The elephant in the room…Why invest in a franchise when you’re already doing well? After all, there is a franchise fee and a royalty, right? Great question. And, it’s one you should be asking yourself if you’ve not already. Here’s a short article providing a few “reasons why.”
I recently received a question from a long-time client/Member considering a franchise with Wellness Springs Dental. He’s doing really well in his current office, however he wants to open additional offices. His queston: “Jerry, why should I pay a franchise fee and a royalty to you when I’m already doing well with this office and I just want to branch out and duplicate my success?”
It’s a great question. It begs another question from me to him: “How fast do you want to succeed and how much do you want to grow?”
Because, when you’re all alone, there is a limit to your growth. Example: without outside assistance and guidance, how fast would your existing growth happened? Access to the people, systems, and strategies decreases the time from $0 to success. It’s a struggle to be on your own. Most in dentistry are struggling. Some are and just don’t know it yet.
A good friend of mine has been incredibly successful as a franchisee. So have his two brothers. And it’s not all about the financial success side of the equation, either. As I write this, the three of them are in Arizona at the Barrett Jackson. They took their dad and walked away from their businesses for 5 or 6 days, mid-week, no stress, few concerns if any about their businesses while they’re gone. Lifestyle is really important to these 3. On the money side, they do very well. In fact, combined, I’d wager their monthly net income exceeds the ADA’s average dentist’s annual income from 2014 of $174,780.00.
So aside from a potentially better quality of life and perhaps a better income, why would someone choose to franchise, opening a new office under a franchised system, or, converting their existing practice to a franchise brand?
Here are just a few considerations…
- The initial franchise fee is a drop in the bucket compared to what most would charge for the initial training Wellness Springs Dental provides your entire dental office team. As an example, our WS University provides you and your team with five full days of education and training, covering virtually every dental business subject under the sun. Plus, ongoing regular training that never ends for your team, which you don’t have to provide. Ask yourself: Would you be able to grow your practice faster, more easily if you could eliminate some of the administrative tasks that a franchise could take care of for you? Would it make your life easier to know you had a partner as interested in how your team performs as you are?
- Franchising and the immediate and ongoing coaching you receive eliminates peaks and valleys of production and collections you’re likely experiencing or have in the past (or likely will in the future). With a franchise, you’ll have a “partner” that has your back to help you understand and anticipate peaks and valleys, thereby eliminating them and the uncertainty and stress that associated with them.
- With Wellness Springs Dental you get to maintain your focus on the clinical side…if you choose to. Or, if you have a desire to become the CEO of a large number of offices, you’ll have the support and systems to make that dream a reality. No one else will have your back like the folks at Wellness Springs Dental.
- When you’re in business by yourself, it’s incredibly difficult to scale, or grow your business (open 2nd location for e.g.) without a support team. Opening an office on your own without massive headaches, staff and additional doctor training, etc. is darn near impossible – often causing you to sacrifice time (and money) in the name of doing it “on your own.” (By the way, your banker doesn’t care you did it on your own nor will they reward you for increased level of difficulty!)Franchising can be a better way to increase the rate or SPEED with which you celebrate success. If you understand the principle of the Velocity of Money (the faster it moves, the more it attracts), then you’ll understand that success breeds more and more is attracted the more successful you become. Franchising with Wellness Springs Dental offers an experienced team of professionals to support our future plans.At some point, you might find yourself unable to fully handle or run the day-to-day operations in your practice — or perhaps you’re noticing your office manager or team leader (we call ‘em what they are: COOs or Chief Operations Officers) is reaching a breaking point where they’ll need to find their replacement in order to grow or open another office. Without support, for example, they’ll have to be servant to 2 masters (2 offices) and that = dilution and a chance for failure. What’s more it can also increase the frequency of peaks and valleys and the cycle starts anew. One person can only do so much. And, if you have a franchise like Wellness Springs Dental behind you to support you and your team, the growing challenges are ideally far fewer. And, you’ll potentially reach your goals far faster.
- When you’re solo or part of a small group, you’re all alone or darn close. When you’re part of brand like Wellness Springs Dental, you’re part of a movement that’s bigger than just you, the solo or small group doc, while getting an opportunity to make a significant impact and be a part of something far more meaningful than just being or doing it all on your own. It’s an incredible feeling.
- Royalties. Yes, virtually all franchises have a royalty component. Where most err is believing that a royalty is in addition to the overhead they are already working hard to control. What’s interesting though is that royalties can potentially REPLACE a lot of what is contributing to your overhead now. As an example, being a part of Wellness Springs Dental means you’ll never hire another consultant again. That alone amounts to a savings reaching upwards of $100,000 or more in a short period of time and perhaps hundreds of thousands over your career. A franchise like Wellness Springs Dental could mean potentially instant savings! Just imagine if a move to franchising could actually decrease your overhead?!
- We all take CE of some kind. When you’re part of a franchise, you have the opportunity to replace your source of CE. What’s more, Wellness Springs Dental provides ongoing training for your team and clinical CE for docs (provided by an accredited 3rd party). Plus, we’ll continue to gather best practices from all over the US and from different industries to constantly improve the experience of patients in our franchise system.Concerned about clinical autonomy? Don’t be. Our focus is on business so you can retain 100% clinical autonomy! Without your skills in providing unparalleled patient care, a discussion about business is irrelevant. The same holds true with business: Without administering and following sound business principals, you’ll have no one on which to provide exceptional clinical care.
- Many doctors find themselves facing a dilemma when it comes to having an exit strategy. Franchising can provide an exit strategy — to go from solo to retired and owning and being a CEO vs. outright selling, and other variations. Many times, franchised businesses can sell for a higher value due to brand equity, vs. a traditional, non-branded or even affiliated business.
- Making the transition from chairside to CEO without support or best practices on “how” to make it happen can cause major financial problems and unnecessary stress. With a support system within the Wellness Springs Dental family, you’ll be empowered with the knowledge and support to make that happen – when you want or are worse, forced to.
- Do you have a key employee? Most of us do. Without them, we feel like our business would struggle. Have you ever considered what would happen if yours had to be replaced due to an accident, etc.? Sure you could recover, but by being involved in a franchise like Wellness Springs Dental, the systems, people and support are there to help you ease into a new solution so you can focus on continuing to grow the business and/or do dentistry.
If you’re wondering why Wellness Springs Dental®, you can learn more here: