Why Healthcare Franchise can be a Hot Business Opportunity?
The healthcare franchising world has grown drastically over the last 10 years, especially in India. Entrepreneurs and startup owners that once started their own business sooner or later were seen investing in the franchising model for expanding their respective firms and brand names.
Wellness and healthcare brands like Dr. Batra, Sanjivani, Rits Healthcare Products, and many more are some of the healthcare companies that eventually franchised their brands for growing their businesses. In fact, the step has proven fruitful for all these brands, which eventually makes franchising a key model for business investment.
Thus, people that are willing to invest in the healthcare franchise business could target segments like pharmaceutical, nutraceutical, medical laboratories, hospitals, and others for establishing a fruitful career.
Healthcare: A Growing Crop in the Franchising Industry
Healthcare can be assumed as an evergreen segment for establishing and running a successful business. Existing healthcare franchisors often consider this as a money generating segment along with catering good health to the new age customers.
According to IBEF, “India’s healthcare industry is one of the fastest growing sectors, which is expected to triple its number by 2020. Meanwhile, the hospital industry in India is forecasted to increase to Rs 8.6 trillion by FY22 from Rs 4 trillion at a CAGR of 16-17 percent.”
But what makes the healthcare franchise a lucrative and profitable business option?
A Rewarding Business Idea
Without any doubt, the healthcare industry and firms associated with it is indeed a very rewarding segment. Healthcare is among those sectors that can prove beneficial for investors without any major obstacles like the generation of revenue if basic components like the business plan, market research, and others are properly checklisted.
The healthcare industry is both expensive and cheap at the same time. Therefore, the industry is a favourable destination for investors having good capital backup along with others that are willing to start their business with minimal investment.
The best part about this business is that it can be independent of any medical premises. A healthcare firm can also be initiated from home as well that eventually saves an absolute fortune on premises costing. For example, if a person is looking to invest in a medical laboratory business, he/she needs a minimum area ranging from 100 sq ft with an investment range between INR 50k-10 lakh.
- Investment: INR 5-10 lakh
- Area Requirement: 100-300 sq.ft
- Franchise Fee: INR 10000-50000
It’s a dream of every entrepreneur and the aspiring franchisor to make good money from the relatively low investment. This is where a healthcare franchise like a medical laboratory business could prove beneficial. These kinds of businesses in today’s time are designed to bring more volume, generating brand awareness along with expanding its footprints.
Since the industry will remain in high demand due to rising diseases and unstable human lifestyle, healthcare investors could make money easily from this business idea, adding successes to their kitty.