You have your own few dental clinics, and now you are considering franchising them. But you are still hesitant because you think it may or may not be a good decision. Well, there is no wrong or right answer when it comes to this; it all comes down to your preference. Whichever option you choose, focusing just on general dentistry is still lucrative.
In this article, we give discuss some of the major differences between chains of dental clinics and dental franchises to help you make the right decision.
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What is the difference between a chain and a dental franchise?
Ownership is the main difference between chain and franchise. Chain clinics are owned by an individual who manages all the clinics. The term “chain” basically refers to a business with a handful of locations. On the other hand, dental franchises are owned and operated by a managing company or investor.
These dental franchises are sometimes called Dental Service Organizations [DSOs], and they offer several offices and locations under the same brand. It is worth mentioning that these dental franchises can be confined to one region or spread across several states or even countries.
Understand the pros and cons
Once you have understood the differences between the two business models, you need now to weigh their pros and cons. In chains, you will be involved in the entire running of the dental clinics. You can see the clinics growing from scratch. You will also be able to enjoy the profits all to yourself as well as set your own rules and policies regarding how you run the dental clinics. The downsides of the chain is that you accept all the risks on your own as well as handle all the tasks that come with running the clinics. You also bear all the clinics’ expenses.
On the other hand, with a dental franchise, the managing company takes care of all the administrative tasks for you, so you don’t have to worry about them. You are also able to share risks with the managing company. And lastly, the managing company will be responsible for expenses related to branding and any other operational expenses. However, the downside is that you will share profits with the managing company depending on the contract. The managing company will also be one to set out policies to ensure the clinics’ consistency.
Consider your long term career goals
Making the decision to franchise your dental clinics also majorly lies in your long-term career goals. If your ultimate goal is to own as many dental clinics as you can, then franchising them isn’t a wise decision. But if you are thinking about having your own franchise eventually, you can go for a dental franchise.
Should you franchise your chains of dental clinics?Franchising your chains of dental clinics is a major decision that you cannot take lightly. You need to take into consideration some of the things highlighted above. All in all, franchising your dental clinics is a great option, especially if you lack time to handle all the tasks that come with managing and marketing dental clinic. Adopting a professional attitude to all aspects of digital marketing is crucial in promoting a dental clinic. What’s more, dental franchisees have a higher overall success rate than private practices.