Are you thinking about taking the plunge and pursuing your dream of becoming a car insurance franchisee? Then you have chosen a rewarding way to build a business and own your future. Let’s look at some of the key things you need to know as you approach this exciting opportunity.
Is a Car Insurance Franchise a Good Opportunity for Entrepreneurs?
Yes! If you want to own your own business and build your own success, owning a car insurance franchise offers a great opportunity. Only entrepreneurial-minded, hardworking individuals need to apply. If you have ever been frustrated by the fact that you are making some money for yourself at a job, but much more money for your boss, a car insurance franchise might be right for you.
What are the Most Important Skills for a Car Insurance Franchisee?
Sales, sales, and sales. Whether you are a skilled insurance sales professional or have advanced sales skills in another area, you must be ready to sell. If you have a strong track record in sales, you already know the importance of selling the benefits of a product instead of its features, building relationships, constantly being on the lookout for new prospects, and the resilience necessary to bounce back quickly and professionally from a “no.”
You will need additional skills like office management and employee development skills, but these can all be learned on the fly if necessary. You don’t want to approach a great opportunity and a challenging job like becoming a car insurance franchisee without having solid sales skills developed and ready to deploy.
Do I Have to Be an Insurance Agent to Open a Car Insurance Franchise?
Not right away. You will have to be licensed to sell insurance in any state in which you do business, but having the license is not a requirement to begin the process of exploring this exciting career move.
If you are an experienced insurance advisor already, you will have a leg up on this process. If not, you’ll have some additional work to do like studying for the required licensing exam(s) that pertain to the insurance you plan to sell. In addition to being licensed in the state in which you live, keep in mind the states in which your prospects live. If you are based out of a city near a state border, it may be wise to be licensed in both states (for example Kansas and Missouri if you worked in the Kansas City area). You don’t want to limit your potential sales based on the licenses you have. And make sure to learn as much as you can about buying a franchise and talk with other franchisees to get that insider view of what it takes to succeed.
Will My Car Insurance Franchise Be Local or Online?
Both. A good franchisor will help you to set up a strong online presence, and your website and social media will be a source for many of your interactions with both prospects and clients. At the same time, having a brick-and-mortar footprint in a community is a huge advantage. You will want to become a well-known and helpful member of the local business community. Word of mouth and being able to see prospects and clients face to face is still key to success in a sales-based business.
Is a Franchise “Safer” Than Going It Alone?
Yes. Being a franchisee is hard work that requires an initial investment and comes with advantages that someone who is “putting out their shingle” just won’t have. Name recognition is the first thing that comes to mind. Especially in the insurance business where the key benefits that you are selling include trust and peace of mind, having a brand name that you don’t have to build “from scratch” is like money in the bank.
The best franchisors will also be there for you both when you are starting out and throughout your franchise career with training and support. Getting a franchise off the ground is a big project that requires office space, a web presence, training, licensing, brand collateral, office supplies, and more. And no successful business is stagnant! As there are new trends, products, and services available within the car insurance industry, your franchisor should be there to help you take full advantage of them for your success and theirs.
To learn more about an exciting insurance franchise opportunity, visit Freeway Franchise or call us at 877-822-3024 today!
