4 Adages You’ll Want to Remember When Opening a Medical Franchise
4 Adages You’ll Want to Remember When Opening a Medical Franchise
By: Christine Dura
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.
OrthoNOW is the first and only Orthopedic franchise. Contact Christine Dura at Christine@orthonowcare.com for more information about franchise opportunities.
Christine has over 25 years of quantifiable executive management and franchise related leadership experience within the US and internationally with notable franchise startups in the service, technology, retail, food, health and wellness, financial service, medical care, technology and professional services. As a Senior Franchise Executive and Entrepreneur, Ms. Dura has been both an individual contributor and has successfully led world-class teams.
Ms. Dura excels at partnering with all core business operations to significantly increase the company’s foot print, expand market share, and generate sustainable revenue and EBIT gains. Her proven successes, combined with her Master Degree in Training and Development, have shaped Ms. Dura’s uncanny ability to identify opportunities, build mutually rewarding partnerships and produce remarkable results.
In addition, as a four-time Master and Unit Franchise Owner, Ms. Dura is in a very unique position to leverage her experiences and reputation at all levels in franchising along with her vast personal and professional investor network to drive immediate and long term results. As OrthoNOW’s Chief Development Officer her role is to identify critical gaps in franchise growth and implement strategies to drive results. Her unique background allows her to leverage past experiences and solid reputation to spearhead OrthoNOW’s national expansion plans.