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Starting A Insurance Brokerage

Gail Said:

Could you become a millionaire by being an insurance broker?

We Answered:

Anything is possible, however unless you have several large commercial accounts lined up with premiums in the hundreds of thousands of dollars EACH, then it's unlikely. Large accounts like that want to be insured with large, established brokerages, not a start up.
If you're talking about small accounts (Homeowner's, Auto, etc), then you better be prepared to work seven days a week, 12 hours a day. Then after 20 years you might have generated enough volume that you can sell the company for a million, however generating an annual income of a million dollars for yourself just on commission alone? You would need a few dozen agents working seven days a week in multiple locations to try and generate enough volume to do that.

Bradley Said:

What permits, environmental reg., finances, and insurance is needed to start a salvage yard?

We Answered:

Visit the local township where you plan to start/set-up the salvage yard and ask.
The local township officials will have all the information you request.

Discuss It!