- 2023 Franchise 500 Rank
#77 Ranked #54 last year
- Initial investment
$40K - $119K
- Units as of 2022
1,344 151.2% over 3 years
Life being what it is, uncertainties happen from time to time. Nearly every day, people take many risks. As a result, safety is not promised. To increase our security and the safety of those dear to us, we are advised to purchase various insurance coverages. Goosehead Insurance is here for the people.
With over 730 franchises throughout the United States, Goosehead Insurance is an independent insurance agency offering contracts and policies for coverage against losses. Opening a franchise with Goosehead Insurance might expose you to a valued organization whose services are transparent, honest, and loved by many. This may make opening a Goosehead Insurance beneficial.
Why You May Want to Start a Goosehead Insurance Franchise
The potential client pool may be large for insurance policies, and offering various types of policies may only grow your business. Goosehead Insurance strives to find ways to make payments more affordable for the insured. They also may help customers sort through multiple options because of their independence in the insurance industry. This automatic diversification of policies means better chances of customer conversion.
With such superior customer service and quality policies, Goosehead Insurance has been ranked in Entrepreneur’s Franchise 500 several times in recent years. This ranking is based on an evaluation of more than 150 data points in the areas of costs and fees, size and growth, franchisee support, brand strength, and financial strength and stability.
What Might Make Goosehead Insurance a Good Choice?
Goosehead Insurance works to increase agent productivity while ensuring a quality client experience. To achieve this, they generally offer a front-end review of the policies to ensure that each policy meets the carrier guidelines provided. They also might have expert quality auditors to process applications and policies, thus potentially saving time. Every policy's real-time review reduces the errors and omissions exposure significantly, which hopefully will increase overall accuracy.
Goosehead Insurance typically utilizes several software systems that help the franchisee handle the business efficiently and smoothly, aiding fast and quick services for their clients. It's at a Goosehead Insurance franchise where a qualified and fully licensed team of experts usually handles your business. With this, your focus and energy can be applied entirely to generating your franchise’s services.
How to Start a Goosehead Insurance Franchise
To be part of the Goosehead Insurance team, you should make sure you’re financially ready for an initial investment made up of a franchise fee and other startup costs. Additionally, you should be prepared for a significant royalty fee.
Getting started as a potential franchisee is as easy as filling out a franchise interest form. After that, someone from the company may reach out to you to get to know you better and see if you will be a good fit for the brand. Next, detailed information regarding the franchise may be sent to you in the form of a Franchise Disclosure Document. Here, you are expected to review the documents. Then, you can decide whether to proceed with the application or not. During this process, you may also find it beneficial to reach out to an attorney or financial advisor in order to ensure that you are financially sound enough to operate a franchise.
About Goosehead Insurance
|Related Categories||Insurance , Miscellaneous Financial Services, Miscellaneous Services|
|Leadership||Mark Jones, Chairman & CEO|
1500 Solana Blvd., #4500
Westlake, TX 76262
|Social||Facebook, Twitter, LinkedIn, Instagram|
|Franchising Since||2011 (2023-2011 years)|
|# of employees at HQ||841|
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||1,344 (as of 2022)|
Information for Franchisees
Here's what you need to know if you're interested in opening a Goosehead 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
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.
|$25,000 - $60,000|
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.
|$40,000 - $118,500|
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.
Ad Royalty Fee
Definition: An going fee paid to the franchisor on a regular basis to support advertising or marketing efforts.
What you need to know: This may also be called advertising fee, marketing fee, brand fund fee, and more, but the basic purpose is the same-- to support promotion of the brand systemwide. As with the royalty fee, it is detailed in Item 6 of the FDD, and can be a percentage of weekly or monthly gross sales or a weekly, monthly, or annual fee.
Term of Agreement
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?||Yes|
Some franchisors offer in-house financing, while others have relationships with third-party financing sources to which they refer qualified franchisees.
|In-House Financing||Goosehead Insurance offers in-house financing to cover the following: franchise fee|
Training & Support Offered
Franchisors offer initial training programs and a variety of ongoing support options to help franchisees run their businesses.
|Classroom Training||86 hours|
Meetings & Conventions
Security & Safety Procedures
Franchisee Intranet Platform
Additional details about running this franchise.
|Is absentee ownership allowed?||No|
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||1|
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 Goosehead Insurance? Request a free consultation with a Franchise Advisor now.
Franchise 500 Ranking History
Compare where Goosehead Insurance landed on this year's Franchise 500 Ranking versus previous years.
Curious to know where Goosehead Insurance ranked on other franchise lists? Find out below.
Ranked #1 in Insurance in 2022
These are the companies that not only ranked in this year’s highly competitive Franchise 500, but ranked #1 in their respective industry categories.
Ranked #77 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 #3 in 2023
Meet the companies that are leveraging their ability to scale fast across the U.S. and Canada in Entrepreneur's annual fastest-growing franchises ranking.
Ranked #6 in 2023
Buying a franchise on a budget? No problem. Here are the top franchises that can be started for less than $50,000. For more low-cost opportunities, see our lists of franchises that can be started for less than $100,000 and less than $150,000.
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