- 2023 Franchise 500 Rank
#206 Ranked #153 last year
- Initial investment
$23K - $174K
- Units as of 2022
308 61.3% over 3 years
Founded by David Miller, Brightway Insurance is a national property and casualty insurance distribution company. Brightway Insurance has written premium policies every year, as they are one of the largest insurance agencies in the U.S.
Brightway Insurance began in 2003 and has since grown to employ hundreds of people and serve customers in all 50 states. Franchising began in 2007, creating more growth for the company. Hundreds of highly qualified professionals back the company. Each professional works behind the scenes in their respective field to make the company a top-tier insurance agency.
The company trains its franchisees to become insurance experts in their communities and teaches them to represent the brand for their franchise and community.
Why You May Want to Start a Brightway Insurance Franchise
If your dream is to operate an insurance agency powered by a world-class customer service company, then opening a Brightway Insurance franchise might be for you. Experience in the insurance industy may help you to become a franchisee, but a desire to serve your community and protect their assets may make you a better candidate.
The company's business structure is flexible. You can hire remote workers in their respective fields to help grow your business even faster. Brightway Insurance has built relationships with hundreds of insurance companies so that franchisees can offer more choices in insurance brands to consumers. This allows customers to find the right fit when it comes to their insurance policies.
What Might Make Brightway Insurance a Good Choice?
To be part of the Brightway Insurance team, you should make sure you are financially ready for an initial investment that will include a financial fee and other startup fees. You should also be prepared for ongoing fees that will include royalty fees and a potential renewal fee. Brightway Insurance has various types of franchise systems you can open, which could drastically change the price of your investment. Whichever model you choose, you get to open your first two locations for the same franchise fee.
Brightway Insurance prides itself on its team of experts to train and support you in areas including customer service, accounting, marketing, licensing, training, and hiring. You will receive many hours of on-the-job training with dozens of hours of classroom training as you go through the process of opening your Brightway Insurance franchise location.
How to Open a Brightway Insurance Franchise
As you decide if you wish to open a Brightway Insurance franchise, make sure you take time to explore the opportunity. Research the brand and your local area to see if a franchise would do well in your community. While competition is healthy, too much of it may not allow for the most possible growth.
Potential franchisees should submit a general franchise inquiry and wait for a response. If a franchise representative deems you a good fit, you will be given the opportunity to speak with one of the Brightway Insurance representatives. Here, you will review the Franchise Disclosure Document to learn more about the opportunity.
Next, plan to meet with the Brightway Insurance team. After various meetings, you may sign an agreement and become a franchisee after completing all required steps. At this point, you will be well on your way to helping others gain the insurance policies they need.
About Brightway Insurance
- Financial Services
- Related Categories
- Insurance , Miscellaneous Financial Services, Miscellaneous Services
- Parent Company
- Brightway Insurance
- Mark Cantin, President & CEO
- Corporate Address
3733 University Blvd. W., #100
Jacksonville, FL 32217
- Franchising Since
- 2008 (2023-2008 years)
- # of employees at HQ
- Where seeking
This company is offering new franchisees in the following US states: Alabama, Arkansas, Arizona, California, Colorado, Connecticut, District of Columbia, Delaware, Florida, Georgia, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Massachusetts, Maryland, Maine, Michigan, Minnesota, Missouri, Mississippi, Montana, North Carolina, North Dakota, Nebraska, New Hampshire, New Jersey, New Mexico, Nevada, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Vermont, Washington, Wisconsin, West Virginia, Wyoming
- # of Units
- 308 (as of 2022)
Information for Franchisees
Here's what you need to know if you're interested in opening a Brightway Insurance franchise.
Financial Requirements & Ongoing Fees
Here's what you can expect to spend to start the business and what ongoing fees the franchisor charges throughout the life of the business.
- Initial Franchise Fee
- $10,000 - $60,000
Definition: The initial fee paid to a franchisor to join their system
What you need to know: Found in Item 5 of the FDD, this may be a flat fee, or may vary based on territory size, experience, or other factors.The franchise fee is an up-front (one-time) cost that a new franchisee pays to the franchisor. This fee is usually due at the signing of the franchise agreement and covers the right to use the franchisor's trademarks, name, and related business systems.
- Initial Investment
- $23,100 - $173,500
Definition: The total amount necessary to begin operation of the franchise
What you need to know: The initial investment includes the franchise fee, along with other startup expenses such as real estate, equipment, supplies, business licenses, and working capital. This is outlined in a chart in Item 7 of the FDD, showing a range of possible costs from low to high.
- Cash Requirement
- $30,000 - $200,000
Definition: The minimum liquid capital you must have available in order to qualify to become a franchisee of this company.
- Veteran Incentives
- 10% off franchise fee
Definition: A discount or other incentive offered to military veterans who buy a franchise with this company.
- Royalty Fee
- to 50%
Definition: A ongoing fee paid to the franchisor on a regular basis.
What you need to know: Most franchisors require franchisees to pay an ongoing royalty fee, which is detailed in Item 6 of the FDD. This fee is typically a percentage of weekly or monthly gross sales, but may also be a flat weekly, monthly, or annual fee.
- Term of Agreement
- 5 years
Definition: The length of time your franchise agreement will last.
What you need to know: Franchise terms are typically anywhere from 5 to 20 years in length, but are sometimes instead dependent on factors such as the term of your lease. Once your term is up, you may have the option to renew your agreement, typically for a smaller fee than the original franchise fee.
- Is franchise term renewable?
Some franchisors offer in-house financing, while others have relationships with third-party financing sources to which they refer qualified franchisees.
- In-House Financing
- Brightway Insurance offers in-house financing to cover the following: franchise fee, accounts receivable
- Third Party Financing
- Brightway Insurance has relationships with third-party sources which offer financing to cover the following: franchise fee, startup costs, equipment
Training & Support Offered
Franchisors offer initial training programs and a variety of ongoing support options to help franchisees run their businesses.
- On-The-Job Training
- 132 hours
- Classroom Training
- 48 hours
- Ongoing Support
Purchasing Co-opsNewsletterMeetings & ConventionsToll-Free LineGrand OpeningOnline SupportSecurity & Safety ProceduresLease NegotiationField OperationsSite SelectionProprietary SoftwareFranchisee Intranet Platform
- Marketing Support
Ad TemplatesNational MediaRegional AdvertisingSocial MediaSEOWebsite DevelopmentEmail Marketing
Additional details about running this franchise.
- Is absentee ownership allowed?
- Can this franchise be run from home/mobile unit?
Definition: The business can be run from your home and/or a vehicle, and it is not necessary to have a retail facility, office space, or warehouse.
- Can this franchise be run part time?
Definition: This business can be run by the owner on a part-time basis (less than 40 hours per week) and/or as a side business; it is not necessary for the business to be open/run full-time.
- # of employees required to run
- Are exclusive territories available?
Definition: An exclusive territory is a fixed area in which you are given the right to operate and in which no other units of the same franchise may be opened.
What you need to know: Territory size may be based on factors such as radius, population size, zip codes, and more. Details can be found in Item 12 of the FDD.
Interested in ownership opportunities like Brightway Insurance? Request a free consultation with a Franchise Advisor now.
Franchise 500 Ranking History
Compare where Brightway Insurance landed on this year's Franchise 500 Ranking versus previous years.
Curious to know where Brightway Insurance ranked on other franchise lists? Find out below.
Ranked #206 in 2023
Entrepreneur’s 44th annual Franchise 500® ranking shines a light on the unique challenges and changes that have shaped the franchise industry over the last year—and how franchisors have adapted and evolved to meet them.
Ranked #13 in 2023
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