Opening a medical franchise can be personally rewarding and lucrative. Business in the industry is booming and new locations are popping up all over the country. The demand for convenient, quality, cost-effective healthcare by an aging population is contributing to an ever-expanding opportunity to get into the medical franchise business. Thankfully, if you’re new to the industry, there are a lot of entrepreneurs that have blazed the path and you can learn from their mistakes and successes. If you’re on the path to opening your own medical franchise, here is some wisdom to keep in mind during your journey.
- Don’t Stay Local. This might seem counterintuitive – why wouldn’t you want to open up shop in an area you’re super familiar with? This alone is not a great reason to select a location to open up your medical franchise. Just because you’re familiar with the area doesn’t mean that it needs a new healthcare location. There could be a community more in need just 30 minutes away where your business will have a better chance to thrive. Do your research before picking an area in which to open your location. Make sure there’s a demand instead of just settling where you’re comfortable.
- Saturation. Speaking of location, choosing to open a medical franchise where another already exists can be a big mistake. Not only may there not be a significant need for another location, the established healthcare operation in town won’t take too kindly to your infringement. While making a few healthcare providers a little peeved doesn’t seem like a big deterrent, it should be. An established medical franchise can interfere with your business by holding up local hospital privileges, starting false rumors, or spend some of the money they’ve already made on lengthy public relations campaigns. Don’t infringe on existing territory if you don’t have to.
- Pick a Thriving Community. Selecting the right location to open your medical franchise can be challenging. Is there another operation in town? Is there a true need for my location’s services? Selecting a community that’s in decline or doesn’t have the population to support a new medical franchise can mean disaster for your business. As a general rule, a community should have a population of at least 25,000 to support a medical franchise location. If you select a community, you must be realistic about if another healthcare provider were to open nearby? Would this impact your business? Could your location survive?
- Get into the Business District. This might seem like simple advice, but opening your location in a business-centric district can be a benefit. If you choose to open your location in purely residential community, you may not get the necessary exposure for success. The ideal spot to open a medical franchise is in a business district that boarders a residential area. That way, you have exposure from the best of both worlds and your location is easily accessible to residents seeking care.
There are many entrepreneurs who’ve walked in your shoes, so follow their paths and the advice they have to share! Don’t make the mistakes they did, but instead learn from them so that your medical franchise has a leg up from the start.