Are You Qualified to be a Medical Franchise Owner?
That’s a question we are asked every day. People say things like: It sounds wonderful, owning a medical spa and helping people look and feel better. I like the idea of being in that environment and using the services. I also love the idea of having a profitable business. But am I qualified?
The answer is a hard maybe.
Great! I… wait, maybe?
Yes we are optimists, but we don’t yet know all your qualifications. Let’s walk through why you might be qualified – or might not.
Qualified to be a Medical Franchise Owner
First, in the majority of markets you need not have a medical degree or license to own a medical spa. That’s the good news. If you’re a seasoned and smart entrepreneur, this may be a great investment and business for you.
That said, an entrepreneur who lacks a medical degree and license will be required to employ a licensed physician who is, or can become, properly trained in the BHRC service offering. You may employ a licensed doctor to work in your clinic serving clients, or they may act as a medical director providing management oversight of other medical professionals. Only medical professionals can make medical recommendations, decisions or provide services. And this is a great thing for everyone involved.
If you are a doctor or a PA (physician’s assistant), MA (medical assistant) or RN (registered nurse) with business acumen and desire to own your practice then welcome to the front of the line. You are quite possibly a perfect candidate. PA’s, MA’s and RN’s owning a BHRC franchise will be required to have a licensed physician on staff or providing management oversight.
(We’re generalizing, of course, but if you are interested in learning more about owning a BHRC, you can and should click here and contact Jim Bender or Dennis Fuller, and they can furnish more details.)
Operating a Medical Spa is not like operating a medical practice – but close. Yes, there are many details and processes that must be managed carefully. Yes, there are medical laws and regulations that apply. The good news is you have a partner in the business who will provide the systems, train you in the processes and help you with compliance. The professional support staff at BHRC has mastered the processes you need to follow. One great benefit is the fact that the BHRC business model does not include insurance claims or the complexity of billing the insurance industry or cash management issues related to collecting receivables.
That being said, owning and running a medical spa is a complex business. First, you must be focused on achieving every client’s goal to improve their health and beauty for a more enjoyable and fulfilling life. Second, you must be detail oriented in every aspect of the operation from client interaction to record keeping. Third, you must have a passion for the business you own, and love being immersed in its success. Do not fear. You will have a clinic general manager and many medical professionals who perform the daily functions. You establish the vision and culture that can only be provided by the owner.
You have some money in the bank. Unfortunately, this isn’t a business you can do on the cheap. Quality results depend upon high performing medical equipment at the hands of experienced and proven medical professionals. Many refer to our medical professionals as ‘artists’. Of equal importance is the environment client’s associate with and expect of our brand and operations; and it is a long way from a medical practice. We generally suggest having at least $259,000 in the bank and a minimum net worth of approximately $1M for a single BHRC clinic
You have to like profits and positivity. As noted, there are a lot of moving parts to this business, but for the right people, it’s well worth the complexity. For starters, this is a growing industry. According to the American Medical Spa Association’s 2017 Medical Spa State of the Industry Report, the medical spa industry has been posting double digit revenue gains since 2010. It’s a $4 billion industry, and by 2026, it’s expected to hit $6 billion. Americans of all ages, including Millennials, are driving this trend that will continue to increase over time. We will show you the actual profitability of locations owned by both franchise owners and the company if you decide to investigate the BHRC opportunity in more detail.
Best of all (and unlike a typical medical practice) you aren’t giving patients bad news. You’re giving them good news. Yes, we can fix these lines. Yes, we can remove that fat. Yes, we can make you look and feel better. It is a fun and wonderful business.
We hope you decide to investigate the BHRC offering further. Let’s plan to spend a few minutes on the phone together to answer your questions about being qualified. But if you conclude that you aren’t, we hope you aren’t too disappointed. You may want to visit a BHRC. We specialize in making people feel better.