April 20, 2017

How to Use the Franchise Business Model for Your Practice

Every dental practice needs a business model that provides a roadmap to profitability. Whether you plan to scale or not, using the franchise business model for your practice will ensure that every aspect of your business is well-documented and operates like a well-oiled machine. Which now, more than ever, is especially important due to the accelerating pressure imposed by the corporate dentistry movement and shrinking dental-insurance reimbursements. In other words, no matter what, it’s worth your time to find out how to use the franchise business model for your practice.

What is the Franchise Business Model?

The best business model for building a successful dental practice is the “franchise model.” It’s been called one of the greatest ever developed due to its track record of success. So, what is it exactly?

In summary, it’s a comprehensive system for the conduct of the business.

The unabridged version? The franchise business model is documenting the entire business concept itself from marketing strategy and plan, operational standards, systems and formats, to training, quality control and ongoing assistance, guidance and supervision.

It’s a “hybrid” model combining aspects of a sole proprietorship with those of a corporation.

Using this model for your practice means creating established business systems that are easy to follow and duplicate.

How to Use the Franchise Business Model

Corporate dental groups use the franchise business model to manage and build their successful dental practices. Planning every detail in the business from hiring and hygiene recall to advertising and accounts receivables. Why? It allows for rapid growth.

But what if you’re not interested in growth, then why use the franchise business model?

Simple. Over time, your practice will be able to thrive without your constant supervision. Allowing you to maximize the amount of time you spend working on your business rather than in it. Providing more opportunity to improve performance and boost production.

Without further ado, here are the steps to use the franchise business model for your practice:

  1. Write down your systems. Every detail should be documented.
  2. Simplify the processes. An employee with minimal experience should be able to easily duplicate the process.
  3. Train your team to follow the methodical approach to each task.

In the beginning, be flexible as you learn what works and what doesn’t. Create your business model based on the most efficient and effective ways to run the practice.

Time is Money, Money is Time

The beauty of the franchise business model is the opportunity to create more time for yourself. When your practice is able to thrive without your constant supervision because your team has been trained to follow a methodical approach to each task, you’ll have more time to work on your business. Helping you improve performance, accelerate growth, and increase profitability. Time is money, right?

But don’t forget, money is time, too. When your business is consistently operating at a profitable level of performance that requires less and less of you, you’ll have more time to invest elsewhere. . . like in your life outside the office! When you get to that point, we call that living “in the blue.” And we here at BlueIQ are all about helping you get there!

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