Do you know about - Pros and Cons of Buying A medical Staffing Franchise
Medical Staffing Agency! Again, for I know. Ready to share new things that are useful. You and your friends.Why You Should Not Franchise
What I said. It is not outcome that the real about Medical Staffing Agency. You look at this article for information about an individual wish to know is Medical Staffing Agency.How is Pros and Cons of Buying A medical Staffing Franchise
We had a good read. For the benefit of yourself. Be sure to read to the end. I want you to get good knowledge from Medical Staffing Agency.If you are thinking about franchising your start-up medical staffing group you first need to look at what exactly is imaginable of you and what you are easily losing in purchasing a medical staffing franchise.
Will you own the medical Staffing Franchise?
No! When you buy into a temporary staffing franchise you are basically buying the ownership to use that company's name, O'h and it will cost you plentifulness to do so.
How much does it cost to franchise a medical staffing agency?
Between 5,000 to 5,000 and that's not part of the Franchise fee, the cost to use the clubs name will be some where colse to ,000. The ,000 is the Franchise fee, this normally has nothing to do with getting your office, hiring employees, paying employees, your marketing/advertising costs, it is naturally the cost the firm charges to allow you to use there name.
Does name recognition warrant success?
No, Franchises tell you that you will have the benefits of established name recognition loyal to the corporation, this is fine and dandy for existing contracts with the franchise, but you will have to invent your own relationships with the clients. A name in the medical staffing commerce has wee to nothing to do with being able to furnish service continuously and effectively. Your reputation and your quality to create firm is what your success is based on.
Does a franchise have tools and methods to grow significantly?
Not really, normally when franchises speak of tools and methods they are referring to manuals they will furnish to you on how to store your company. Many Franchises claim to have ownership technology to bill and track employees. With today's marketplace you can find these services effortlessly ready and willing to work with you cheaply.
Do Franchises have special forms I need to get started?
Although you will need inevitable forms to get started, you do not need a franchise to furnish those forms for you. You are able to entrance those forms online at modest fees. There are only so many forms you need and as you grow you buy more forms or contracts, you can then use the proceeds from the firm to buy more forms.
Are Franchises the only ones capable of providing 100% funding for temporary employees?
Absolutely not, all a franchise did was contract with a seller that offers factoring. normally the Franchise is not the one who easily is providing the money. You will find that today there are many clubs willing to work with you to cover your payroll 100% and do the billing as well as carry on your books. normally there is no fee to cover your invoices; normally a factoring firm can deliver the money to you within days. The fees are normally structured within the invoice, in other words you don't pay anything directly.
Do Franchises have ownership technology to track employees?
Perhaps they do or possibly they don't. Again, online clubs offer Internet based employee tracking software. The fees for this service can range between - 0 depending on the size of your company. If you are small, then possibly a month will cover your first need for technology to track and carry on your work force.
Do franchises allow for growth?
No! you buy an area to store based on your region. They call this exclusive territory, you may be able to develop to complicated units but it will cost you. Having your own staffing group you are not wee to territories, regions or expansion costs based on franchise fees. If you ever wanted to grow to other State or City, you may not be able to because some else in the franchise beat you to it.
What are the benefits of the franchise support?
You will find that once you buy the franchise, the keep buildings they claim to furnish within Human resources, Legal, Marketing etc will be passed down to an answering service that will want you to leave a message. You may be allowed to visit there website and at times they will return the phone call, but you will find that the someone on the other end was only trained in the material given to you and has no field sense within the medical staffing industry.
Is it precious to open a franchise beyond the Franchise fee?
Yes it is? Why? Think about it, do you think a franchise wants you to open up shop cheaply? No, your franchise is a marketing tool for them. If you look bad, they will look bad. It is to the best interest of the franchise that you have the best site selection, the best construction and plan assistance, the best furniture and the best grand opening,. You are at the mercy of the contract you signed with the franchise. That is why they want to make sure you have enough capital to pay for your start-up. They have pre-selected vendors that you must work with. commonly you are required to work with there vendors.
Will a franchise help me procure my first contract?
No, they will not physically help you procure your first or second or third contract. They furnish you will marketing manuals, and online assistance but the meat and potatoes of marketing/advertising will be 100% you, as it should be. The problem is that you have dished out over 0,000 opening you firm without ever securing one account.
Does a franchise offer firm insurance, condition assurance or any kind or withdrawal plans?
No! Franchises are not in the firm of providing these services, they are in the firm of selling and reselling franchises, they are not in the firm of providing benefits. They will refer you two a third party vendor. Something you can do on your own using the Internet.
Franchises claim to have many franchises, is this good?
Absolutely not, the more franchises they have the less inherent for growth you have.
What do they mean by ongoing keep with a Franchise?
It normally means that you can call the toll free amount and leave a message or visit there website and type in your question. They will try to get back to you as soon as they can. If the franchise is huge you may have to wait some days before they get back to you. At this point is when an entrepreneur that made the financial commitment to a medical staffing franchise begins to feel abandoned and left out to dry. In many cases this is the truth. "After all, it is you business!"
What do franchises mean by term?
O'h, good question. It means that the franchise is not yours, you agree to run the firm for five years and at the end of the five years the franchise may or may not renew your agreement. commonly upon renewing your trade you will have to pay other franchise fee. The decision to renew the term is solely based on the discretion of the Franchise company... If they decide not to renew the franchise you will loose the business.
What are royalty fees?
Besides paying the Franchise fee and the start-up expense, you are mandated to pay a royalty fee that is commonly between 5% to 10% of the Gross wage of the business. Most population don't comprehend how much money this is. Lets me explain, a medical staffing group works on a marginal profit margin of between 20% to 25% of the Gross Revenue. If you are required to pay a royalty fee of 10%, and your medical staffing group is only producing a 20% Gross profit you will be left with only 10% Gross profit after paying the franchise royalty fee. But is does not stop there. The 10% is what you will need to use to pay your in-house employees and any future marketing/advertising expense. The profit margin begins to dwindle down to almost nothing. Very, very important that you understand what we are talking about.
Example:
Billing 0,000 per month
Paying Nurses/tech's ,000 per month
Franchise Fee ,000 per month
Gross Margin 10,000 per month
In house employees ,000 per month
Rent/ Utilities Etc ,000 per month
Adv/Mark. ,000 per month
Total ,000 per month
Net Margin ,000 per month
Basically for every 0,000 you bill a month, you will only make ,000 a month. This equals to billing over 1.2 Million dollars a year and you only make ,000 a years, ouch! Not having a franchise allows you to make over 0,000 a year.
I hope this helps you in your entrepreneur spirit to start your own medical staffing agency. I have been helping many new and existing entrepreneur's start they're own medical staffing group inexpensively for many years and I hope I have helped you.
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ReplyDeleteThanks for sharing the best information.
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