Franchise Spotlight: Health
The health industry is niche, but with a variety of franchise options.
This franchise sector can offer a variety of specialties; from beauty, to care, to healthcare equipment.
And none are an easy entry into health-based entrepreneurship, so firstly you must decide whether health is for you, and then what kind you’re looking for.
Overview
- Improved healthcare and lifestyles are the main attributes for the increase in life expectancy
- The Health & Beauty market is due to grow by over 21% in the next five years
- Almost 190,000 additional elderly people will require care by 2035
- Life expectancy is increasing: women born in 2015 can expect to live up to 8 years and men, 79.1 years
About the industry
Technological advances have never grown at a faster rate, especially in the health & beauty industry. The UK’s aging population is also growing, and so with more and more people living over the age of 65, there is a greater need for health services.
Most elderly people prefer to receive domiciliary care rather than move to a nursing home, and the number of clients with complex care needs who still live at home with the support of home care services is growing.
The earning potential in health franchises heavily depends on the number of employees you have or the number of care hours you are supplying.
The type of contracts you handle will also make a difference on the amount of money you can expect to earn; for example, if you are supplying specialist staff that
Another example is in the health & beauty industry where which your profits will depend on the type of treatments you are offering – for instance, CoLaz offer skin and hair treatments which range in prices and vary in one-off custom or returning business.
The franchise model
Building up a good reputation and refining your procedures can take many years; owning a franchise will help you operate under an established brand name and tried-and-tested infrastructure.
The franchisor will also take care of the legalities and have professionals in place support your business so that you remain compliant with any guidelines required to be upheld in your industry.
Is a health franchise for me?
You don’t have to have a medical background to own a health franchise, however, all franchisees will be required to go through extensive training before being able to treat or care for clients.
You will also need excellent business acumen and networking skills to be successful in this industry.
Owning a health franchise will suit an entrepreneur who is driven by humanitarian interests; knowing that you are making a positive difference in someone’s life should be a big motivation for a health-based franchisee.
You must able be highly-motivated and passionate about giving a high-level of care, confident in learning and managing new systems, and with a keen willingness to learn.
You must also have a level of compassion and patience, there will be stressful situations that you will need to manage in a calm, rational manner.
To help solidify your decision, spend time talking to existing franchisees about their personal experiences, this may help you decide which healthcare franchise is right for you.
The initial investment costs, which can range from £16,500 to £36,000, will also determine which opportunity will suit your budget. Once the purchase goes through, you will be given training and business coaching that will be tailored to the company’s operational procedures.