Brightway Insurance, a nationwide personal lines insurance agency system, has enhanced its franchise model with an option to join with a $5,000 franchise fee and the right to open an additional location at no additional cost.
Individuals that would like to operate a Brightway Agency in a professional office space can join the company’s Office Agency model in two ways. With the new $5,000 franchise fee option, a franchise owner can receive a commission split of 60% on new business and 50% on renewals. The second option offers a higher commission rate on new business at an additional $25,000 that will earn franchisees 80% on new business.
According to Brightway President and CEO, Michael Miller, the company evaluated its franchise options and how it could make it easier for people who want to open a Brightway franchise.
“We believe this new option with a lower franchise fee will open the door for many more people who wish to go into business for themselves,” Miller said.
In addition to the two levels of the Office Agency model in which franchisees can work from a professional office space, the company continues to offer their flagship Retail Agency franchise model. The franchise fee for the Retail Agency model is $60,000, and franchisees earn up to 100% new business commission and 55% commission on renewals.
Regardless of which model the franchisee chooses, Brightway said individuals can open their first two locations for the same franchise fee and hire remote workers in their market.
The company said that the timing of stay at home orders and mass unemployment have many people reconsidering their job paths right now and for many, “owning a recession-proof business they have control over is ideal.”
Because of the pandemic, the company is also offering a stay-at-home option that allows new franchisees to start from home with the deferment of start-up costs for up to 90 days. That option applies to anyone opening a new franchise, regardless of the model in which they choose to invest. However, franchisees who buy into the Office Agency model will eventually need to work from a professional location, such as a space in a real estate or mortgage broker’s office or in any professional office space, the company said. All franchisees may hire an unlimited number of remote employees should they wish to so long as at least one person is working out of their physical office or retail space.
Brightway does review and approve all office and retail spaces and locations. The requirement for an Office Agency location is that the space is in a professional setting and not at home and that it has reliable internet access.
Brightway currently operates in 22 states, including Ala., Ariz., Calif., Colo., Fla., Ga., Ill., Ind., Ks., La., Mich., Mo., N.J., N.Y., N.C, Okla., S.C., Tenn., Wash., and Wisc. The company said it is interested in finding partners in all contiguous 48 states and is currently working to aggressively expand in Ohio, Va., Ky., Utah, Ore., Md., Pa., Nev., and Conn. It offers a centralized team that provides training and support in areas including customer service, accounting, marketing, distribution, business analytics, carrier appointments, licensing, onboarding, training, hiring and retaining personnel.
Brightway also has relationships with hundreds of insurance companies.
Brightway’s models include:
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