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Healthcare is booming.
According to Insider Intelligence, the US national healthcare expenditure reached $4.3 trillion in 2021, or $12,914 per person, and is estimated to reach $6.2 trillion by 2028.
From home health care to medical staffing, there are lots of exciting opportunities in healthcare franchising.
And not only do these franchise opportunities offer potentially lucrative business models, they also can provide you with a way to make a positive impact on people's lives.
With that in mind, let’s take a look at some of the healthcare franchise business opportunities currently being offered.
3 Top Healthcare Franchise Offering Areas
- Home Healthcare Franchises
- Medical Staffing Franchises
- Specialty Fitness Franchises
Home Health Care Franchises
Home health care franchises provide medical and personal care services to patients in the comfort of their own homes. Franchise businesses in this sector offer a wide range of medical and non-medical services. Including:
- Nursing care
- Short-term transitional home care
- Companion care
- Personal care
- Alzheimer's and Dementia care
- Physical therapy
The benefits of owning a home health care franchise include the ability to provide critical care to patients who cannot leave their homes. Especially seniors. And with more aging seniors opting to stay at home, needs for these services will only increase over time.
Medical Staffing Franchises
Staffing agencies, especially in healthcare, have the potential to be high-performing businesses.
Why? Because of the growing need from providers of healthcare services.
The fact is today’s medical staffing franchises provide a conduit between the healthcare providers that need positions filled and the workers who can jump in and fill them.
In a nutshell, medical staffing franchises supply healthcare professionals to specialty clinics, hospitals, nursing homes and sometimes even home health care agencies.
Some of the positions franchisees fill include:
- Medical technicians
- Medical lab workers
- Nurses
- Therapists
- Office staff
Finally, the main benefits of owning a medical staffing franchise include a continued growing demand for healthcare workers, and the income potential of owning a high-volume, much-needed local business.
Specialty Fitness Franchises
More and more fitness franchise businesses are popping up that focus on specific needs.
One example is franchises that provide highly specialized stretching and/or movement routines for everyone from high school athletes to seniors.
According to the Children’s Hospital of Orange County, “Stretching properly can increase and improve motion in your joints, increase blood flow, and decrease feelings of stiffness. Other potential benefits of stretching can include reducing delayed onset muscle soreness, increasing athletic performance, and reducing the risk of tendon or muscle tears.”
In the case of high school athletes, parents want their kids to avoid injuries as much as possible. And proper stretching can help do just that.
As it relates to seniors, people are living a lot longer than they used to. That means seniors are more mobile than ever before. And they want to stay that way as long as possible. Proper stretching exercises can help seniors move around better, longer.
But more importantly for seniors, according to Fitness Nation, “Good flexibility is essential because it decreases the risk of falling.” There are many fitness franchises offer personal training that includes stretching exercises and routines all seniors can benefit from.
Do You Need Healthcare Experience to Own a Franchise in the Healthcare Space?
While healthcare experience may be helpful, most of today’s franchisors look for the following in a franchise buyer.
Professionalism
The top franchise organizations need their brands represented by people who look and act professional.
For instance, do you come across as a person who can interact with clients and customers in a professional way? Will you treat your employees like the professionals they are?
Can you follow a system?
When you buy a franchise, you’re buying a proven, tested business system. Are you going to follow it to the letter?
I hope so because that’s what you’re paying for. The tradeoff for the relative lack of business system freedom, you’ll be fully trained in how to best implement the business systems included with your franchise business.
High-Energy Level
It takes a lot of physical and mental energy to own and operate a successful franchise business. Are you prepared to work hard? Will you be able to focus your energy in all the right places?
For example, there’s a lot of business development activities you’ll be leading. Are you willing to get out of the office to drum up new business?
How Much Do Healthcare Franchises Cost?
It’s important for you to understand the costs of opening a franchise in the healthcare sector.
On the lower end of the spectrum, you can find healthcare franchises for under $75,000. Conversely, some of the high-end franchises in this space require investments of $250,000 or more.
The good news is that the Franchise Direct website offers a straightforward way for you to narrow down your choices in a franchise by budget. Just hover over “Investment” toward the top of this website and click the amount you’re comfortable with. Doing that will show every franchise in that specific investment range.
To conclude, there are plenty of great choices in healthcare franchises today. You just need to decide what part of the industry you’d like to become part of, and the investment amount you’re comfortable with.
Happy Healthcare Franchise Hunting!
The Franchise King®, Joel Libava, is a top franchise expert. He’s written over 2,000 different articles on franchise ownership and personally consults with people who are looking to buy a profitable franchise. Go here to find out how The Franchise King® can help you become your own boss.