Doctors who aspire to be business owners can build a business brick by brick, creating a product, looking for the right location, and figuring out how to comply with all of the legal loopholes.
Doctors who aspire to be business owners can build a business brick by brick, creating a product, looking for the right location, and figuring out how to comply with all of the legal loopholes. However, building a successful business often requires a deep knowledge of the industry or a strong drive to fill a gap in the market. For aspiring physician business owners who do not have a definite plan in mind, franchises can offer an interesting alternative to starting a company from scratch.
Franchises in any type of industry generally have a few features in common.
Almost all franchises require an initial investment that typically ranges from about $50,000 to several million dollars.
Franchises generally require owners to attend instructional programs that teach about the mission of the company, explain the details of the business model, and spell out the operations’ guidelines. Most franchises have a schedule of obligatory courses for franchise owners and examinations and certification is generally mandatory. Some form of certification renewal may be required as well.
A uniform business model
Franchises have a systematic business model that they use across different sites and locations. This includes a set cost of products, corporate marketing promotions, a standardized management fee, an established profit sharing arrangement, and a uniform schedule and rate of payment for employees. This type of consistency appeals to aspiring business owners who do not want to 'reinvent the wheel,’ when it comes to running a business, but it does not appeal to those who want to create a better way of doing things.
A company regulated operations plan
An operating plan includes big picture procedures and small details, such as the days and hours of operation, the services offered, staff numbers, the displays at each location, and whether any additional services or products may be offered at the specific franchise location.
Here are a number of franchise options that appeal to physicians
Childcare franchises across the country offer an opportunity for physicians to own and operate a preschool/daycare for parents to leave their children while they work. Physicians, who work long hours themselves, are particularly empathetic to the many demands that are placed on working parents and welcome the opportunity to provide a safe, healthy, and nurturing environment for young children.
Tutoring centers and specialized educational programs are often owned and operated by franchise owners. Doctors value education have a track record at succeeding in the learning environment and often seek out learning opportunities. This is why educational franchises are a choice for many retired physicians or physicians who want to make a career switch.
Fitness is one of the components of good health. Many doctors look for opportunities to improve wellness in order to prevent avoidable illness. At the same time, physicians are experienced in dealing with sports related injuries. Specialized fitness centers offer a systematic approach to safe and healthy exercise, along with an established business model.
Children’s athletic programs
Children’s sports have become somewhat of an obsession, not just in the United States, but also in most economically developed countries. Parents, who want their children to get private training in competitive contact sports, martial arts, and cheerleading, search for programs with specialized athletic coaching and equipment outside of the school or neighborhood recreation center setting. This has led to a proliferation of franchises that serve this need. Physicians who love athletics and who are looking for a business model that incorporates sports may find type of franchise ownership appealing, as it allows doctors to work in the world of athletics while also teaching kids and parents about safety, sportsmanship, and teamwork.
A medi- spa is a very attractive business opportunity for physicians who want to be involved with wellness or with the beauty industry. There is an inherent medical- legal risk involved with medi- spa ownership, particularly for physicians who want to incorporate some clinical services for clients, making medi- spa ownership more 'clinical' than most other franchise ownership. At the same time, it is this opportunity to provide hands-on medical/cosmetic care that draws physicians to this type of business in the first place. The number of medi-spa franchises is growing, as this is a developing industry.
Of all of the available types of franchises, there are more fast food franchises than any other kind of franchise. Everybody eats. Fast food tends to be affordable and accessible for customers on a tight schedule. The success of owning one of these franchises is heavily dependent on location. Generally, this is appealing to physicians who like the idea of eventually owning more than one franchise site, as non- food franchises tend to have their same business locations fairly spread-out geographically, while a fast food store can be located just miles from another site of the same store.
Deciding if franchise ownership is for you
Many doctors who entered the medical field to be their own boss have discovered that regulation is a costly part of medicine, making it more difficult than ever for a physician to work for himself or herself. This makes business ownership attractive. Yet, starting a business can be intimidating. If you do not have an ‘idea’ for a high demand product, or if you want to get out of medicine entirely, franchise ownership can be a nice alternative for physicians. These ventures may provide generous profits while setting operating protocols; they offer guidance while demanding responsibly. Franchise ownership comes with the risk of your individual site faltering, but with the relative security of a owning a site that is part of a well-established company with a recognizable name that already has built a degree of trustworthiness among customers.