FRANCHISE BUNDLE
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Goosehead Insurance Franchise ProfileAccounting & Financial Franchises > Insurance Brokerage |
How to Open a Goosehead Insurance Franchise?
To start your journey as a Goosehead Insurance franchisee, you'll need to complete an application process. This involves submitting an ownership application and undergoing interviews with the franchise team. Following this, you may participate in a discovery day where you can meet existing franchisees and learn about their experiences. If all goes well, you will be awarded a franchise location, allowing you to operate under the Goosehead brand and offer various insurance products to your community.
What Makes a Goosehead Insurance Franchise a Good Choice?
Conducting thorough due diligence is essential before committing to a Goosehead franchise. This includes evaluating your financial situation and consulting with financial advisors or franchise attorneys. The initial investment ranges from $40,000 to $118,500, which includes franchise fees and other startup costs. Additionally, ongoing fees, such as royalty payments (which can be between 20% to 50% of gross revenues), must be factored into your financial planning. Goosehead may provide financial incentives for veterans, making it an appealing option for qualified individuals.
Why You Should Consider a Goosehead Insurance Franchise?
Goosehead Insurance offers a unique value proposition in the competitive insurance market by providing extensive back-office support and a robust technology platform. Franchisees can tap into a network of approved insurance carriers, giving them access to various products such as property, casualty, and life insurance. The comprehensive training and ongoing support from the franchisor equip franchisees with the knowledge and skills necessary to succeed in this dynamic industry.
Is Owning a Goosehead Insurance Franchise Right for You?
With a growing number of franchise locations, Goosehead Insurance has established a strong presence in the insurance market. The franchise model allows individuals to operate their own business while benefiting from the brand's reputation and support. However, potential franchisees must assess their readiness for the demands of the insurance industry, including licensing requirements and regulatory compliance. Understanding the financial implications and operational responsibilities is crucial for making an informed decision about joining the Goosehead franchise network.
Goosehead Insurance Franchise Financial Requirements
Below, you’ll find an overview of the initial investment needed to launch the business, along with the ongoing fees required by the franchisor to maintain operations over time.
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Goosehead Insurance Franchise Unit Growth Summary
A breakdown of corporate, franchised, and total units, with yearly net changes shown in the chart and table.
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Units | 2021 | 2022 | 2023 |
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Total Units | 903 | 1209 | 1425 |
Net Change YoY | 306 | 216 | |
Franchised Units | 891 | 1198 | 1413 |
Net Change YoY | 307 | 215 | |
Corporate Units | 12 | 11 | 12 |
Net Change YoY | -1 | 1 |
Company Background
Goosehead Insurance is a rapidly growing insurance brokerage firm founded in 2003, specializing in personal and commercial insurance services. With a unique model that emphasizes technology and customer service, Goosehead operates over 1,400 agency locations across the United States. The company prides itself on providing tailored insurance solutions by partnering with numerous top-rated carriers, ensuring clients receive the best coverage options at competitive prices.
Franchise Opportunity
Investing in a Goosehead Insurance franchise offers entrepreneurs the chance to enter the lucrative insurance industry with a well-established brand. The franchise model allows for low overhead costs, as it operates primarily through a virtual platform, eliminating the need for a physical office. Franchisees benefit from comprehensive training and ongoing support, empowering them to build a successful agency while leveraging Goosehead’s innovative technology and marketing strategies.
Corporate Structure
Goosehead Insurance, Inc. is a Texas-based corporation founded by Mark Jones and is headquartered in Westlake, Texas. The company operates under its corporate name and provides franchise opportunities for individuals looking to run their own insurance agency. As a publicly traded entity, Goosehead is committed to transparency and delivering value to its franchise partners and shareholders alike.
Royalties
Franchisees are required to pay a royalty fee of 10% of their gross revenues, which contributes to the brand’s marketing initiatives and operational support. Additionally, franchisees participate in a national advertising fund with a contribution of 2% of gross revenues. This structure ensures franchisees benefit from broad marketing efforts while maintaining brand consistency across all locations.
Company Mission
At Goosehead Insurance, our mission is to revolutionize the insurance experience by providing personalized service and innovative technology solutions that empower clients to make informed decisions. We strive to foster lasting relationships with our clients by offering unparalleled support and guidance throughout the insurance process, ensuring they feel secure and confident in their coverage choices.
Brand Story
Goosehead Insurance was founded in 2003 with a vision to change the way people think about insurance. Recognizing the challenges consumers face when navigating the complex insurance landscape, the company introduced a model that prioritizes transparency and customer-centric service. Over the years, Goosehead has experienced significant growth, driven by its commitment to innovation and a strong franchise network. Today, Goosehead stands as a leader in the insurance brokerage industry, known for its exceptional service and dedication to meeting the diverse needs of its clients.
Frequently Asked Questions
The initial investment to open a Goosehead Insurance franchise typically ranges from approximately $200,000 to $300,000. This amount includes the franchise fee, equipment, initial inventory, and other startup costs.