Evaluating Insurance Franchise Opportunities | Be The Boss

Evaluating Insurance Franchise Opportunities

Rob Lancit


Jun 29, 2020

Insurance franchises can provide excellent opportunities to first time franchisees. But, as with any franchisee, picking the right franchisor to buy from is key. How do you properly evaluate insurance franchise opportunities?

Insurance can be an extremely profitable business. But it can also be a very complicated one.

We all know insurance can be very profitable. We also know it’s always been a stable business and will be for the foreseeable future. But when we think of insurance, we think of the giants. The conglomerates, the corporations, the multi-billion-dollar international agencies. Good franchising opportunities rarely come from these megaliths of the insurance industry.

Rather, the best insurance franchise opportunities most often lie in those franchises that have found a niche and capitalizes on them. Sometimes, these niches can be as broad as auto insurance and homeowner’s insurance. But often, the best insurance franchise opportunities offer something more specific than even that.

You want to buy an insurance franchise from a franchisor who knows what they’re doing, knows their target demographic, and knows what they can offer you. Afterall, the more you know about an insurance franchise opportunity, the better you can evaluate it.

Some insurance franchises specialize along client lines. They know their target demographic and they cater not only their marketing but also their actual services to them. If you live in an area with a growing Latinx population—a demographic that is growing in many areas of the United States—an insurance franchise that specializes in serving the Hispanic community could be an excellent opportunity. Or, if there is a large senior population near you—again, this is likely given that the senior demographic is bigger than it’s ever been—then a business that specializes in the types of insurance that matter most to seniors is likely to be a good opportunity for you.

Evaluating who insurance franchisors serve and how they do it. But also look at what you will have to do if you pursue one of their opportunities.

Evaluating the best insurance franchise opportunities also means considering what your life will be like as one of their insurance franchisees. Will you have to set up a big office space for your insurance franchise? Will you need to hire a large staff? Can you operate your insurance franchise out of your home? How much travel and meeting with clients will be involved? What is the cost and criteria for these insurance franchise opportunities? You should consider all these questions and more when evaluating insurance franchise opportunities.

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If you’re interested in buying an insurance franchise or if you would just like to learn a little bit more about the insurance franchise opportunities available to you, please contact us.