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To the ambitious businessman or businesswoman, it seems anything can be franchised.

That might be the lesson to take from the expanded growth of the health care franchise industry in recent years. Time was, your local doctor could be relied upon to make house calls for a biting flu, or worse. And while the accessibilty of health care is a politically divisive subject in this year’s election, many entrepreneurs have thrived by bringing the doctor to the people.

So these days, specialist elements of the health care sector are experiencing a resurgence thanks to the benefits of the franchise model.

The rise in health care franchises follows along the familiar franchise story lines: members of niche areas of the health care industry- optometrists, chiropractors, etc. – have found support for their business by signing up with franchises that have broad popularity rather than testing the choppy waters of independent practice.

One of the main advantages of running a health franchise for people trained in medicine is that medicine can again become their primary focus. Under the umbrella of a franchise, doctors can take off their ‘businessman’ cap, as people within the franchise take care of any of branding concerns.

Another advantage of franchising for health care professionals is that customers are attracted to consistent pricing. In independent practice, the cost of routine care can veer wildly from doctor to doctor. Franchises offer fixed pricing from store to store and consumers, whether they are looking for a Big Mac or an eye test, find that reassuring.

Still, health care franchises are not exactly a new industry: estimates put the healthcare and senior care industry around $70 billion. Optometry continues to be perhaps the easiest and one of the most popular health care areas to franchise. Pearle Vision was the first optometry firm to franchise itself and still continues to be a national force. In recent years, there’s also been a boom in spinal care and massage franchises.

There’s probably been no better time to explore purchasing your own health care franchise. In all, Franchise Direct have quite a diverse array of franchises opportunities available. If you think opening your own health care franchise might interest you, why not consider a move with Franchise Direct?

We all need a bit of advice when starting or running our own
business. Well, why spend thousands on corporate seminars now that Stanford University has created its own online entrepreneurial center?

Stanford Entrepreneurial Corner presents a wide array of essential material for entrepreneurs and people considering buying their own franchise. Watch video seminars and listen to podcasts from the like of business leaders like Carly Fiorina and Larry Page and Eric Schmidt of Google, with topics touching on everything from ‘The Dynamics of Change and Fear’ to the ‘Five Biggest Mistakes That Entrepreneurs Make’.

Knowledge is power, so inform yourself today.

If you are making the all-important decision to go through with investing in a franchise, definitely make sure to do your homework before you start a business. In fact, some simple research can get you on your way to business success!

• Make sure you take a careful look at the Franchise Disclosure Document. That should detail everything you need to know about the franchise, and you can then make sure to ask the franchisor about those topics. This should give you a good idea of how rigid the franchisor is about their operating rules. Also consult your lawyer on the document.
• Talk to the franchisees. There’s no one else that can give you the insider scoop on what day-to-day life will look like for you once you invest in the franchise. So make sure you ask these franchisees the right questions so they can give you straight answers about whether or not they are actually turning a profit, and what the start-up costs really were.
• Go to the head office of the franchisor. That will give you an idea of what the operation is like, and also you will get to meet the staff. You’ll be getting an in-person impression of what the franchise is like, which can prove valuable when starting your own franchise. Try to glean how responsive and helpful the support team is, and whether or not you will really have someone at the end of the line to help you should you run into a glitch.

Once you have some of your basic questions answered, make sure you are not just passionate about the business, but that the numbers and what franchisees are saying match up. That means the Franchise Disclosure Document, the existing franchisees and the head office support team all pointed toward the same conclusion. This needs to be a smart business decision that thoroughly weighs the franchise opportunity from all angles. Then, if you’re ready to take the leap, be prepared for hard work… and some business success!

Has the business world even been so reliant on the innovations of young entrepreneurs? As the corporate world adapts to the revolution in communication and technology spurred on by the internet, it leans more and more on the input and direction of millenials, as they are now known, who came of age in a world of social networking and instant messaging.

Time was, the experience of young entrepreneurs was limited to dog-walking and lemonade stands. Now, many of the most important companies of the past 10 years have been started by people younger than 25. Facebook founder Mark Zuckerberg, the patron saint of young entrepreneurs, was a sophomore at Harvard when he launched his now-famous social networking experiment. The founders of Google were college students at Stanford when they decided to launch their own search engine. The list goes on.

For franchisees, the meteoric rise of the young entrepreneur creates both great opportunity, as well as a few challenges. Many ideas from young entrepreneurs come from right outside of the box, and unlike the blue-chip, tried and true franchise models, their business ventures often include an element of risk.

That said, franchisors should not feel in the dark when dealing with young entrepreneurs. There are networks to tap into. Many of America’s top business colleges, like Wharton College at the University of Pennsylvania, boast their own entrepreneurial centres. Other colleges have carved a niche out of entrepreneurship. Babson College in Massachusetts, the alma mater of Arthur Blank, the co-founder of Home Depot, consistently ranks first in polls as national undergraduate entrepreneurship programs. The Johnson Centre for Entrepreneurship and Innovation at Indiana University is another top ranking entrepreneurial program.

It is clear that young entrepreneurs have changed the business world irrevocably, and as the largest generation in American history with over 80 million people, the changes are only beginning. The businesses that survive will be the ones that adapt the fastest. Today’s young entrepreneurs would rather go it alone than feel stifled in a stale office environment. Equally, tech-savvy entrepreneurs do not see a division between work and the social innovations like Facebook that define their lives outside of the office.

Business owners and franchisors will have to shrink the generation gap in order for young entrepreneurs to flourish. But recent history of business tells us the next billion dollar idea is right under our noses. The challenge is to find it.

Owning and operating a successful business can be a very satisfying way to earn a living. But are you prepared for the responsibilities associated with owning a business? You should carefully consider the self assessment checklist below before starting your own business. It lists the personal attributes and factors which increase your chances of success.

Personal Qualities

I am prepared to work hard and give full-time commitment to the business.

I have the necessary persistence and tenacity to stick with the business through thick and thin.

I have a strong desire to be self-reliant.

I believe that I will be successful through my own efforts.

I am physically and emotionally resilient.

I can work independently.

Your Attitude to Risk

I am prepared to risk my own money and assets in the business.

I recognise the importance of professional advice and guidance before I invest my money in the business and during and after business start up.

Your Family

I have the full support of my family.

My family will cope with the demands of the business on my time.

Business Skills and Know-How

I have a clear market focus with a specialized service or product that fills an ongoing need.

I have specific skills or know how in the product or service area I am contemplating.

I have previous hands-on business experience in business.

I am well organized and efficient.

I have a basic knowledge of accounting and cash flow management.

I feel comfortable selling to people.

I can organize and motivate others to get things done.

Finance

I can raise the funds required  to get a business off the ground and survive the initial start-up phase.

I have sufficient reserves of working capital should the business be slower to grow than expected.