As we've seen many times before, Control is essential to launch + sustain a business.
I had a relative recently launch an independent insurance agency after many months of setbacks and expenses. They failed and retook the insurance exam multiple times until they passed, went through incorporation and securing a virtual address, opened a bank account, filed a trademark, registered their personal and business license, purchased a domain and website theme and liability insurance.
Then came time for them to set up appointments with insurance clusters/alliances in order to have a working relationship with carriers and sell their services.
They got rejected by all of them.
Why?
The state department of insurance had been denying all carriers (insurance providers) requests for rate increases. Carriers couldn't increase rates, but were paying out more in claims. In other words, carriers were losing money on new business. They were all running a really high loss ratio due to loss payouts increasing and not being able to raise rates to offset that loss, therefore were not accepting new business applications. All new applications are on indefinite moratorium.
This guy spent 5 months and $3000+ just to be denied the opportunity to even start his business.
Don't be this guy.
Control is everything. Make sure no single entity can deny you the ability to operate; and if possible, have multiple points of failure where you can pivot if something does happen.
I had a relative recently launch an independent insurance agency after many months of setbacks and expenses. They failed and retook the insurance exam multiple times until they passed, went through incorporation and securing a virtual address, opened a bank account, filed a trademark, registered their personal and business license, purchased a domain and website theme and liability insurance.
Then came time for them to set up appointments with insurance clusters/alliances in order to have a working relationship with carriers and sell their services.
They got rejected by all of them.
Why?
The state department of insurance had been denying all carriers (insurance providers) requests for rate increases. Carriers couldn't increase rates, but were paying out more in claims. In other words, carriers were losing money on new business. They were all running a really high loss ratio due to loss payouts increasing and not being able to raise rates to offset that loss, therefore were not accepting new business applications. All new applications are on indefinite moratorium.
This guy spent 5 months and $3000+ just to be denied the opportunity to even start his business.
Don't be this guy.
Control is everything. Make sure no single entity can deny you the ability to operate; and if possible, have multiple points of failure where you can pivot if something does happen.
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
