Opening a healthcare franchise can be both a fulfilling and lucrative option when it comes to owning your own business. How do you determine what type of franchise to open? It may come easy to doctors with specific specialties who are interested in being in business for themselves, but for the average franchisee, there’s a lot to consider. Here are some things to think about when deciding on a healthcare franchise.
(1) Research the Market. Have you already picked out a location or general area for your healthcare franchise? If so, consider the saturation of that market for what type of business you’re looking to open. If there are several similar franchises within a few miles of one another, you’ll need to be more unique to truly stand out and succeed. Healthcare franchises are truly unique in the franchise space, and OrthoNOW is the most unique among healthcare franchises For example, OrthoNOW® is the first and only orthopedic franchise in the nation and serving a need that many are not. Do your research and fill a void in the market where you want to open your franchise.
(2) Know Yourself. One of the most important things to consider when deciding on what healthcare franchise to open is your own personality and goals. Do you have experience in the medical field and want to be very involved in your healthcare franchise? Or would you rather take a backseat and let someone else run the facility? Knowing what you want to get out of owning a healthcare franchise is crucial. What are your short-term and long-term goals? Do you have a personal association with the field of healthcare you’re considering? Make note of everything and follow what feels right for you.
(3)Understand the Franchise Disclosure Document. Every franchise comes with a Franchise Disclosure Document (FDD). Making sure you understand the FDD of each healthcare franchise you’re evaluating is key. There can be variances in each franchise that will sway your decision one way or another. FDDs cover rules and restrictions per franchise and the initial investment needed to open a healthcare franchise. As these documents can be lengthy, you’re typically given 14 days from receipt to signing contract to review them. Feel free to bring in an outside eye for consult.
(4) Visit Locations and the Franchisor. Before signing on the dotted line, visit other healthcare franchise locations like the one you’re thinking about opening. Spend a “day in the life” and get a sense of how the franchise operates and what you might experience on a daily basis. If you can, meet with a franchisee of the same healthcare franchise you’re considering opening – ask about their experiences and what advice they have to offer. If you’re down to your final selection, visit the franchisor as well. It’s a great time to ask any final questions and to truly “meet” the company you’re about to enter into business with.
Opening a healthcare franchise is a recession-proof business plan. Unlike other franchises, a healthcare franchise will still be in demand even if the population isn’t spending freely. With a specialized healthcare field, you’ll be even more ahead of the game, as you’ll stand out from the competition. Whether you opt for a specialized service or general care, you’ll be providing a much-needed service to your community.