Having a boss to answer to and feeling stuck in a job that offers little to no professional growth or advancement can be a huge obstacle for some. These are just two of the many reasons that inspire some people to strike out on their own and launch a new venture.
Whether you’re a talented insurance agent inclined to go into business for yourself or a business-savvy professional ready to launch a successful venture, launching a new insurance franchise in your community can bring all sorts of rewards and benefits. Especially when you have the entrepreneurial spirit, hustle, and drive.
And if you decide to team up with a top company like Freeway Insurance, you’re sure to go far. Here’s a look at all of the advantages and core benefits that launching a new insurance franchise can bring to your career.
Advantages of Starting an Insurance Franchise
When you open an insurance franchise, you’re making a fairly large investment in a brand you believe in. Your belief in that brand can make you successful if it taps into the needs of drivers, boaters, and property owners seeking insurance coverage in your community.
While launching a franchise may require a substantial financial investment on your part, franchising offers several advantages that can help you enter a new industry while keeping risk low. A few of the advantages include allowing you to:
- Explore a new field with little to no previous professional experience needed
- Harness the recognition of your corporate partner’s brand name, ensuring that customers will be familiar with the company before they visit your branch office
- Expand without the risk of debt or the cost of equity
- Capture a market leadership position ahead of competitors
- Operate a much leaner organization with the support of corporate management
- Hire a manager to handle the daily operation of your franchise unless you want to run the branch office yourself in an owner-manager role
- Reduce business risks thanks to the backing and support of your corporate partner, or franchisor
Every advantage has its disadvantage and the same applies to insurance agency franchises. Because you’ll have a corporate partner and established image, you’ll be bound by certain restrictions such as not being able to branch off in a creative direction with your venture and having to report all profits and losses to your corporate partner.
You may also have to pay additional fees for marketing and advertising expenses and depending on your performance, you run the risk of not having your franchise contract renewed.
These restrictions and risks may not be for everyone, so it’s important that you fully research the insurance company you’re interested in instead of just jumping in while pouring your money into a company with no brand name recognition or proven business model.
Remember, when you open an insurance franchise, you’re making a hefty investment in the insurance company’s brand name and success. That means both you and your corporate partner should do everything you can to help each other succeed.
3 Core Benefits of Launching an Insurance Franchise
Owning an insurance franchise doesn’t just give you the freedom to call the shots but also gives you the chance to become an established presence in your community, building a rapport with local policyholders who turn to you for help and guidance, oftentimes after an unforeseen emergency occurs.
Unlike a startup, which forces you to fully lay the groundwork for your new agency, launching an insurance franchise offers several benefits. Here are three of them.
You’ll Align With a Brand That Customers Recognize and Trust
When you launch an insurance franchise, you won’t be a lone entrepreneur figuring things out for yourself as you go. Instead, you’ll become part of a brand that typically has a broad reach — sometimes regional, sometimes nationwide.
The biggest benefit of launching an insurance franchise is the brand-name recognition that comes with it, especially if you align with a national company like Freeway Insurance. Our recognized brand has an established, proven business model based on more than 30 years of experience helping individuals across the U.S. insure their vehicles, boats, homes, and other properties.
You’ll Receive Ongoing Business and Marketing Support
When you’re a franchisee, you always have the backing and support of your corporate partner. Your corporate partner typically guides you along the way, helping you establish the company’s brand in your community.
At Freeway Insurance, we help our franchisees from the get-go by assisting in them choosing the right location for their new branch office, setting it up, and building it out.
It doesn’t end there!
Once our new franchisee’s branch office is up and running, we help them reach out to their local community, with our corporate marketing team helping them develop strategic marketing campaigns that draw customers in.
You and Your Staff Will Receive Ongoing, Comprehensive Training
The third benefit of launching an insurance franchise is the ongoing, comprehensive training that you and your staff will receive through your corporate partner.
At Freeway, for instance, our training sessions begin ahead of a branch opening, when we give our franchisee all of the management knowledge and technical tools they’ll need to succeed.
The learning doesn’t end there. We also give our new franchisee a comprehensive operations manual that guides them through the daily operation of the branch office and we offer ongoing training, along with revisiting business and insurance concepts that help give their business a competitive edge. We also offer training for their staff members to help teach them what they need to know to become successful agents.
When You’re Ready to Launch an Insurance Franchise, Make Sure You’re Joining the #1 Team in the Industry
Before you start a new business, you should always begin by fully researching what industries you are thinking about. If you’re interested in striking it out on your own in a dynamic, lucrative industry, launching an insurance franchise might be your best bet.
And Freeway Insurance can help get you there quickly.
As the number one team in the insurance industry, we put you in the driver’s seat of your professional future, helping you build a customer-focused business that rewards hard work and dedication. To learn more about our franchising opportunities, contact us at (877) 822-3024 or contact@freewayfranchise.com.
