Start your own Healthcare Franchise
If healthcare interests and you would love to be self-employed then you could get your own healthcare business off the ground. Demand for private healthcare is growing, whether its elderly care or foot care, and there are numerous options to explore. The present blog enlists things to consider as you get going. Healthcare is one of those services that will always be in demand for sure. Thus, it is a viable sector for entrepreneurs
The opportunities for a healthcare franchise are manifold and copious – from home care to yoga, foot care, dentistry and ultrasounds. While the NHS offers multiple affordable treatments, it doesn’t cover everything, like massage therapy, and many people are keen to skip the long waiting lists. The perks of a healthcare business include being able to work from home or operate a mobile business often on your own hours, and the satisfaction of improving someone’s wellbeing. However, these businesses can be complex and expensive to set up, due to the compliance and equipment needed.
As with most other business, doing background research sets you up for success. Here are some tips on getting started.
- Choose your specialty
There are various different kinds of healthcare businesses. From fitness to live-in-care –any business with products or services improving someone’s physical, mental or emotional health generally falls under this sector – from fitness to live-in care.
You must consider what you’re passionate about, if that’s working with children or the elderly, and then determine the specific type of service you would like to offer. Select a service that is franchise-able, then begin to draw up your business plan, deliberate about how this service influences the business premises, equipment, staff and marketing you’ll require, to get a good early idea of costs.
- Know the qualifications needed by healthcare providers.
When you begin off a healthcare business, it is required on your part to establish who will be providing the care. Since healthcare businesses look after people’s wellbeing, you need the apposite qualifications to operate compliantly and ethically. The Care Quality Commission (CQC) will scrutinize these when you register your business, so if you don’t have them, you cannot trade.
However, that does not imply that you have to hold all the qualifications yourself. A background in healthcare is preferred, however whoever offers the care needs the qualifications. If you are’nt planning on tending to clients directly, you can hire the most qualified staff. This is particularly true with a healthcare franchise, as your role as franchise partner will often be managerial and developmental, rather than to provide the services.
Different healthcare businesses demand different qualifications, so it’s beneficial to familiarise yourself with these. Physiotherapists, for instance, need a degree or equivalent level qualification in physiotherapy. They also require work experience before registering with the Health and Care Professions Council (HCPC).
Some healthcare franchises, like those providing massage therapy, may not require formal qualifications to begin. However, credentials never hurt when it comes to attracting clients.
- Know the legalities
When dealing with people’s health, secure and compliant care should be your first priority. Depending upon your service, it will be required on your part to follow a strict set of guidelines to ensure you’re compliant and aren’t compromising your patients’ health.
Most UK based healthcare businesses need to register with the CQC. If your business is based in Wales,it will be required on your part to register with The Care and Social Services Inspectorate Wales (CSSIW), and The Care Inspectorate if you’re in Scotland. Failure to do so can put you in breach of the law, as stated in the Health and Social Care Act.
It’s always a good idea to seek professional advice from legal specialists, who can ensure that you comply with all the rules and regulations relevant to your service. You can also speak to them about the kind of insurance to consider setting up, so that if anything goes wrong, you’re protected economically.
- Choose your location
Location is vital and the type of business you start should influence it. People prefer healthcare that’s opportune. If you like to work with children, consider locations near schools, or where many families reside. If you like to open a dentist practice, try positioning yourself near offices, where clients can book appointments during their lunch hours.
Depending upon your business and budget, decide if working from home is a viable first option, or you need alternative premises. You may appeal to peeps more if you’re totally flexible, as you can offer services in the comfort of their home, however it’s not suitable or preferable for everyone.
- Include technology in your business plan
Owing to technology, the health sector has changed rapidly over the last five years. Presently, patients are no longer passive participants in their healthcare. They like to take greater ownership of their health, and technology is letting them do so. For instance, fitness apps are well received by people which count footsteps, measure running distances and plot personal progress.
If you desire a more attractive offering and competitive edge, you should consider incorporating technology into your business. Think about which digital products you could include to make your services more convenient, accessible and personalized.
For instance, this can be a chatbot to answer health-related questions 24/7. Your digital offering can also include video consultations, an app that monitors responses to treatment, or an online feature that lets clients book appointments and get reminders.
Having said that, you must avoid to incorporate technology just for the sake of it. Leverage what makes sense for you, which will add genuine value to your clients and business. Market research and asking present/future clients what they’d find valuable can be of great help here.
These digital products will likely deal with people’s data, so remember to ensure that they’re compliant with the General Data Protection Regulation (GDPR) as part of your legalities. Go for building your digital offering on GDPR-compliant software, which large technology companies often offer.
- Find the right funding
Healthcare businesses can be cost-effective – offering mobile foot care services is one great instance, as you’ll have low overheads and high profit potential. But, they can also be expensive, requiring specialist medical-grade equipment and supplies, or salaries for highly qualified employees.
When you work on your business plan, consider all your potential expenses and then seek out appropriate funding. Start-up loans or crowdsourcing are included in the options. Some lenders even specialize in loans and funding for healthcare businesses, so it’s worth looking around. And if you’re joining a franchise, most offer highly competitive funding solutions that can let you make your dream a reality.
For any queries, feel free to contact Franchise Insider.
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