Tips to Decide If Health and Wellness Franchise Opportunities Are Right for You

Health and wellness. A huge industry in the United States, and one in which mega growth is predicted. Research from McKinsey & Company shows that this industry, which encompasses sub-sectors that range from care services to personal training and everything between, is:

• Currently valued at around $1.5 trillion worldwide

• One of the fastest-growing industries, growing (and likely to continue to do so) at between 5% and 10% per year

• A priority for increasing numbers of health-conscious people

If you are considering buying health and wellness franchises, you could be making a good move. 

But do you know enough about the industry?

In what sector could your experience and talents be best employed?

What are health and wellness franchises?

A health and wellness franchise is a type of business that provides services (and products) to customers in the realm of fitness franchising, home care, personal care, healthy food, health care, and even health vending.

The benefits for franchises include: 

• It allows you to set up a business under a known and reputable brand name

• Franchise owners usually provide comprehensive training to new franchisees

• You usually receive support services to help your franchise business grow and prosper, such as ongoing support and advice in marketing and sales

Do you have the knowledge or experience to be successful in the health and wellness franchise industry?

One doubt that our clients often express is whether investing in health and wellness franchise opportunities is right for them. They doubt they have the experience or knowledge necessary to be successful.

It’s really a question of matching the best business opportunities to your unique personality and industry acumen. Business opportunities exist in many sub-sectors, including:

• Life insurance

• Nutrition

• Low carb

• Massage therapy

• Medspa businesses

• Women’s health

• Addiction recovery

• Gym and fitness

• Homecare

• Personal care

• Hormone therapy

And even if you don’t have direct experience in the line of health and wellbeing you are considering, your passion and motivation may be enough for a franchisor to accept your application. 

Don’t forget, you will usually receive training and support from the franchisor. Often, the guiding factor in their decision will be your propensity to be successful, and franchisors run successful franchise businesses because they are exceptionally good at spotting those who would make good franchisees.

How do you know if a health care franchise is for you?

So, how do you know if a franchise in health care is right for you? Things to consider before buying a franchise business are:

1. Your personality and skillset

The closer the match to the franchise for sale, the more successful you are likely to be.

2. Finances

It’s crucial to understand the financial aspect of buying and owning a franchise business, before buying and owning a franchise business!

3. How you want to work

Owning a franchise business is not like owning an investment fund. You should be prepared to put in the effort required ─ and be rewarded accordingly.

4. The training and support you need

There are three areas you should focus on when considering this:

• The training and support you need from the franchisor

• The support you will receive from your family and friends

• What external, unbiased guidance will benefit you, in the short term and the long term

When we help our clients on their franchisee journey, we view it as a long-term relationship. This starts with the honest, impartial, non-emotional, and non-judgmental appraisal of suitability, and progresses through continuing support of the client's needs throughout their life as a franchisee.

We also help you to find franchise business opportunities that not only satisfy these four conditions of selecting the right franchise for you but also the two golden rules for finding stable franchises:

• Invest in a franchise that has a long track record of success

• Invest in an industry that is resilient (and health and wellness certainly fit this prerequisite)

To learn more, read our article, ‘How to find the right franchise if you want stability’.

Where do you start?

Our recommendation is to always start with self-assessment. Before spending time researching franchise opportunities, you should make certain that this business model is the right one. 

Take our free franchise aptitude assessment today. It takes only a few minutes, and you’ll discover a huge amount about your business acumen you didn’t know before.

If you would like to then move forward, we’d be happy to talk to you confidentially and help you with questions such as:

• Do you have the financial resources to invest in this business?

• Do you have the time commitment to devote to this new venture?

• Do you feel confident in your ability to manage the day-to-day operations of a business?

• What support and training do you need to be successful?

• What are the best health and wellbeing franchise opportunities for you to buy?

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