If you’re in the process of deciding whether you want to invest in a franchise in healthcare or if you want to start your own healthcare business, then you’re probably considering the pros and cons of each route. However, it’s worth noting that there are a number of so-called drawbacks to buying a franchise in healthcare that are actually common misconceptions. Don’t let the following four franchising myths deter you from considering a possible investment in a franchise in healthcare:
1. Franchisors Only Care About Collecting Franchise Fees
There are a lot of people out there who think that the concept of franchising is just another way for big businesses to make more money. However, this is simply not the case—franchisors have an invested interest in making sure their franchisees don’t fail. Any failures experienced by their franchisees will reflect poorly on the franchisor’s brand, after all.
It’s why a good franchisor will implement a comprehensive training system to help prepare their owners. You’ll also notice that many franchisors provide a strong support system to their owners, giving them many channels through which they can receive guidance and access to resources regarding all aspects of their business.
2. Running a Franchise Will Require You to Sacrifice All Your Free Time
A lot of potential investors worry that they will automatically have to put in 70 to 80 hours of work every week. This can be true when it comes to starting a business from scratch, but it’s typically not when you’re opening a franchise. This is because franchises have business models that have been fine-tuned to the point where they have minimized trial and error, thereby ensuring that the startup and continual operation of your franchise is as efficient as possible.
3. You’ll Have No Flexibility in How You Run Your Franchise
Yes, a franchise will have an established business plan in place that you will have to follow—and for good reason, it’s been proven to work. However, there is still plenty of flexibility in the way you run your franchise.
For example, good franchisors will often welcome input from their owners and give you a chance to share your ideas about running your franchise—ideas that may very well be implemented. Even though there is a structure in place that you have to work within, that regate flexibility within that structure either.
4. Investing in an Established Franchise Is Too Expensive
When it comes to starting a business from scratch vs. investing in a franchise, franchises are generally more affordable to get off the ground. The franchisor will be able to give you an idea of how much money you need to invest, whereas the costs of starting your own business could fluctuate wildly due to variances in your original business plan. Not to mention that a franchisor will undoubtedly have connections with various vendors that you can take advantage of via nationally contracted discounts on products and equipment.
Secondly, it’s much easier to not only obtain financing, but do so at beneficial terms if you’re investing in a franchise. In fact, many lenders won’t give you a loan of any kind if you’re starting your own business from scratch as it’s often seen as too big of a risk, but lenders can be more willing if it’s an established franchise, instead.
These are just a few of the most common myths surrounding franchise investment. If you’re interested in starting a franchise in healthcare now that these myths are debunked, then be sure to contact us at American Family Care today for more information about our franchising opportunities.