(Dentistry + Franchise)
In my previous articles, I have discussed on merger of entrepreneurship and investment possibilities with Dentistry.
You can check out the 2 previous articles by me on Dental Economics here
Here I have come up with the new and trending opportunity of combining
Dentistry + Franchise =Denchise
Do you have a single/multiple Dental clinic?
Have you been successfully running dental clinic?
Have created your clinic brand in last few years ?
Then as a Dentist you can take a leap into franchise business.
But the New slogan for you can be
Happiness is Having your own Dental Franchise
Even if your are Dentist who is starting his clinical career, in next few years you will be an experienced one. Dentistry like any other career has many stages to it. And once in to your growth phase (5 – 10 years in to your clinical practice) then you are more or less ready to make that jump in to franchise set up. All you need is planning, information and courage.
If you are not sure – which stage you dental career is in ? Then check this article.
This business illiteracy has put many dentists in dilemma; leaving them unsure about their future. I believe this is one of the primary reasons why many dentists are unhappy with their practices. Let’s get into the details of “Lifecycle” of your practice Yes, its a long journey of cycle …
As mentioned in the above article – once you are in growth stage then its time to expand.
Its the age old saying hit the hammer when the iron is hot !
This current article will give you ideas as to how can you
expand the Professional Clinic that you have built by your hard work.
Franchise – is an agreement in which an owner(Franchisor) provides licensed privilege to other firm (franchisee) to do business and offer assistance in
organizing, training, marketing, managing etc in return of monetary consideration.
But is it really feasible to plan about a Dental Franchise ?
How much fund its going to need ?
Is the investment will result in returns ?
Are you yourself in that position in Dentistry in terms of experience, financial backing & contacts to make this a reality ?
These are some of the major questions ahead of you as a Dentist !
Before franchising your Dental clinic you need to go through certain guidelines.
See Next Slide
The Points That you need to take care for
Expanding your Dental Clinic
Ø Dentist Profile
Before you even plan to expand you need to build your experience & resume. Don’t get worried by thinking you have many years yet to get there. Every journey starts with a single day and then it progresses.
Your Profile matters & you need to build it.
Have a target to achieve these profile goals.
- Add the much needed years of experience in dental field
- Be a Renowned and recognized Dentist
- Must have trained junior dentist, assistants, colleagues, receptionist and other needful staff
- Mastered the ability of entrepreneurship like HR, finance, Sales, marketing and so on
- Habit of updating with the new technology coming up in dentistry
- In-Practice of attending workshops and seminars
Ø Clinic Profile
Before you jump in to the plans to start a franchise, you need to build up your own practice and make it profitable. Then only you will have the confidence and the know how to run a successful dental franchise.
Targets to achieve in your clinic before franchise expansion
- Be a Well-Known Dental clinic
- Have regular to lots of patient flow
- Build contacts and have an excellent team of Dentist
- Uniformity in treatment and procedures conducted in the clinic
- Organized and efficient staff
- Proper protocol for sterilization methods
- Updated terms, rules and regulations of your clinic
If this is the current scenario, of your clinic & you feel the confidence (Socially & financially)then you can add franchise option to it. Don’t hesitate to entre franchise business only because you are a dentist but turn the table around and think what all you can add to dentistry than working in clinic.
Ø Franchise Model
Steps to start your Dental Clinic Franchise
Registration of franchise with Ministry of Corporation affairs and filling up the form of franchise disclosure document.
Create a standard franchise agreement which basically involves – franchise fee, royalty module, license fee, renewal/termination terms, equipment and supplies terms and conditions, payment terms and so on
Select the location to start franchisee for your clinic
(Prefer the location where there is maximum recognition of your clinic’s brand)
Appoint the most deserving Dentist for your franchisee
Prepare the growth chart as to how you would like to proceed further in your franchise business
NOTE – You can also hire a lawyer to complete
all your legal work related to starting up your franchise.
Once you are done with all the legal procedures
you can start with franchising your Dental clinic.
And if you are comfortable and confident with the
franchise process you can slowly move to other locations i.e Nationwide.
So now with the Dentist tag you have also attached Franchisor tag to your profile.
How to Structure your Dental Franchise and Success !
Dentist + Franchisor
As a franchisor of Dental clinics
you need to keep few things on roll
- Continue with Dentistry but on a wider scale
- Don’t limit your training/teaching procedures to dentistry but impart your staff with your entrepreneurship qualities as well
- Keen look on the running franchisee
- In-between audits
- Check weather all the protocols are followed
- Better you train the franchisee better you will get the returns
Franchising your Dental clinic should be hassle-free process. You need to keep up your pace with the market scenario and then move ahead. Keep yourself and the franchise terms updated with the market.
Remember – Maintaining your Dental clinic brand is very important in franchise business
Always try to raise and improve your Dental clinic brand and keep moving towards the big market/industry of franchise business. Become an excellent franchisor just as you are an excellent Dentist.
And then see, how dentistry can do wonders in franchise business.
This is not impossible ! It has been dome before and will again be done in the future.
Keep accessorizing Dentistry with all the new opportunities trending in the market.
And lastly, as I always say –
“There is so much you can add to dentistry than just working in a single clinic.”
image credit : PicLogo
You might be feeling that – its not possible ! Only big hospitals like Apollo, Vasan etc can manage to open franchises. But once upon a time, they also made a start.
If you research then you will find many successful dental franchises being run by Dentists like you & me, in India and in all of the world. We have given a list of the most successful dental franchises at the end. Have a look !
Check out this list of the World’s Top Dental Franchises. Two of then are from India.
You will be amazed to see the millions that are spent on infrastructure and practice. These dental chains are having a turn over of millions of dollars. Thats the corporate dentistry in it’s full glory.