A career as a healthcare franchisee can be dynamic, rewarding and profitable. Every day is different in the healthcare sector, and you’ll be able to make a genuine difference in the lives of your clients. In this article, you’ll find out why franchising in healthcare might be the right move for you.
There’s no doubt that running a healthcare franchise business will sometimes be very hard work – but it will also be worth it. It’s not often that you can profit and grow while also enjoying real purpose and happiness within your job. Working in the healthcare sector is far from a passive source of income, but if you’re dedicated and invested, you won’t want it to be.
The current state of the healthcare industry
As in most industries, the impact of the pandemic has been felt tremendously among healthcare and home care franchises. In many cases, healthcare franchises were considered essential, and were thankfully able to continue operating, though circumstances were often complex, difficult and unpredictable. Still, in 2020, the healthcare sector experienced an 80% increase in the recruitment of qualified personnel [Maddyness]. And now, as the UK slowly exits the pandemic, things are looking up.
In the next few years, there’s likely to be an increased focus on data analytics and use of technology in healthcare, as well as an increased demand for tailored medical solutions and specialised business and data skills, and finally, a larger focus on long-term health threat preparations in a world post-COVID.
All in all, things are looking up in the healthcare industry, and if you’re looking to invest, now’s a good time to do so. Here are the four key advantages to a career as a healthcare franchisee...
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The four biggest advantages of running a healthcare franchise
1. You’ll receive comprehensive, supportive training
One of the key benefits that comes with franchising in any industry is the training and support that you’ll receive from your franchisor in return for your investment. More often than not, franchisees don’t need any prior industry experience in order to thrive with a franchise.
The extent of training and support on offer will vary between franchises, as will the amount of experience required, but generally speaking, you’ll be helped with initial set-up and induction, marketing and advertising, and ongoing development and support. As an example of what you can expect in the healthcare sector, Caremark, a well-established home care franchise, provides future franchisees with:
- Two weeks of in-house training
- Focused business management training
- Ongoing business development opportunities
- Ongoing franchisor support and guidance
2. You’ll have the chance to truly help people in need
Running your own business in the healthcare sector won’t be easy, by any means. But when your work is primarily designed to help others, putting in the hours feels truly worth it. A career in healthcare is equal parts challenging and rewarding, and as a franchisee, you’ll often be faced with an interesting and fast-paced day, regardless of whether your role is on the ground or more managerial.
Starting a franchise purely for profit is a mistake, and will limit your potential for success as a franchisee. You need to combine profit and passion in order to perform well and enjoy your job. You’ll also need certain soft skills and traits in order to find success in healthcare and home care, including patience, empathy, kindness, compassion and communication.
It doesn’t matter what job you choose within the industry, you will be helping patients all the same to get the care that they need. Even in an administrative position, you will be helping people. This is perhaps the best reason to work in the healthcare industry.
– Careers in Government.
3. You’ll be your own boss, while taking on less risk
When you become a franchisee, you’re your own boss without the full risks of independent business ownership. You join an established franchise business with proven methods of success and operational structures in place, and if you follow the model and utilise the support on offer, you’ll be able to almost guarantee your own success and profit.
In the franchising industry, the risk of commercial failure is notably low, and in 2018, fewer than 1% of franchise units closed citing commercial failure [British Franchise Association]. Beyond this low risk level, franchising also allows you to benefit from an existing good reputation and customer base, making the first few years in business far easier.
4. Demand is continuing to rise in the sector
The UK’s population is what’s described as an “aging population” – people are living longer, and as a result, there are more older people than ever in need of quality healthcare services. The percentage of the population aged 65 or over increased from 6% in 1990 to 9% in 2019, and is projected to rise a further 16% by 2050 [United Nation].
As the older population grows, the number of disabled older people grows. According to Age UK research, projections suggest that the number of disabled older people will rise by 67%, from 3.5 million to 5.9 million, between 2015 and 2040. The number of severely disabled older people, unable to perform at least one ADL (Activity of Daily Living) will also increase, by a projected 69%, rising to three million.
Evidently, as demand increases, supply will need to increase, and the healthcare industry will be growing for many years to come. If you’re looking to invest in a sector where you can help others and guarantee profit and demand, this sector is a perfect example of that.
>> Read more:
- Franchising 101: The Official Franchise Start Up Checklist (Part 1)
- Franchising 101: The Official Franchise Start Up Checklist (Part 2)
- New Year, New Career: No Better Time Than Now to Start a Franchise Today
- Franchising 101: 8 Signs You're Ready to Start a Franchise
- Starting a New Business Doesn't Always Lead to Immediate Success: Here Are 5 Ways to Change That
- It's Never Too Late to Start a New Business
Become a franchisee in the healthcare sector and enjoy all these advantages (and more!)
If you’ve come this far, you’re likely very interested in investing in a healthcare franchise, and after those compelling advantages, it’s easy to see why. Why not stay on the Point Franchise website and continue your research journey? Here are four great examples of healthcare businesses to invest in, and here’s what a day in the life might look like for a home care franchisee.
Cara Squires, Point Franchise ©