Your business really is your life
Owning an insurance agency is different from other occupations in any number of ways, but one of the most important involves how your work interfaces with your life outside the office. Most of us like to think that our work lives are completely separate from our home lives. But when you own a business such as an insurance agency, your work life and your home life are inextricably woven together.
That doesn’t mean that owning an agency makes you a workaholic. You may be one of those people who thrives on 80-hour workweeks, or you may be someone who works solely for the opportunity to have more leisure time. Either way, as a business owner, the two elements of your life are linked far more than non-business owners could ever understand.
Most people who work for other people go into the job every day, work their eight or nine hours, and then they go home. Someone like you, on the other hand, has to approach work from an entirely different perspective. As a business owner, how hard you work and what you accomplish has a direct impact on how you’re able to address your family’s needs and goals. At the end of the day, you can’t walk away and simply assume that someone else is going to take care of everything. It’s up to you to sweat every detail, to craft every plan, and to identify every opportunity possible to grow your business.
When you’re somebody else’s employee, any equity that’s built up through your work goes to the owner of the business. As a business owner, that equity belongs to you, so the time you invest becomes an asset in the form of your company’s value. When the time comes to sell your business, ideally you’ll be rewarded by receiving the full value of that equity.
Saying that your work and home lives are inextricably woven together means that your family’s future financial security depends largely on the business decisions that you make each and every day. If you try to approach your agency and your outside life as thought they are not connected, both are going to suffer. If you fail to provide for your family’s future financial security, you may not be able to meet your children’s educational needs, have enough on hand to cover the costs of healthcare problems, or retire in a way that’s far less pleasant than you anticipated.