Healthcare business opportunities in today’s market are nearly endless. With the increase in demand and a changing landscape, there is ample opportunity to begin your own healthcare franchise. But what are some of the common misconceptions when it comes to healthcare franchise benefits?
- Separation. There is a long-held view that healthcare providers only work in practices and are not involved in “business.” As a result, franchising has had a difficult time making a larger impact in the healthcare field. Healthcare providers enter the field to provide patient care – not to spend their days dealing with aspects of the business, like spreadsheets and ROI. Franchising can alleviate this issue when it comes to private practices. By opening a franchise, healthcare providers can focus on patients and not the backend of a business.
- Owner-Operator. On the other hand, franchises are often looked as owner-operator only and not cut out for professional services. This isn’t true. There are several healthcare business opportunities for healthcare providers who are interested in learning more, as well as entrepreneurs who know business. Healthcare providers have spent the bulk of their education learning a completely different set of skills than business. Starting with a franchise can be a huge benefit to them.
- Education. Related to owner-operator misconceptions, many healthcare providers don’t understand the benefits and healthcare business opportunities that exist through franchising. When it comes to healthcare franchising, providers can use the knowledge of an entrepreneur to succeed and provide care. Not only does the entrepreneur know business, they understand culture, have a network of knowledgeable assets, and know how to run a business in a specific community.
- Scalability. Some entrepreneurs shy away from healthcare business opportunities because of a misconception about scalability. However, it’s been proven time and again that healthcare franchises are just as, if not more, scalable than your standard franchise. As an example, OrthoNOW, an orthopedic urgent care, started as one practice Florida but in 2013 became a franchise and is now expanding across the country. The capital of franchisees alone allows for quick scalability.
- Brand. The true success of any franchise comes in its brand recognition. Healthcare providers starting private practices have little to no brand recognition. The benefit of choosing to work with a franchise is they are able to immediately be a part of recognized network of quality care without the stress of dealing with the business end of it.
- Proven Concept. Finding a qualified franchisee is not as easy as some might think. Not just anyone is fit to serve as a franchisee for a healthcare franchise. When it comes to healthcare business opportunities, not just anyone will do. Success comes in the proven history of the franchise. When a franchisee deviates from this prescribed success, the franchise can fail. However, when the right fit comes along, there is a built-in proof of concept with healthcare franchises. The product – healthcare – works. The product is proven and it’s up to the entrepreneur to figure out the business side of it.
Opening a healthcare franchise can be a great way to take advantage of today’s numerous healthcare business opportunities. Do your research and find the right partner, and nothing will stop you!