What’s franchising got to do with healthcare?
This morning, I met up with a friend of mine who’s in a different industry, and he’s thinking about franchising his business. For the uninitiated, franchising means you basically sell the “how to” for your business to other people so they don’t have to do all of the grunt work themselves. They don’t need to figure out the systems – you give it to them. Basically, what they’re buying from you is a business in a box. You might be thinking, what has this got to do with healthcare? Well, the processes you need to build a franchisable business are actually brilliant for building a strong business, no matter the industry. One of the main things you’ve got to do to get ready for franchising is to have your systems dialled in almost to the nth degree.
If you imagine someone buying your business and they don’t know much about running a healthcare practice, then you’ve got to build all your systems for someone who’s never done it before. And guess what? That’s like your staff starting in the business. So really dialling in those systems, thinking about all the different ways you do what you do, and bringing excellence to every part of your work is super helpful for getting a business ready for franchising. But even if you don’t franchise – and you probably won’t – it’s also fantastic for building a really successful business anyway. See you next time.