There are many different routes chiropractors can take within the industry. They can independently own a practice, become an associate for someone else, partner with another doctor, join a management group or become part of a franchise. While everyone is different and any of these options can be a good fit, there's one that provides exceptional support and guidance to those wanting to open their own practice.
Joining a franchise can help you own a highly profitable, dynamic practice that is based on your personality and goals. If you're thinking about joining a franchise, let's take a look at what the first year is like.
The First Year
You've just signed the franchise deal and are officially a business owner. While this is exactly what you've been working so hard for, owning a business can be a lot to take on.
The first year of owning a franchise is no doubt the hardest and there will be a lot of long nights, hard decisions and sacrifices along the way. Thankfully, the franchise system ensures you are not alone and are supported by a large group of passionate people who are invested in the same company.
What School Didn't Teach You
In your first year of franchising, you will learn so much about business operations that chiropractic college didn't prepare you for. While you can be a great chiropractor, there's more to owning a practice than doing adjustments. From hiring staff to budgeting and marketing, there are endless things most people don't know about that need to be done to efficiently and successfully start a business.
Systems, Processes and Training
With franchising, there are set systems and processes that will help you accomplish all your new entrepreneurial duties. Franchises provide a motivated management team to help you kick-start your business and succeed in your first year open.
Most franchises also have great training courses for new franchisees that will teach you everything you need to know about owning a chiropractic practice. Additionally, franchise management teams typically help hire and train staff so you have a strong team to support your practice.
With all the support that franchise systems provide, you will feel confident in your decision to become a business owner, regardless of your previous experience.
A Community of Resources
While having a management team to help you get started is extremely beneficial, a franchise system also provides you with a community of doctors who have the same goals, passion and philosophy as you. You can work as a team to bounce ideas off of each other and grow your businesses. There will be other new franchisees in a similar position as you, seeking advice and still working to grow their franchise; as well as franchisees who have experience and can offer great advice.
With so many people you can reach out to as resources, a franchise model perfectly sets you up to receive feedback, learn from others and improve in multiple areas. Being a part of a large franchise with many like-minded people is a great way to set yourself up for success and be a part of something beyond your own practice.
Not Just for New DCs
Franchising is a great option not only for new chiropractors, but also for those who have been doing the same thing for a while and want to branch out. It's never too late in your career to join a franchise and make the switch to a more reliable and supportive business model that will ultimately increase profitability.
The franchise you are a part of wants you to succeed just as much as you do, which is why it will devote time, training, money and more to ensure your success.
Looking Beyond Year One
Looking past the first year in a franchise, there are so many opportunities to grow beyond owning just one practice. Franchising gives you the option to expand and own multiple practices. Deciding to franchise is a great investment for chiropractors who want to own their own business, but also want to have support and proven systems to guide them along the way.
Practical Takeaway
The first year will be a learning experience, but you will be surrounded by a group of people who will motivate you to be the best chiropractor and entrepreneur you can be. Through systems, processes and a team atmosphere, chiropractic franchising can help make your career dreams into a reality.
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Some doctors thrive in a personality-based clinic and have a loyal following no matter what services or equipment they offer, but for most chiropractic offices who are trying to grow and expand, new equipment purchases help us stay relevant and continue to service our client base in the best, most up-to-date manner possible. So, regarding equipment purchasing: should you lease, get a bank loan, or pay cash?
