When most veterinarians decide they want to manage their own veterinary practice, they either start a new practice or take over an existing one. However, there is another option, which is to purchase or join a veterinary clinic franchise. If you want to open a veterinary practice but need some help, buying a veterinary franchise could be good for you.
Advantages of Buying a Veterinary Franchise
Buying a veterinary franchise is often easier than starting a veterinary practice from scratch. Franchisors usually provide a lot of support for new veterinary clinic owners, which can help you get your business up and running as quickly as possible. You can draw on the experience of people who know what is involved in starting a new veterinary clinic.
Buying a veterinary franchise often involves lower start-up costs than beginning a traditional practice. If you do not have the necessary capital to start a veterinary practice, and you do not want to or are not able to go into debt to finance your own startup, then buying a veterinary franchise could be an affordable option for you. With the support provided by the franchisor, you can quickly begin to make a profit and build a sustainable income for yourself and your employees. Many franchisors provide estimates of how much you can expect to earn after you purchase a veterinary franchise and how you can expect your revenue to grow over time.
Disadvantages of Buying a Veterinary Franchise
Although buying a veterinary franchise is a good option for many veterinarians, you need to consider a few potential disadvantages. In most cases, buying a veterinary franchise does not give you quite as much control as starting your own practice. Before you decide to purchase a franchise, it is important to find out everything you can about the franchise model. Read all documentation that the franchisor provides so you can be clear about how much control you will have over the way you run your veterinary practice if you decide to buy into the franchise. Do not hesitate to ask the franchisor to explain any terms that are not clear.
Is Buying a Veterinary Franchise Right For You?
There is no single right answer to the question, “Should I buy a veterinary franchise?” Every veterinarian has different goals, aspirations and needs, all of which can influence your decision. If you want to focus on providing the best quality of care for your animal patients, while the franchisor helps you out with managing the business side of running your veterinary practice, then you may choose to join a franchise model. On the other hand, if you want to retain full control over your business, then you may prefer to go it alone.
How to Decide Whether to Buy a Veterinary Franchise
Whatever choice you ultimately make for your veterinary career, it is important to get advice from other people who have been through the same process. Network with other veterinarians to find out about their experiences of the franchise model and get recommendations for franchisors that provide the most support to their franchisees. Most importantly, be sure to set out your career goals and make a plan to achieve them, and then ask yourself whether buying a veterinary franchise can successfully fit into that plan.