How was your franchise/opportunity originally conceived and started?
We attract people who are interested in a franchise type opportunity! We are not a franchise, but our exclusive agency owners own equity in their "books of business." Allstate believes that an individual who has an ownership stake in their insurance business is more likely to be incentivized to grow their business and be invested in their business.
What was your original vision for your company? How has that changed over time?
Originally, agents were employees of Allstate Now, people who are interested in owning a business come to us because they want renewal income and want to have something that they can pass down to through the family or have a business to sell for retirement. They like our commission structure and bonus opportunities as well Our opportunity attracts competitive people who want several revenues streams
What do you believe is the single most important factor when choosing a franchise?
There are several with the Allstate opportunity We attract three different kinds of agency owners.
- Persons who are interested in community based volunteer activities and want to get "off the road" and work in their community.
- Persons who are motivated by achieving financial success with our powerful brand recognition and quality insurance products and financial tools.
- Persons who want to advise and problem solve with their customers.
Why should someone choose your franchise over other similar franchises?
Equity ownership and residual income. Refer someone! Allstate pays a 5K referral bonus fee to any candidate who ends up appointing with us!
What makes your industry attractive?
Renewal income is the main reason, as well as owning and building a business that offers a good living for its owner, as well as economic value that can be sold in the marketplace
What types of qualities do you look for in potential franchisees?
People who have strong sales, marketing and managerial skills as well as persons who want to own their own business.
What do your franchise fees and royalties cover?
We do not have "franchise fees" per say, we have a capital requirement of 50K.
How do territories work for your franchisees?
You can sell within 30 miles of your office. We only put "new agencies" in areas where 7,500 households are not being represented by an Allstate agency owner.
Why has your franchise model been successful?
Superior brand recognition, great products, excellent customer service and agency owners motivated to succeed because they are invested in our opportunity!
Where do you see your franchise in 5 years and 10 years?
Anywhere you want it to be! It can be a thriving business for many years, a revenue stream that you want to pass down to your family! This business can be a great source for investment income for retirement!
What is your favorite advice for new franchisees to help them succeed?
Good help pays! There are great bonus opportunities available for agency owners starting from scratch, but in order to take advantage of them, new agency owners must open their office with at least two licensed sales producers. Licensed sales producers play a pivotal role in driving business!
What would you tell potential franchisees that may be nervous about the financial burdens of starting a franchise?
Allstate is a Fortune 100 company with quality products, fantastic brand recognition and is a company that provides excellent service, training and education for its agency owners and customers.
Can you explain your financial assistance (if applicable)?
We work with several banks to assist with a small business loan in many markets in our Region.
On average, how long does it take to start a new franchise from the franchisees point of view?
If you are already licensed, agency ownership can be achieved in as little as 12-16 weeks. Otherwise, it can be as long as 4-6 months.
Do you have any franchisee testimonials or success stories that you would like to share?
"One of the most rewarding parts of my job is the financial compensation. When I worked in corporate America, the focus was on making money for that company. As an Allstate Exclusive Agent, I feel like the sky is the limit. In terms of my career, I have found where I want to be for the rest of my life. It really is that good. I feel like I have it all and I don't have to look for the next best thing anymore because this is it." -Connie Coots from Cold Spring, KY
Give us an example of your ideal candidate
The ideal candidate wants a seasonal business. Sales and marketing skills are a plus but are not mandatory due to our extensive training program. Other essential ingredients of a successful franchise owner include the desire to run your own business and enjoy working outdoors. You will need the ability to train and manage sales staff and follow a sales process. Working with partners and vendors and networking will also be important to building your business so being an outgoing people person or the willingness to hire and trust one will be necessary!