means you take the time to create a business entity and get licensed in your state.
Your business entity may be any one of the following: corporation, sole proprietorship, LLC or partnership. Take the time to get an Employer Identification Number from the IRS and make sure to set up a separate bank account.
Anything financial relating to your company must be run through your business bank account. Having the trappings of what you need to run a business in place helps you think like you are running a business and not just doing something you like as a hobby. Formalizing it with the paperwork makes you a real entity and you’re ready to get out there and sell insurance.
Lay the groundwork for success before you leap off a tall building and dive right in. If you have the foundation in place, success follows.
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