Some of the most conflicting concerns people have often revolve around their healthcare. As conversations deepen socially and politically, very few people are concerned with the effectiveness of developing a healthcare business or rather a healthcare franchise.
Franchises have developed fairly quickly over the years, and as a result, franchisees are often benefiting from the process. Throughout this article, we are going to highlight the many benefits of the healthcare business and why you should consider healthcare franchises for sale as your next business venture.
Supply and Demand
Without much thought, it’s very easy to see the demand for healthcare. Comparatively, the supply is fairly low. As the cost of healthcare rises, people are now looking for more alternative ways to receive the care they need. Let’s take a deeper dive into the data.
According to the most recent numbers, the USA is home to over 45 million seniors and this number is due to double by the year 2060. Surely, from the data, there’s a significant demand for affordable and specialized healthcare.
In order to make the greatest impact, most business consultants would advise you to get stuck in early. The cost of entry is relatively low as it stands, but as increasingly popular these franchises have become, one can expect initial costs to increase creating an even wider separation in the market.
Starting early will give you the appropriate amount of time to build your franchise’s reputation. Additionally, as you grow and learn more about your market, you’ll be able to efficiently tailor a business model catered to your business simply from your experience.
Experienced businesses are more likely to do well in any industry. Nobody is going to trust a business with very few years of experience, especially if the service you deliver is something important like healthcare.
Control Over The Location and Services Provided
If we can control our healthcare provider, surely we should be able to decide where we receive our healthcare.
Traditional healthcare options have become problematic. Firstly, as healthcare centers – although access to healthcare is immediate; the presence of harmful and life-endangering germs make hospitals and hospices dangerous places to be. Secondly, the cost to experience healthcare in one of these places is ridiculously expensive. Thirdly, there are substantial restrictions on what one can do within these spaces.
If you had the choice, you’d probably choose to receive care at home. Through a healthcare franchise, patients can receive healthcare in the comfort of their own homes – places they are already comfortable in. As their own place, the family can come and go without restrictions.
Similarly, senior home care aides adjust to the schedules of the patient, providing greater flexibility and a far more customized experience. Additionally, patients only pay for the care administered. In the same way, businesses pay an hourly rate, so do patients pay aides pending their hours of service. Therefore, as a patient, your healthcare can truly be customized for what you need.
Affordable Healthcare Options
As previously stated, the costs to receive healthcare is exorbitantly high; people are currently looking for more affordable healthcare alternatives. So how does a healthcare franchise stack up against the more traditional forms of healthcare?
According to most recent studies, nursing home care in Florida costs around $8,000-9,000 a month (around $100,000 per year). Meanwhile, the average cost of in-home care equates to around $80,000 a year.
Judging from simple economics (supply vs. demand), the current desire for more affordable healthcare and few options available is more likely to equate to a profitable industry. As we discussed earlier, the cost of entry is fairly small compared to other industries. Therefore, it could benefit you greatly to get started as soon as possible.
Overhead, Personnel, and Training
In correlation with creating your own franchise, it’s also important to note the extraneous costs associated with owning and running a business. These costs are called overhead costs and include rent, electric, water, heating, and cooling within the building, the purchasing and maintenance of medical equipment. It’s also important to consider wages alongside these overhead costs.
Conversely, home care services require the same features, thus the overhead costs tend to be cheaper. As a franchisee, you do not need to own your equipment; it can be rented and so serve to be the responsibility of party renting to maintain the equipment. Additionally, as a home-care service, you as the franchisee are not responsible for maintenance of the building; the client lives in the house, or owns the house, so maintenance is really their responsibility. However, home care aides will need to assist in the maintenance of these space if needed.
Finally, as a franchisee, you are not responsible for personnel and training. Nurses are usually supplied to your business and franchises conduct a robust employee screening process to ensure your nurses are certified to work and practice medicine. These checks would be expensive on your part, but healthcare franchises supply this service.
This is another welcomed benefit to owning a healthcare franchise or purchasing one for sale. Oftentimes, as a business owner, you are responsible for ensuring your employees are properly trained as part of the on boarding process. These responsibilities can cost quite a lot of money. It’s a necessary evil. Nevertheless, as a franchisee, this is not your problem; leaving you to focus on other elements of your new business.
Healthcare Franchises for sale are a new and exciting business opportunity. People are readily looking for affordable healthcare; the demand is huge. As such, being able to provide an affordable solution to the increasing elderly population will prove to be an amazing asset. Your business will grow steadily, particularly under the aid of a franchise. As a franchisee, you will be creating a community of other franchisees to learn from and communicate with. As stated previously, the cost of entry is low, but the demand is high; presenting the best possible business opportunity for young entrepreneurs. The healthcare business is a booming industry and it’s due to double, if not triple, in profits within the next few years. You don’t want to miss out on this fantastic opportunity.