Some are drawn to entrepreneurship, others have to discover it for themselves. Either way, it is never easy to start your own business. For Lance Chandler, it was the rediscovery of an old desire to work for himself.
As a teenager, he became a DJ for events and parties. Too young to drive, his mother would haul him around from one gig to the next. Along the way, he learned a lot about sales and customer service. But eventually, he fell into a corporate job in telecommunications. He knew this was not where he wanted to be.
During the Covid epidemic, a family member became ill and Lance took time off the take on the role of caretaker. Fortunately, that person recovered. But after a brief stint away from work, the budding venturist decided he just could not go back to the corporate life. He sought something as an independent contractor or in sales. The insurance industry seemed to be the perfect fit.
But as this writer knows firsthand, anything in the financial services sector is not as easy as the public may think. There are several regulatory requirements which means a lot of paperwork, perhaps more time on paperwork and compliance than with clients. The hours are long, the income is unpredictable, there are no benefits but there is A LOT of rejection. Still, Mr. Chandler thought insurance sales was the scratch for his entrepreneurial itch. Well, almost.
He earned his first professional license and went to work for an agency in town. Though, that particular broker was not the fit he was looking for and moved on after a year to another firm. Wherever he hung his license, it always felt like he was still considered an employee but without all the safety nets and relative security. What he really wanted was an office of his own.
So, with nothing but a few years’ experience in the industry, he figured out what it would take to start a company from scratch. As one may guess, it was even more paperwork and longer hours. But he recalled the advice given to him by a family friend who became wealthy in the entertainment industry.
His friend told him, “Once you decide what you want to do, put your head down and work as hard as you can. After a while, look up to see if you are on track, then put your head back down and get back to work.” Work ethics aside, there would also be a lot of legal wrangling and initial startup fees. So, he contacted the State to see what additional administrative hoops he would have to jump through. At this point, most would be intimidated about following through on a dream.
He sought out what startup costs would be from other agents in the area. He heard a of colleagues couple guess about ten thousand bare minimum. The bare minimum was about all he could afford, so he summoned his courage and took the plunge. That was back in September of 2022.
Hanging your shingle is one thing, but creating a business, out of nothing, is quite another. As anyone with a professional license will tell you, the training and testing one undergoes to earn that certificate will teach you NOTHING about actually running a business. Fortunately, some colleagues would off their advice. He was also friends with another agent who was also starting his own business.
The pandemic saw a lot of businesses come and go. For those who wanted to strike out on their own, the timing just seemed right. It certainly was for Lance Chanler. He named the company the 615 Insurance Agency, which is easy enough to remember. He also offers coverage from several carriers in home, auto, life, health, commercial and long-term care.
Recently, he moved into a larger office building just off the Square which offers him even more room to grow. But growth comes incrementally. First, he needs what all great entrepreneurs need, an assistant to help with administrative duties. That’s right, someone to do all the paperwork while he develops the business itself.
Then, he would like to have an agent or two to help grow the company. Marketing is always important for growth and he was able to get a website address he liked, www.615insured.com. He also just won the 2024 Ruthie Award for the best insurance agency in Rutherford County. But he is not resting on his laurels, he still has his head down and working hard.
I asked about why the industry has seemed to raise auto insurance premiums by so much lately. He states several carriers actually lowered their prices during Covid, but now are steadily raising them back. Still, it might be worth a call to him to see if he can save you some money. Reach out to him at 615-809-1225 to see how he may be able to help.
Blaine Little is the founder and CEO of Momentum Seminars Training & Coaching, helping companies remain profitable by investing in their people. He is a sales and leadership trainer in Murfreesboro. Learn more at http://MomentumSeminars.com