Although Oregon is becoming more expensive for residents and those who would like to move there, the pros of living in Oregon still outweigh the cons. It’s a state custom made for those who love the great outdoors, with some of the most inspiring places around, including Crater Lake and the real Oregon Trail. Besides no state tax, there are jobs to be had in industry, including green technologies, manufacturing and more.
Oregon’s welcoming attitude towards commerce means a franchise business can lead to a rewarding career for entrepreneurs looking for an opportunity. There are many types of franchises available, so taking the time to understand your skill set and how to apply it are key to success.
If you are a people person who enjoys making a positive difference in your community and is willing to work hard, an insurance franchise may be an option. Regardless of whether economic times are growing or slumping, insurance is considered a recession proof business. People need it during all times.
Keep reading to discover what kinds of insurance franchises in Oregon are available and how they all stack up.
Benefits and Challenges of Opening an Insurance Franchise in Oregon
What kind of business for sale in Oregon are you looking for and which ones offer the best opportunity? There are benefits and challenges when you decide to buy a franchise in Oregon. Let’s take a look.
Benefits of an Insurance Franchise
One of the biggest benefits of opening an insurance franchise in Oregon is the comparative simplicity. You won’t need to find a space geared towards installing heavy and expensive equipment like you would for a fast food joint. All you really need is an office space and the ability to stay in touch with your customers and carriers. It’s an easy franchise opportunity for a first-time business owner. Here are a few benefits to an insurance franchise:
- Lower and simpler starting costs and operations.
- No requirement for experience.
- Easy access to products and services your customers want and need.
- Independence plus support from your franchisor.
These are just some of the pros of looking at an insurance franchise when considering businesses for sale in Oregon.
Challenges of an Insurance Franchise
It takes a certain type of person to be a salesperson. You must be willing to engage with your community, go out of your way to help people, have a head for business and be open to working after hours – especially at first. Becoming an independent insurance agent means facing pros and cons just like when you start any new endeavor. Here is a list of challenges you can expect to encounter:
- Working hard during the first few years of your franchise.
- Understanding the cyclical nature of selling insurance, which can have an impact on your income.
- Being able to explain difficult concepts to your customers..
- Becoming licensed in your state.
Finding the right franchisor is key to handling and overcoming these challenges with grace and success.
Top 5 Insurance Franchise Opportunities in Oregon
If you’ve made the decision to explore an insurance franchise in Oregon, the next step is researching available partners. Each franchisor fills a certain niche in the market, so it’s crucial to decide what company will be the best fit based on location. For example, if your franchise will be located in an area populated mostly by blue-collar families, non-standard insurance may be the best bet. Likewise, if you are in a more sophisticated and higher-income demographic, you’ll want to explore more standard types of insurance.
Whether you are looking for franchise opportunities in Portland or businesses for sale in Eugene, you’ll need to check your potential competitors. You’ll want to set up shop somewhere where there is a need you can answer.
Freeway Insurance
An award-winning franchisor, Freeway Insurance has solutions for customers who want standard, top-of-the-line insurance products and non-standard customers who may need insurance for high-risk drivers. Freeway provides affordable cost, choice and convenience and is rated a 4.6 on the TrustPilot rating system. Franchisees receive top-of-the-line training and ongoing support. Veterans are welcome.
Typically, an investment of up to $25,000 is required for this company.
Farmers Insurance
Farmers is a well-known insurer with ongoing training and support for franchisees. Franchisees are eligible for payment opportunities including quarterly bonuses and performance rewards.
Farmers requires a minimum liquid capital of $50,000 to get your business up and running.
State Farm
State Farm offers franchisees commissions, incentives and bonuses. Paid training is offered, with benefits included and franchisees receive ongoing support and resources. State Farm offers a 24/7 support center with IT help for franchisees.
State Farm wants potential franchisees to have $50,000 in liquid assets to open their office.
American Family
With a commitment to supporting local communities and neighborhoods, American Family may be a good choice for those entrepreneurs interested in tailoring solutions for their friends and neighbors..
American Family requires potential partners to have $20,000 in liquid assets to open their own branch..
GEICO
GEICO is an easily familiar brand, with a strong customer base in place. This company has a strong reputation for being trustworthy, which will help your fledging business. GEICO is a captive insurance agency, meaning your options for carriers is limited.
Top 3 Territories in Oregon for an Insurance Franchise
Whether you decide to set up in a big city or are more about exploring franchises in a small town, there are plenty of places for a hard-working independent insurance agent to hang their shingle.
Portland
Well known for friendliness to green initiatives and those who like to spend time outdoors, Portland is the largest city in Oregon, Portland. With easy access to both an ocean on one side and mountains on the other, there will always be a need for car insurance. Franchise opportunities in Portland are numerous and needed.
Eugene
Consistently ranked as one of the best places to live in the U.S., Eugene is the second most populated city in the state. With a median household income of around $65,000, residents of Eugene need affordable insurance solutions. If you are looking for a business for sale in Eugene, consider one that will provide inexpensive insurance help to the people who need it.
Salem
A majority of Salem’s population over the age of 25 have a high school diploma or higher and around 55% of occupied homes are owned by the occupants, meaning car and home insurance are in demand. The median household income is about $67,000, so standard and non-standard insurance solutions are needed.
Get Started with an Insurance Franchise from Freeway
Oregon is a state filled with opportunities for hard-working entrepreneurs who have dreams of being their own boss. If you are a friendly people person interested in helping your community and neighbors, explore an insurance franchise opportunity with Freeway Insurance. Many people just like you are running successful Freeway Insurance franchises in their cities. We have plenty of experience to help you realize your dreams. Veterans are welcome to apply.
Start an insurance agency with us today and take the first step towards becoming your own boss.
Visit our website or call (877) 822-3024 to learn more!
