Healthcare is one of the major sectors in India in terms of revenue and employment generation.
Franchising is the global watchword in the healthcare sector. However, in India, the franchising concept in healthcare is still developing. According to the Confederation of India Industry, 17% of the global healthcare business is done through franchising, while in India, less than 3% of the industry follows the franchisee model.
The franchise model offers numerous conveniences to medical professionals who wish to step into the healthcare business:
1. Brand name
Associating with a well-known brand gives you the advantage of instant visibility and reduces your risk. It equips you to offer excellent facilities without having to invest a fortune. In India, franchising with a reputed brand costs around Rs. 10 to Rs. 20 lakh. The required financing can be arranged by availing of lending facilities like a business loan for doctors up to Rs. 55 lakh and loan against property for doctors up to Rs. 5 Crore, which are gaining popularity in the market today.
2. Business ownership
You remain the business owner and can utilise your entrepreneurial capabilities within the comfort of an established system. You also get tremendous support in setting up the outlet.
3. Expertise and domain knowledge
The franchisor company brings years of experience and domain knowledge which will help you immensely in running the business.
4. Marketing support
The franchisor offers you support in marketing and promotional activities. With the kind of experience they have, they will be able to guide you in making marketing decisions.
Most well-known brands offer professional training to the franchisee staff. These training programs are very effective and come to you at an affordable cost.
The franchisor would offer technological and value-added services to all the franchisee units. You can have the advantage of running a technologically advanced healthcare unit providing world-class facilities to your customers.
7. Success rate
Since you will be implementing a tried and tested model, the risk of failure is minimised. The success rate in the franchise business is high due to support from the parent company. Franchising in India has been tremendously successful, with a success rate of 85%.
Bearing in mind the inadequacies of India's public health care system, it would be wise to explore franchise opportunities with healthcare brands in India or abroad. It can open a world of opportunities for you and propel you to success.
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