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Your Own Franchise - Research Paper Example

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Franchising refers to the use of another organizations successful business model. For a person issuing out the franchise, this is a form of developing a business chain, through minimizing of risks. …
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Download file to see previous pages The success of the franchisor will depend on the success of the individual who purchased the franchise. This paper takes about a franchise in the insurance sector. It analyzes the franchise, the amount required to start it, the pros and cons of owning the franchise, and the strategic, administrative, and operation strategies the franchise holder should initiate for purposes of making it a success. It also outlines the various training techniques that the franchise holder should initiate for purposes of succeeding in the business. This paper has a conclusion, which is a summary of the main points identified. Brand Description: The franchise under consideration is Allstate Insurance Company. To purchase the franchise, an individual requires about $50,000. Allstate is ranked amongst the fortune 100 companies, and it is one of the most highly recognized insurance and financial companies in United States of America. The company was formed in 1931, and its success and achievements are pegged on its innovation (Bond, 2012). The company operates an exclusive agency force, and its expansion is always dependent on the financial position of its agents. The company is always looking for motivated and highly ambitious people who want to own and operate its Allstate agencies (McCarthy, 2010). The major business products of Allstate insurance company is insurance services targeted at home owners, and auto mobile owners. These insurance services are offered mainly through the various franchise holders of the company. The marketing of these insurance products is done under the brand names of Esurance*, Allstate*, and Esurance* (Bond, 2012). The company provides investment and retirement insurance products, as well as life insurance cover. It also provides variable and traditional life insurance cover. These insurance products are always interest sensitive, and their premiums are affordable. It also provides fixed annuities, such as health insurance covers, and voluntary accident cover. Other services and products that the insurance company issues are the business insurance products detailed to serve owners of small business organization. Household insurance cover to consumers targets products such as boats, motorcycles, as well as condominium insurance policies (Bond, 2012). Under the dealer services, Allstate provides non-insurance and insurance products that are sold mainly to auto mobile dealers. The company also has an Allstate roadside service. These services include wholesale and retail products meant to assist road side users. Resources used: One source of information that has provided guidance in selecting this franchise is the organizations website. The organization runs a website with the URL name, www.allstate.com. This website is useful because it provides all the necessary information pertaining to the formation, and operations of Allstate insurance company. The website provides the historic formation of Allstate insurance agency, and it identifies its mission, objectives and aims. It is from the organizations website that we are able to know that the company provides most of its services through agencies and franchises (Allstates, 2013). The website also contains the financial records of the company. These records are not for only the current year, but they are distributed to reflect the financial position of the company for over ten years ago. It is also easy to assess information contained in this website. This is because it does not require an individual to open an online account with the company, so as he or she can access the website. All that an individual needs is an access to the computer, and the internet. Another source of information is a book by Bond (2012), referred to as Bonds top 100 franchises. This book by Bond (2012 ...Download file to see next pagesRead More
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