Summary: Explore some of top reasons and market advantages of buying and starting up a medical related franchise business today.
It’s no secret that the health care industry in the U.S. is one of the most profitable and that it continues to grow at a blistering rate. By all accounts this growth trend should continue unabated into the foreseeable future providing a myriad of market opportunities for savvy entrepreneurs to start profitable health care and medical related businesses. In this article you will find some of the top and most compelling reasons to consider buying and starting your own medical related franchise or business opportunity today. This includes information about some of the inevitable and emerging demographic and economic trends in the marketplace that bode extremely well for the health care industry in general. I will also discuss some of the advantages that buying and starting a franchise can offer to entrepreneurs who want to maximize their chances for success.
Population Trends: With the inevitable and rapid aging of the huge baby boomer population it is estimated by the US Census that by the year 2030 over 70 million Americans will be over the age of 65. This huge demographic shift will undoubtedly spawn enormous market opportunities in the health care and medical industry. Small business owners and entrepreneurs who have positioned themselves correctly to serve the growing senior health care market should by all estimates do well.
High Growth Industry: The Health care industry in general is the fastest growing industry in the US with the demand for medical related services growing rapidly as well. According to the US Bureau of Labor it is estimated that the healthcare industry will generate 3.2 million new wage and salary jobs between 2008 and 2018 all due mainly to the rapid growth of our senior population. And given the fact that health care spending has proven to be very recession proof, this growth trend should provide entrepreneurs with a lot of confidence going forward about starting new businesses and franchises that provide medical related services.
Health Care Costs: Another factor that bodes well for starting a medical franchise is in fact the continuing rise in health care costs for the average consumer. The non-stop rise in health care costs and the declining limits of health care insurance coverage is now making it more feasible for entrepreneur’s to develop businesses that can provide direct to the consumer health care and medical related services. A good example of this trend would be the rapid emergence of independent medical lab testing businesses where consumers can walk in, pay cash, and order any number of medical tests without a Doctor’s prescription. Many experts believe that this trend of providing direct consumer access to many traditional healthcare and medical services has only just begun.
Increase Your Chances Of Success: One of the biggest advantages of franchising vs. launching a startup is that it allows you to go into business for yourself, but not by yourself. Most small business experts agree that this well documented dynamic should ultimately increase your chances of success. There are in fact many medical related franchise opportunities available today that can legitimately tout having a proven and successful business model that you (and your advisers) can verify as part of your due diligence process before moving forward. This includes the invaluable opportunity to chat with current and established franchisees to get a hopefully unbiased perspective about the market viability of the franchiser’s business model.
Thinking of starting a medical related business? You can explore a number of medical opportunities here.