- 2023 Franchise 500 Rank
N/R Not ranked last year
- Initial investment
$29K - $112K
- Units as of 2022
57 58.3% over 3 years
Veronica’s Insurance was founded in 2007 by Veronica Gallardo. Since its launch, Veronica’s Insurance believes it has become a leading broker in its industry.
The company is among the top Hispanic companies in the industry, with over 50 active offices around the United States. In total, Veronica’s Insurance covers one hundred million premiums per year.
Veronica’s Insurance offers its clients eight types of insurance services: auto insurance, life insurance, home insurance, commercial insurance, health insurance, motorcycle insurance, renters’ insurance, and boat insurance.
Why You May Want To Start a Veronica’s Insurance Franchise
The ideal Veronica’s Insurance franchisee is a person who enjoys dealing with people and challenging situations. Also, it’s important to be interested in the insurance field. Experience in the field is not necessary to open a Veronica’s Insurance franchise, but you should at least be interested in it.
If awarded a Veronica’s Insurance franchise, franchisees receive a great deal of support from Veronica’s Insurance brand throughout the franchising process. In addition to pre-opening training, franchisees receive support through brand awareness, marketing, research, and location construction. They also receive hands-on training and continued support after their franchise location has opened.
Veronica’s Insurance provides new franchisees with multiple hours of classroom training, extended ongoing support, and vast marketing support. The brand may also offer in-house or third-party financing that could help cover startup costs, equipment, and the franchise fee.
What Might Make a Veronica’s Insurance Franchise a Good Choice?
Veronica’s Insurance has been ranked in Entrepreneur’s Top New Franchises. 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.
Opening a Veronica’s Insurance franchise may offer a more predictable outcome than investing in a completely new brand that could struggle to thrive in an already crowded and competitive industry.
How To Open a Veronica’s Insurance Franchise
To be part of Veronica’s Insurance team, you should make sure you’re financially ready for an initial investment made up of a franchise fee and other startup costs. You should prepare yourself for ongoing fees that will include advertising, royalty, and potential renewal fees.
Veronica’s Insurance is currently looking for new franchisees all over the United States and has exclusive territories available. Veronica’s Insurance can be run part-time and from home or a mobile unit. Before making any financial commitment or signing an agreement, you may want to speak to existing franchisees and ask Veronica’s Insurance franchising team questions.
As you decide if opening a Veronica’s Insurance franchise is the right move for you, make sure you take time to explore the opportunity. Research the brand and your local area to see if Veronica’s Insurance franchise would do well in your community. While competition is healthy, too much of it may not allow for the most possible growth.
It may be a good idea to speak with an attorney or financial advisor to ensure that you have the necessary financial resources to own and operate a Veronica’s Insurance franchise.
About Veronica's Insurance
|Franchising Since||2020 (3 years)|
|# of employees at HQ||460|
This company is offering new franchisees throughout the US.
|# of Units||57 (as of 2022)|
Information for Franchisees
Here's what you need to know if you're interested in opening a Veronica's 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.
|$15,000 - $25,000|
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.
|$28,700 - $111,600|
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||Veronica's Insurance offers in-house financing to cover the following: franchise fee|
|Third Party Financing||Veronica's 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.
|Classroom Training||35 hours|
Meetings & Conventions
Security & Safety Procedures
Franchisee Intranet Platform
Additional details about running this franchise.
|Is absentee ownership allowed?||Yes|
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.
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 Veronica's Insurance? Request a free consultation with a Franchise Advisor now.
Curious to know where Veronica's Insurance ranked on other franchise lists? Find out below.
Are you eager to see what else is out there? Browse franchises that are similar to Veronica's Insurance.
- Home buying, repair, and selling
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