3 Franchise Opportunities For Health Professionals
There are numerous franchise opportunities that can be beneficial for motivated health professionals seeking an independent source of income or those who want to supplement their current income streams. Franchising offers systematic opportunities to own and operate a profitable business with a reputable brand even if you lack entrepreneurial or operational experience.
Investing in targeted business coaching is one sure way to gain an edge in picking the best franchise and realizing a high ROI within the shortest time possible. In particular, the following 3 franchise opportunities are perfect for health professionals seeking a viable investment opportunity.
1. OrthoNOW®
A 2013 study by the US Bureau of Labor Statistics reveal that 33% of all worker illness and injury cases were as a result of musculoskeletal disorders. Unfortunately, these injuries and disorders are often misdiagnosed and improperly treated, leading to prolonged and even permanent conditions. Thus, a group of South Florida orthopedic surgeons came up with OrthoNOW®, a brand dedicated to offering urgent and quality orthopedic solutions on a walk-in basis in an upscale environment.
● Support
Since 2013 when OrthoNOW® began franchising, they have consistently provided support for franchisees. Upon signing up, you’ll receive over 62 hours of training at their headquarters and support in areas such as security, marketing, national & regional media, newsletters, ad slicks, and purchasing Co-ops.
● Financial Requirements
To own an OrthoNOW® location you need an initial investment of $420,000 – $870,000 and a liquid asset requirement of at least $65,000. Fees include an initial franchise fee of $65,000, ad royalty fees of $600 per month, and 7% royalty fees.
● Financing Options
OrthoNOW® has built relationships with third-party financiers to assist franchisees cover startup costs, inventory, franchise fees, equipment, payroll, and accounts receivable. They also offer veteran incentives.
2. Beverly Hills Rejuvenation Center
In 2005, Devin Haman and his business partner, Dan Holtz founded the Beverly Hills Rejuvenation Center with the aim of providing medical-based high quality aesthetic and age-management care at affordable prices. The award-winning BHRC brand has been in the forefront of innovation and use of cutting edge technologies for high quality anti-aging results. With a global wellness industry valued at more than $3.7 trillion in 2015, investing with a leading brand can be a huge win.
● Support
Health professionals ranging from doctors, nutritionists, surgeons, and personal trainers can put their reputation behind BHRC-related products and services. On signing up, you receive support ranging from assistance with a red carpet grand opening, site selection, drawing of architectural and decor plans, marketing, celebrity testimonials, and a network of American professionals.
● Financial Requirements
You need an initial investment of at least $595,000 which includes an initial franchise fee of $50,000, professional fees of $6,650, and prepayments amounting to $11,600.
● Financing Options
Financing will depend on which state you decide to franchise in, but many third-party financing sources can help help you to cover the costs of startup, inventory, and equipment.
3. American Family Care
American Family Care was created out of the need to make doctors easily accessible and providing urgent medical care to individuals/families and occupational medicine to businesses and organizations. The first clinic was opened in 1982 but franchising began in 2008, and they now have over 150 locations spread in 26 states.
● Support
Franchisees receive 3 days training at headquarters, 8 days on-site training, and further training at master locations. Ongoing support include regional media, purchasing co-ops, internet, grand opening event, security, field operations, and ad slicks.
● Financial Requirements
Franchisees need to put up an initial investment of $800,000 – $1,450,000 with a minimum net worth requirement of 1,200,00 and at least $550,000 in liquid cash. Fees include an initial franchise fee of $55,000, an ongoing royalty fee of 6%, and ad royalty fees of 1%.
● Financing Options
Third-party financing sources help franchisees cover startup costs, inventory, and equipment.
Best Health Franchise Opportunities for Professionals
Health professionals seeking to own a franchise have many different brands to pick from. Things to watch out for in determining the best franchise to invest in include brand recognition, level of support, financing options, and financial requirements.
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