If you are like most people, the idea of opening your own business is both exciting and a little daunting. The medical industry is likely to experience continued growth in the coming years.
This means that investing in a medical franchise such as medical staffing or medical billing could be a sound decision for anyone looking to become their own boss. In this article, we’ll talk about ten medical franchises that are worth considering.
What is a Medical Franchise?
Medical franchise business owners provide services to patients that are related to their health and well-being.
These businesses can range from providing in-home care services to operating a walk-in clinic. Medical franchises often require that franchisees have a healthcare background, although this is not always the case.
It is important to note that many medical franchises are subject to strict regulations, so it is important to do your research before investing in one.
- READ MORE: Looking for a Franchise? Become a Home Healthcare Entrepreneur
The Medical Franchise Industry in 2022
The healthcare franchise industry is worth an estimated $13 billion in 2022 and is expected to generate about $172 billion by 2030. This is a growth rate of over 26%. With an aging population and an increasing focus on preventative care, the industry is poised for continued growth.
Why You Should Consider a Medical Franchise
Medical franchise owners enjoy a number of benefits, including the ability to be their own boss. Here are five more reasons to become a franchise owner in 2022:
- Helping others. The satisfaction that comes with providing medical services that help others is hard to beat.
- Growing industry. As mentioned earlier, franchises in the healthcare industry are expected to continue growing in the coming years. This provides a great opportunity for those looking to get in on the ground floor.
- Potential for high profitability. Medical franchises can be quite profitable. This is due in part to the fact that people will always need healthcare services.
- Recession-resistant. The medical industry is relatively recession-resistant. This means that you are less likely to experience a drop in revenue during economic downturns.
- Flexibility. Many medical franchises offer a great deal of flexibility, allowing you to work around your other commitments.
Top Medical Franchises
Getting involved in the healthcare industry is a no-brainer of a business opportunity. Health care is one of the strongest and most stable industry verticals.
If you’re looking for a lucrative business with high potential returns, then consider one of these top medical franchise businesses:
Miracle-Ear has an initial franchise fee of $30,000 and the total investment to sell their hearing aids ranges from $119,000 to $352,500.
You’ll need a net worth of at least $100,000 and liquidity of at least $50,000. Miracle-Ear charges a royalty fee of $48.80 per hearing aid sold and an advertising fee of $75 per hearing aid.
2. BrightStar Care
BrightStar Care is a home medical and health staffing franchise opportunity with an initial franchise fee of $50,000.
The total investment for a BrightStar Care franchise ranges from $111,008 to $191,108, and franchisees are required to have at least $150,000 in liquid assets. The royalty fee is 5.25% to 6.25% of monthly net billings.
3. ATC Healthcare
The ATC Healthcare franchise opportunity has a franchise fee of $50,000 and a total investment ranging from $136,900 to $223,200. This opportunity requires a minimum net worth of $250,000 and liquidity of $150,000.
4. ARCpoint Labs
ARCpoint Labs is a franchise opportunity that offers veterans a $5,000 training fee discount. The total investment required to open an ARCpoint Labs franchise ranges from $103,900 to $308,750 which includes a franchise fee of $54,500.
5. The Joint Chiropractic
The Joint Chiropractic, founded in 1999, is a franchise opportunity that requires a minimum net worth of $350,000 and liquidity of $100,000. Veterans can get a 15% discount on the initial franchise fee. The total investment ranges from $215,297 to $476,997.
6. Nurse Next Door
The Nurse Next Door has a total investment of between $105,115 and $202,600 with a $58,000 franchise fee. This business can be started with only $30,000 down.
7. Caring Senior Service
Caring Senior Service, founded in 1991, is a senior care franchise business opportunity that requires a minimum net worth of $250,000 and a minimum working capital of $150,000.
The franchise fee is $39,500 and the total investment ranges from $100,899 to $160,116. The royalty fee is 5% and the ad fee is 2%.
CarePatrol is a franchise opportunity that offers a flat fee royalty structure. The initial investment ranges from $43,620 to $103,620, and the franchise fee is between $15,000 and $52,000. The minimum net worth and liquidity requirements are $250,000 and $50,000 respectively.
9. American Family Care
The American Family Care franchise opportunity has a minimum net worth requirement of $1.2 million, which ensures that only those who are serious about starting and running their own business will be able to participate.
The total investment range is from $883,500 to $1,362,000 which includes a $60,000 franchise fee. The royalty fee is 6% of monthly gross sales.
The investment range for a Serasana franchise is $385,000 to $709,800 including a $45,000 franchise fee. The minimum net worth required is $500,000 with minimum liquidity of $150,000. Franchisees must be able to commit to a 6% royalty fee as well as a 1.5% brand fund fee.
How to Choose the Best Franchise to Set Up Your Medical Business
When choosing the best franchise for yourself, you should consider the following four things:
The initial investment required.
You will need to factor in the cost of purchasing the franchise, as well as any other associated costs such as leasing space and hiring staff.
The franchisor’s reputation.
It is important to research the franchisor to make sure that they are reputable and have a good track record.
The franchisor’s support network.
You should inquire about the franchisor’s support network and whether they provide comprehensive training and ongoing support.
The franchise’s territory.
You will need to consider the size of the franchise’s territory and whether it is a good fit for your needs.
Is a Medical Franchise a Proven Business Model?
Overall, medical franchises are a business model that is proven. When you purchase one, you’re buying into an established company with a track record of success. The parent company has already worked out the kinks and created a successful formula for running its business.
How Much Does It Cost to Open a Medical Franchise?
Franchises usually cost between about $43,000 and over $1.3 million to open. The initial franchise fee for a franchise is typically between $15,000 and $65,000. You’ll also have to pay for things like leasing space, medical equipment and supplies, hiring staff, and marketing.
Are Medical Franchises Profitable?
Medical franchises can be quite profitable. This is due in part to the fact that people will always need healthcare services. Franchises in the medical industry are expected to continue growing in the coming years, which provides a great opportunity for those looking to get in on the ground floor.
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This article, “10 Medical Franchise Opportunities” was first published on Small Business Trends