Every day you see an advertisement on television, hear something on a podcast, or actually visit one in person. I’m talking about a franchise business. They’re all over the country and in just about any industry you can imagine. Have you ever thought to yourself, “I wonder if buying into one of these makes sense?” If you’re business minded and have ever thought about how this type of entrepreneurial endeavor might work for you, there’s good news. There is currently a franchise insurance business for sale in California, Texas, Florida, and 10 other states.
The insurance industry is loaded with opportunities, has distinct advantages, and is easy to start. All you need to begin is a business acumen of some kind, even a degree should suffice, and the motivation to succeed. Once you’re finished reading about the various reasons buying into a franchise makes sense, check out the many locations where you could soon embark on your road to success.
Why Is the Insurance Industry a Premium Opportunity?
Markets for the food industry and many others are already oversaturated all over the country. The savvy entrepreneur will be looking to cash in on an untapped need. That service for many people is insurance. After all, insurance is required for homes, automobiles, and many other items in most states, so buying into this industry makes sense.
Also, there’s a niche market that has a higher demand, which is insuring high-risk drivers and other potential policyholders. Sometimes, these people were unlucky or merely made a mistake or two in their personal lives that gave them the “high risk” label. By serving this market, you have the opportunity to create loyalty that results in a lifetime relationship.
What Are the Advantages of Buying a Franchise?
Many people who are destined to lead businesses choose to join an established company, rather than start from scratch. There are many reasons to do this, but consider brand recognition, hand documentation/reference guides, and ongoing support as three of the biggest advantages of this type of ownership.
Documentation
There is no precedent to refer to when starting a new business from scratch. If you buy an existing insurance business for sale, however, as a new team member, you’re handed documentation from day one. That documentation should include information about operational procedures, proven marketing strategies, best practices for customer service, and how to enact quality assurance.
An operations manual can be invaluable to any new franchisee. The proprietary information contained in this documentation will vary depending on the business you buy. Obviously, procedures for running a retail store will be quite different from those for operating a car wash. In either case (and in just about any other business), you may receive additional documentation that refers to the technology related to your particular business.
High-tech equipment, along with desktop computers, laptops, tablets, and smartphones are part of almost any new professional establishment today. A parent company that you’re working with should provide these items (or the purchase should be detailed in your signed agreement), as well as the required documentation to properly use them. The bottom line is don’t let proprietary technology intimidate you.
Support
Not only will you receive documentation that will help you operate a franchise successfully, but you’ll also receive a plethora of personal support over the phone and in person when necessary.
If you buy into one of the insurance franchises for sale, you’ll be the beneficiary of assistance from people who have expertise in making your specific business run on all cylinders. In the early phase, you’ll have help with site selection and guidance on buildout. Soon after, you’ll receive all the training you and your employees will need to provide elite customer service. As the business grows, you’ll get access to proven marketing strategies and ongoing support.
If all goes well, you’ll be able to leverage support from the franchisor to expand, as numerous other sites may provide potential opportunities to grow your personal brand within the franchise model.
Brand Recognition
There’s a certain comfort level that customers get when they purchase a proven product or service. Sure, you could walk into any gas station on your way to work in the morning and probably find a cup of coffee to purchase. But there’s risk involved with that. What happens if the coffee is weak or just tastes foul? A lot of people would consider that a recipe for a ruined day.
On the other hand, if you stop at Dunkin’ or Starbucks on your morning commute, you know what you’re going to get just about every time. Outliers exist in any product or service engagement, but 99 percent of the time, you’re going to get the cup of coffee you were looking for in those situations. The same is true with just about any franchise, whether it’s coffee, a hardware store, or insurance.
What Are the Steps to Insurance Franchise Ownership?
As briefly mentioned in the opening, you don’t need to have any prior experience. So, it’s not necessary to have a resume that includes 25 years of being a salesperson. Of course, any sales, marketing, advertising, or managing experience helps, but they’re not prerequisites. It’s not even necessary to have a license to sell insurance at first, but of course, you will need to acquire that at some point.
Buying an insurance brokering business for sale involves a fairly simple step-by-step process:
- Complete an initial evaluation form.
- Speak with the team.
- Review the disclosure document.
- Look over carefully and sign the franchise discloser. It is recommended to have legal assistance review this as well.
- Finalize the site selection and begin the set-up process.
- Attend training, which varies depending on the franchise.
- Grand Opening!
That process is a general overview but gives you a good idea of what to expect when considering the purchase of an insurance business for sale. For more detailed information, you can do some online research, but it’s recommended that you start a conversation with a representative from a franchise opportunity soon after.
How Do You Get Started Today?
If you would like to find out how to buy the best insurance franchise for sale, contact Freeway Franchise today at (877) 822-3024 or fill out our quick online form. Either method will connect you to one of our expertly trained representatives who will help you get started as soon as possible. Remember, we’re not looking for talent in just one confined area. We have the need for success-driven people all over the country.
