Medical Franchises: 3 Health Care Franchise Opportunities to Know
You know you want to invest in the field of medicine, but you’re unsure of the best way to do it. There’s always the option of joining a franchise within the medical industry – but how do you know which opportunity is best for you and your portfolio? Medical franchises may seem similar, but there are some major differences between each opportunity. Learn more about their pros and cons and how a franchise like Always Best Care could be the best fit for you.
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Urgent Care Franchises
Designed to be more convenient than going to the emergency room, urgent care franchises have the ability to treat infections such as the common cold, flu, strep throat, and UTIs. These types of franchises are also able to handle minor ailments including sprains, simple bone fractures, and small cuts needing stitches. Urgent care centers are a very popular medical franchise opportunity – some individuals even use their local urgent care in place of having a primary care physician.
And while people will (unfortunately) always have emergencies, the frequency at which people come in to use these services is unpredictable. Meaning some days could be very busy, putting strain on your staff, and some days could be slow, resulting in too many employees on the schedule. And with the recent mass exodus of employees leaving the field of medicine, maintaining a strong team could prove to be challenging. It’s also important to note that many urgent care franchises have hefty initial investment costs.
Dispensary Franchises
Also known as cannabis franchises, this type of investment has grown in popularity as the movement to legalize cannabis has continued to gain momentum. More consumers are learning the benefits of using dispensary products, and sales are estimated to only increase. According to CNN Business, the U.S. cannabis market is projected to grow in the coming years – hitting $45.9 billion in sales by 2025. With the industry primed for growth, now may seem like the ideal time to join in a cannabis franchise. However, there are some caveats to this type of investment.
While there are a number of dispensary franchise opportunities across the U.S., territory availability can pose as an issue. Given that many states have still not legalized cannabis, opening a dispensary franchise near you could be difficult – especially if you live in one of the aforementioned states. Equally as important, cannabis is still not legal at the federal level and therefore dispensary franchise owners cannot apply for SBA loans, limiting funding options.
Home Care Franchises
This type of franchise may not be as exciting as urgent care centers or as trendy as dispensaries, but home care franchises offer a unique opportunity to help others without requiring heavy startup costs. Home care franchises specialize in providing health care but also non-medical care, allowing for a diverse set of services. Caregivers work directly in clients’ homes and can help with many tasks including: dispensing medication, cooking meals, offering conversation and companionship, running errands or providing transportation to doctor’s appointments, housekeeping, bathing and mobility, in addition to much more.
These types of medical franchises tend to be cost efficient to start. Given that all of the work is done on site at a client’s home, there isn’t a need for a large office space. Plus, the home care market is growing. Every day, 10,000 people turn 65 years or older, creating a demand for in-home care like never before.
Always Best Care: One of the Leading Medical Franchises
Since 1996, Always Best Care has been one of the top medical franchise opportunities in the industry. We’re one of the country’s must trusted providers of in-home care services. Our Continuum of Care allows our franchisees to be present for each stage of the life cycle, providing ongoing care to our clients wherever they need us. This business model gives our franchise partners the opportunity to generate multiple streams of revenue, by providing a plethora of services including non-medical in-home care, assisted living services, home health care, veterans care, and special services.
With initial costs ranging between $74,725 to $125,400 – including our franchise fee of $49,900, franchisees can capitalize on their investment with Always Best Care. Candidates interested in our senior care franchise must have a net worth of $200,000 and at least $100,000 in liquidity to be considered for franchise ownership.
If you’d like to learn more about our franchise opportunity, download our free ebook, and one of our franchise development representatives will be in touch.
