Medical Equipment And Device Franchise Opportunities
Do you find medical supplies an interesting area of healthcare business you’d like to engage in?
For interested investors, two options are available; planning a medical supply business from scratch or entering into partnerships with successful brands by way of franchising. This is what we’ll be discussing.
This article takes a look at some of the best medical supplies franchises you can find. These offer investment opportunities for interested persons to spread their reach to newer locations or markets.
You’ll want to know what medical supplies franchises you can join. Luckily, there are many!
i. MEDIchair Franchise
The MEDIchair brand was established in 1985 with Canadian origins and has since spread across different locations (about 65).
Its franchising arm was launched 3 years after it first opened its doors for business. This is a promising medical supplies business you should consider.
So, what does the MEDIchair franchise do? It manufactures and sells a variety of medical supplies ranging from bathroom safety products, wheelchairs, lifts chairs, and scooters.
A variety of other home accessibility solutions are offered by the franchisor.
If this sounds interesting to you, you might want to explore further by looking at basic requirements for interested investors. Prospective franchisees are required to have around $350,000 in investment fees.
This is in addition to a $50,000 franchise fee.
As a MEDIchair franchise, you benefit from its training program aimed at helping new and existing franchisees succeed. The franchisor requires a royalty fee that’s around 5% of annual gross sales.
ii. Miracle Ear Inc. Franchise
One other medical supplies franchise you can do business with is the Miracle Ear Inc. franchise.
Its 6 decades of existence have seen the company grow into a major business with over 1,000 locations across the United States.
All forms of hearing aids are made available including those that fit entirely into the ear canal.
Founded in 1948, Miracle Ear Inc. began franchising in 1983. It seeks to further expand its operations through partnerships with interested and qualified investors.
To qualify for this franchise opportunity, you’ll need to meet its minimum financial requirements.
Investment capital ranges between $119,000 and $297,500. Asides from the investment capital, you’re expected to pay a franchise fee of $30,000 and a royalty fee of $48.80 per aid.
The minimum cash requirement is around $25,000.
The net worth requirement for investors is around $75,000. With these requirements met, you get the needed support in terms of training and the process of running your business.
iii. OsteoStrong Franchise
With OsteoStrong, you get to choose your location, interior design, as well as get the needed online training on how to go about the investment process.
Also, you get access to pre-sales marketing campaigns, branded equipment, as well as live training sessions.
To own an Osteostrong franchise, you’ll need to meet its initial franchise fee requirement of $29,000 as well as a total investment between $350,780 and $660,750.
Working capital of about $25,000 to $45,000 is also required.
With this franchise opportunity, you get an initial term of 10 years. Franchisees get the opportunity to renew or extend their ownership with a renewal term of 5 years.
Speaking of support, OsteoStrong franchisees benefit from several training sessions.
An on-the-job training lasting 32 hours is provided which is followed by classroom training lasting 48 hours.
iv. Sonus Hearing Franchise
With Sonus Hearing, you get the opportunity of having an individual territory, marketing assistance, store design, wider product selection, as well as state-to-the-art IT systems that help with the better running of your business.
Franchising opportunities are being accepted in the states of California, Colorado, Illinois, Michigan, Minnesota, New York, and North Carolina. Other states include Ohio, Oregon, Pennsylvania, South Carolina, Texas, Utah, Virginia, Washington, and Wisconsin.
So, how much will it cost to qualify for a Sonus Hearing franchise opportunity? Prospective franchisees need to have a total investment amount ranging from $55,000 to $308,000.
There are financing provisions available for qualified candidates.
This medical supplies franchise was founded in 1993. It opened its franchising arm five years later in 1998. Since then, the company has seen significant growth.
v. Zounds Franchise
Zounds is a medical supplies franchise that deals mainly in hearing aids. It was founded in 2009 and began franchising in 2011.
Part of the requirements for joining this franchise opportunity includes meeting its financial requirements.
Such requirements include an initial franchise fee of $40,000 and an initial investment within the range of $144,200 to $214,450.
Other details include a net worth requirement of $250,000, a cash requirement of around $144,000 to $214,000, and a royalty fee of 5%. Zounds has a franchise term of a decade.
At the expiration of the franchise term, investors get the opportunity to renew. However, you must meet the renewal requirements to be considered.
As a Zounds franchisee, you get access to a wide range of benefits consisting of support and training.
Its training program for new franchisees lasts around 32 hours. Ongoing support includes meetings & conventions, lease negotiation, field operations as well as a grand opening.
vi. Auxo Medical Franchise
Another medical supplies franchise you can do business with is Auxo Medical.
It supplies a wide range of medical equipment and repair services to healthcare systems and was founded in 1998. Its franchising arm only recently opened in 2021.
To own this franchise opportunity, you’ll need to meet its minimum requirements. A startup investment of about $108,475 to $133,130 is required for a single territory.
Included in the startup investment amount is an initial franchise fee of $50,000.
Under its ongoing royalty program, weekly payments of 8% of gross sales on repair, and 5% of gross sales on equipment are required.
Why consider this medical supplies franchise opportunity? There are several reasons; franchise ownership opportunities are provided in markets across the United States.
Also, the Auxo Medical brand is respected and a leader in the medical equipment service industry.
Its business model fits all kinds of needs with quick start-up provisions available to new investors. Plus, you get access to its business model as well as support that guarantees your success.
Looking for a good franchise for medical equipment?
These are some of the best medical supplies franchises you can join or do business with. All you have to do to start a business is to contact the franchisors for further details and guidance.