What if you could be your own boss while improving your salary?
This is possible if you become an insurance franchise owner. Unfortunately, many entrepreneurs who would most benefit from becoming franchise owners don’t know enough about the process to get started.
Are you thinking about becoming an insurance franchise owner? Use this guide to help determine how much you are likely to make as a salary and how to make more.
The biggest question these entrepreneurs have is this: How much do franchise owners make? To help determine what your potential insurance franchise owner salary would look like, let’s take a closer look at this complex topic.
How much franchise owners make varies. For example, there are extreme cases where the salary can be as low as $11,500 per year. On the high end, the salary can reach as high as $253,500 per year. Different factors affect how much you make, and our guide explores those factors.
If you’re worried about not making enough, though, you should know that the average insurance franchise owner’s salary is nearly $93,000 per year. Such a salary is competitive in many areas throughout the country, and it comes with all the perks of being your own boss.
Generally, the different factors affecting insurance franchise owner salary include the location of the business, the experience of the owner, and the owner’s skill level in selling insurance. Experience and skill are related, of course, but serve different functions. For example, someone with little insurance experience may prove to be a very gifted salesman, and this can help him establish a business that hits the ground running. Someone with years of insurance experience may not be great at sales, but they may know enough about the industry and the area for their business to thrive.
Speaking of the area, the old adage is true: When it comes to where you open your franchise, you need to focus on “location, location, location.” More populated areas (such as major metropolitan areas) will have more potential customers, but you will also have more competition. Maximizing your annual salary often comes down to finding a “sweet spot” where you have enough customers to do business with without having too much competition eating into your profit. This is why you should always do your homework before opening a franchise.
Another thing to consider is the cost of living versus how much your salary is. For example, the annual salary for an insurance franchise owner in San Francisco is nearly $115,000. This is a good salary, but San Francisco has some of the highest costs of living in the country. A family of four can expect to pay over $11,000 per month in costs of living. Unless your partner also brings home a solid salary, those living costs can overwhelm you.
Balance where you open your business with the cost of living in the area to help you maximize how much money is left at the end of the month.
Now you know more about how much insurance franchise owners make each year. Are you ready to take the plunge and become a franchise owner yourself? The best way to get started is to work with a company that takes all the guesswork out of franchising.
Here at Freeway, we make it easy for entrepreneurs to go into business almost right away. Whether you have insurance experience or not, we specialize in helping you realize the dream of running your own business.
To see how we can help you get started, all you have to do is contact us today!