Sep 24, 2020
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How Doctors Can Improve Their Revenue Streams with a Franchise

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Physicians heal thy business. We sometimes don t think about doctors dentists psychologists lawyers and folks with prestigious professions as business owners but without a doubt they are. In case you re hiring people to work on your medical practice and you have patients or clients you have a business

 

And like all business when you have good days and bad days. That s why I ve noticed that doctors dentists and other medical professionals are increasingly adding to their revenue streams by investing in a franchise. Listed here are some good reasons to think about it in case you haven t already as well as some tips about the way to avoid potential pitfalls

 

You (probably) have the cash to buy a franchise. That s one reason I think more and more physicians have been buying franchises. Unlike the solopreneur who is working as a working laptop or computer coder or a contract writer when you have the marginally deeper pockets (no offense to those professions) to buy a franchise which usually might be a minimum of $200 000

 

It s also easier that you can get a loan for a franchise since you have the experience of running a totally staffed business which tends to make you a gorgeous borrower. Banks desire to know that a franchise owner is probably going going to achieve success enough to pay them back

 

A franchise can bolster your existing practice. I m not suggesting that case in point a psychologist should ever say to a patient You recognize you would like to get out more and do something fun. By the way I own an escape room franchise and happen to have a coupon for 10% off … Obviously you have a large number of power in your profession and you want to use it responsibly and ethically

 

That said when you have signage placed within the lobby of your brick-and-mortar franchise that lets your customers know that Dr. So and So owns this place that could turn out to be translating into more patients. PROMOTED UNICEF USA BRANDVOICE | Paid Program
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Some franchise owners turn out to be with not one franchise but two three or more. Depending on how successful and impressive you are you would possibly even find yourself having your personal little mini-empire where you re running a successful practice and one or two or more brick-and-mortar franchises

 

However before you do something big like buying a franchise I’ve got some suggestions. Research is vital. Not all franchise systems are well-run. You want to do a large number of homework before you purchase a franchise. Check with other franchise owners and see if they’re happy or have regrets

 

Ask the franchisor a million questions just as you’ll a patient. You want to determine whether the franchise is healthy or sick. You furthermore may simply desire to make sure the franchise model is right for you. You are able to love a restaurant brand and think it’d be wonderful to own a franchise and do something totally different than medicine

 

You may be right or nevertheless you are able to change your mind when you know it ought to be staffed from 6 a. m. to midnight and you only can t imagine having to someday fill in for a sick employee and manage your staff at 11 p. m. on a Saturday night

 

Potential pitfalls. There are various but in case you re aware of that that s half the battle. A large number of would-be entrepreneurs fall into the trap of thinking that franchising is easy. They buy the system thinking it runs itself. No not quite. All franchise owners ought to be engaged when running a franchise

 

You are able to hire the correct people to run it without a doubt but in case you don t hire the correct people or they quit you are able to ought to get more hands-on with your small business than you were expecting. Additionally training is important. Will you as a brand new franchisee receive a large number of training and ongoing support so that you aren t left on your own devices after the training is over? Is there simply an excessive amount of competition? Owning a franchise and running your personal business is an intoxicating and exciting experience but you have to be someone who loves the idea of owning a business instead of just earning money — which leads me to my next piece of advice

 

Make sure it is the correct time for you. Just as a specific franchise will not be best for you you may be thinking about buying the correct franchise on the wrong time. In case your kid is getting married next June you most likely don t desire to open for business in May

 

Nevertheless like having a toddler in some ways nobody is really ready to buy a franchise or start a business. There often isn t a perfect time to tackle a brand new challenge. Sometimes you do exactly have to leap in and see what happens. And if all goes well you are able to find that purchasing a franchise is just what the doctor — um you — ordered

 

Forbes Business Council is the main growth and networking organization for business owners and leaders. Do I qualify?

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