As Australia faces the realities of an aging population, the franchising sector has seen a new area of healthcare based businesses boom. When we think of franchising the first thing that comes to mind is likely QSR operations or home services such as those offered by the Jim’s group, however, as Australian businesses adapt to meet the needs of aging consumers, the popularity of healthcare based franchise businesses is on the rise.
The country as a whole is facing somewhat of a crisis with a lack of adequate services for older residents. This has resulted in a rise in the number of senior and home care franchises, as well as other complimentary services including urgent care centres, medical equipment and supplies providers and assisted living facilities. However it is not just businesses catered towards the elderly that are thriving, with chiropractic, dental, massage, sleep therapy and walk-in clinics also adopting the franchise model.
While this trend of healthcare providers operating within the franchise industry is fairly commonplace in the U.S.A, in Australia the concept is fairly new to market. Consumers are already beginning to see the benefits, with the franchising model offering a level of consistency and quality that is replicated across all locations.
A major benefit of the franchising model is that it offers consumers a recognisable and consistent experience. Healthcare as an industry sees extremely high levels of brand loyalty, with consumers often visiting the same doctor, dentist or even masseuse for the duration of their life. In circumstances where this is not possible, the franchising model allows consumer to interact with a business and process they are comfortable with, no matter which location they visit.
Franchisors are able to leverage this brand recognition to rapidly grow their national customer base. The franchise models ability to offer a large national network of locations is a selling point for consumers, who are more likely to choose a brand where they know they can get the same familiar experience no matter where in Australia they are. Once one location has built a relationship of trust with a customer, the whole network will benefit.
For many healthcare based businesses, the franchising model offers a growth system that allows them to expand rapidly to meet the existing and growing demand brought on by the countries aging population. In particular in-home care and senior transport services are experience high demand, and a lack of existing services has left a gap in the market for new ventures to operate.
It is not only direct healthcare providers that are seeing an increase in demand. The rapid growth in within the sector has resulted in a need for more secondary and related services, mainly complimentary services such as administration, medical billing and supplies.
This trend of healthcare providers entering into the franchising sector provides an exciting new area for investors, and current franchise owners to diversify. As the demand for healthcare is only rising, such franchise brands offer a sustainable model that caters to an ever-growing audience.