The medical and healthcare industry could perhaps be the most recession-proof of all industries. The need for quality medical care is a constant and steady regardless of what is going on in the country—or the world for that matter. As a result, there is always a need for outlets to provide services in a convenient, timely manner.
And from the entrepreneur or wannabe small business owner perspective, the constant demand present in the industry provides ample opportunity for anyone who wishes to be a part of the industry through a diverse array of medical franchise opportunities.
Here’s a sample of the areas in which you can find a rewarding medical franchise to open:
- Anti-aging services
- Chiropractic services
- Drug testing
- Eye care and eye wear
- Hearing services
- Home and senior care
- IV therapy
- Massage therapy
- Medical billing
- Medical staffing
- Mental health support
- Pharmacy services
- Physical therapy
- Provider support and consulting
- Specialty retail stores
- Urgent care clinics
- Weight loss services
The medical industry is transforming constantly, creating new opportunities for entrepreneurs in the healthcare market on a regular basis. As a result, new franchises are consistently emerging in the health care and ancillary health care services sector to join their more established counterparts in filling in service gaps for consumers in the marketplace.
Furthermore, because of its necessity, medical franchises rarely suffer from seasonality. There may be times of the year that are slightly busier than others, but it’s uncommon for medical franchises to suffer from a “dead period” during the year. In addition, with the technological advances of recent years, some franchises have been able to develop their telehealth options. Franchises with these options can greatly save in start-up costs because of reduced real estate requirements.
NOTE: While some franchises in the medical industry can be owned by someone who doesn’t have the necessary education and credentials to be a practitioner in a certain area as long as they employ someone who does, there are some locales where it is required that franchises be owned by a practitioner in that field. For example, for an eye care center franchise, as long as a non-optometrist franchisee directly employs an optometrist that franchise can operate in some states, but in other states that same eye care franchise must be wholly-owned by a licensed optometrist.
Emerging Medical Franchise Market: IV Therapy
Health and wellness has become more important than ever, so it should come as no surprise that the small but growing IV therapy category is becoming increasingly appealing to prospective franchisees.
IV therapy, also known as intravenous therapy, is the administration of nutrients and hydration directly into the bloodstream for immediate absorption and use by the body.
It is considered by many to be the fastest way to deliver nutrients to the body because it bypasses the digestive system and goes directly into the bloodstream to the organs. According to The DRIPBaR, a Rhode Island-based IV therapy infusion franchise, this delivery method results “in a 90-100% absorption rate (the oral intake of fluid and vitamins has a partial absorption rate).”
“People are starting to recognize the power of IV therapies to maintain their best health, or to fight cancer, heart disease and other illnesses. They are seeking our care to complement conventional treatment options,” says The DRIPBaR Chief Development Officer Ben Crosbie. “Intravenous treatments are a durable change in the healthcare landscape that will only grow in the future.”
Initial Investment and Opening Costs for Medical Franchises
The amount necessary to open a medical franchise varies depending on the unique business system and execution requirements.
The exact opening costs for a given medical franchise depends on many factors, including but not limited to: the franchise fee, training expenses (such as travel and living expenses, not the actual training courses), grand opening advertising and marketing costs, the cost for a dedicated office space (if necessary), and more.
The franchise profiles on our website will present you with a basic range for the initial investment or minimum cash required to open a franchise. But when it comes to finding out the details of an initial investment, the franchise disclosure document is the best place to look. Franchisors offer itemized estimates in their franchise disclosure document (FDD) based upon their experience establishing, and in some cases operating, units.
Keep in mind these estimates are just that, though—an estimate. Prospective franchisees should review the figures presented with a business advisor, taking into consideration their unique circumstances, before making the decision to enter into a franchise agreement.
Top Benefits of Being a Medical Franchise Owner
The benefits of owning a franchise can be numerous vs. independent operation. Here are a few of the top benefits for those who decide to own a medical franchise instead of going at it alone.
Name Recognition: When it comes to finding a service provider, people tend to deal with someone they have a familiarity with. Franchises tend to have established brand names that, in many instances, have been around for years. If you buy a medical franchise, you will be given the right to associate your business with that franchise company's name, trademarks, and logo.
Training and Support: A popular feature with all franchises is the training provided. While in business, franchisees will have access to the franchisor’s operations manual, computer systems, and other items designed to help you successfully manage your medical franchise.
Insurance and Licensing: One of the advantages to aligning yourself with a franchise in the medical industry is, in many cases, the franchise brand you choose already has a measure of familiarity with the rules and regulations that must be adhered to. In fact, within the FDD many franchises provide a detailed list of insurance coverages that should be carried by you while in business.
Advertising: Getting your name out there can be expensive and sometimes it can be hard to know where to spend your advertising and marketing budget. With a franchise, national advertising is typically done by the franchisor. In addition, though local advertising is generally up to you, you’ll have guidelines in place to help guide you.
You can also check out many more related franchises here on Franchise Direct, such as: