Mar 20, 2023
EP 69 - We get training for being an insurance agent but we don’t get training for being a business owner. They are two completely different hats. If you want to succeed in Business you need to have a team. I was recently listening to another podcast with an angel investor and she said the first thing she looks for is who is on the team and what is their experience.
You need a team. It’s nice to think you can do everything yourself, but something will be lacking if you don’t bring on help. So here’s what your team should look like.
Accountant
- Consult with an accountant for guidance on your entity choice.
- Have your accountant show you how to initially set up your books -
- Use your accountant as an advisor to different financial decisions you can make with your business.
- Meet with them quarterly for business planning ideas
Bookkeeper - someone that can help with commissions, payroll, balancing your accounts
Lawyer
- Get guidance on your entity structure
- Let them review and create different documents for you
Marketing
- Let them help with your webite, branding and a marketing plan
Insurance - if you aren’t doing commercial P&C on a daily basis, partner with someone that is and let them be your agent. They can talk to you about the newer coverages like cyber and AI but also make sure you know about the other coverages usually offered in a BOP.,
Banker
- Get to know several bankers. They can be your best friend.
- They work with a lot of other businesses, they have their pulse on what is going on in the economy and they know who is lending, who isn’t and where you can find money.
Human Resources
- Find an outsourced HR firm that you can use. Maybe you need them once a month, or once a year, having the professionals at your fingertips is a great way to keep yourself out of hot water with employees.
Mentor / Coach
- They can save you years of mistakes because they’ve been there, done that. Rather than trying to figure it out for yourself, they have the answers.
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ABOUT THE HOST
This episode of the Business of Insurance podcast is produced and hosted by Debbie DeChambeau, CIC, AAI, CPIA - an entrepreneur, business advisor, insurance professional and content creator. Her goal is to inspire you to think differently and explore ideas that disrupt the status quo.
Debbie has an extensive business and marketing background with a focus of helping insurance professionals be more successful. She also works in the health insurance space, focusing on helping people navigate the Medicare Maze.
She is the co-author of Renewable Referrals.